Singaporean tycoon Goh Cheng Liang passed away last month at the age of 98. The founder of Wuthelam Holdings, the billionaire paint mogul, is survived by six grandchildren. Not an ordinary handover of fortunes, he left behind more than $1 billion for each of them via stakes in a publicly traded firm. The transfer of assets has been termed unusual as it has skipped one generation, a rare move among Asian dynasties.
These uber-rich Asians became holders in Nipsea International Ltd., as per the Bloomberg Billionaires Index. With Cheng Liang’s son, Hup Jin, holding about 91% of voting rights in the firm, he has de facto control over the decision-making process. This succession plan also indicates Hup Jin’s decades-long involvement in the family business.
Who was Goh Cheng Liang?
Goh Cheng Liang is a Singaporean billionaire who founded Wuthelam Holdings. Born in 1927, Goh came from humble beginnings when his family sold fishnets and rubber for a living. Due to a surplus supply of paint from the British, Goh noted an opportunity to monetise it. In 1955, he established his first paint shop in Singapore and became Nippon Paint’s main distributor in less than a decade.
Soon achieving multinational status after expanding into infrastructural development, Goh Hup Jin signed a landmark deal in 2020. It allowed Wuthelam to acquire a stake in Nippon Paint Holdings. While Goh kept a low social profile, he was a regarded personality in business circles. Largely involved in community work, Goh’s philanthropic efforts involved supporting education, healthcare, and community projects through the Goh Foundation. Worth nearly $13 billion, Goh was the second-richest person in Singapore as he left behind a legacy of perseverance, innovation, and philanthropy.
Goh Cheng Liang’s 6 grandchildren
Father to two sons, Hup Jin and Cheun Jin, they have three children each. Charlotte, Henrietta, Victoria, April, and two others were the recipients of the billion-dollar fortune of their grandfather.
April Goh, received the biggest share among all the future descendants – nearly $3.4 billion. Her father is a retired professor of mathematics in an Australian university. Featured in a SMG Shanghai TV program, the sisters, April and Charlotte, talked about their lineage from China.
Hup Jin’s three daughters have each received $1.1 billion. Involved in social service themselves, the family is deeply involved in tutoring, health, and counselling for the children in Bali. Apart from the monetary stakes, Charlotte and one other grandchild have been named as the sole owners of one of the most high-end private estates in Singapore.
The paint tycoon’s White Rabbit Golf super yacht is one of the billionaire’s very few over-the-top splurges, remains without an owner.