How Nippon Paint tycoon Goh Cheng Liang grew his empire to a US$13 billion fortune 

[SINGAPORE] Singapore’s richest man Goh Cheng Liang, who died this week, kept a low profile for years compared with his other billionaire counterparts.

The self-made tycoon, who was 98 when he died, started his business empire through a 1962 partnership with Nippon Paint.

In 2020, both parties struck a deal worth 1.29 trillion yen. The move made Goh’s corporation, Wuthelam, the owner of a nearly 60 per cent stake in the Japanese paint giant.

Between 1962 – when Nippon Paint first partnered Wuthelam – and the early 2000s, their joint venture Nippon Paint South-East Asia Group (Nipsea) rapidly entered several Asian markets, including Malaysia, China and South Korea.

Singapore’s Raffles Hotel and the Loha Prasat temple in Bangkok are among the famous buildings coated with its paint products.

Beyond his paint empire, Goh had other ventures. He developed the former Liang Court – located at Clarke Quay – in the 1980s, as well as Mount Elizabeth Hospital. Both were sold later. Wuthelam also has investments in other industries such as agriculture and consulting services, according to PitchBook.

Goh also had a passion for luxury boats and collected superyachts – many of which he named White Rabbit, including the 84-metre White Rabbit Golf, the world’s largest trimaran (tri-hull) superyacht. The US$100 million craft reportedly cost US$10 million a year to run, according to SuperYachtFan.

The media-shy tycoon stood on Forbes’ list of Singapore’s richest for years, topping it in 2025. The bulk of his US$13 billion net worth is derived from his controlling stake in Nippon Paint, according to the news publication’s estimates.

Today, his company Wuthelam manages various assets.

SEE ALSO

From fish nets to a global empire: Goh Cheng Liang in his own words

Nippon Paint tycoon Goh Cheng Liang, one of Singapore’s richest, dies at 98

Here’s a timeline of how Goh built up his wealth: