The late Singapore tycoon Goh Cheng Liang, best known as the founder of Nippon Paint’s Southeast Asia operations, left behind a remarkable legacy when he passed away in August 2025 at the age of 98. His fortune, estimated at US$13.2 billion, has now been passed down in a way that surprised many observers: directly to his grandchildren, skipping his children in the process.Such a transfer is unusual in Asian business dynasties, where assets traditionally flow to the second generation. In this case, the handover has made six of Mr Goh’s grandchildren billionaires overnight, each inheriting more than US$1 billion worth of stakes in Nipsea International, the family-owned entity that manages Asia-Pacific’s largest paint-making business.
Mr Goh Cheng Liang’s journey from humble beginnings to Singapore’s paint empire
Mr Goh Cheng Liang’s journey from poverty to immense wealth has often been described as one of Singapore’s most inspiring rags-to-riches stories. Starting from humble beginnings, he built Wuthelam Holdings, which became the controlling shareholder in Nippon Paint Holdings of Japan.Under his leadership, Nipsea grew into a dominant force in the region’s paint industry. At its peak, Nippon Paint Holdings was Japan’s largest paint maker and one of Asia’s most valuable companies in the sector. Even after market fluctuations reduced the family’s net worth in recent years, Goh remained Singapore’s second-richest individual until his death.
Wuthelam Holdings inheritance makes Goh grandchildren billionaires
According to filings, Wuthelam Holdings transferred a 55% stake in Nippon Paint Holdings in December to six of Mr Goh’s eight grandchildren. This distribution instantly created a new generation of billionaires.Among them, April Goh received the largest portion, valued at around US$3.4 billion. A fellow at Columbia University’s China Centre for Social Policy, April has a background in finance and academic work on gender-based violence. She also holds assets on behalf of her siblings, making her role even more prominent in the family’s wealth structure as reported by Bloomberg.The other grandchildren, including Charlotte, Henrietta, and Victoria—daughters of Goh Hup Jin, the tycoon’s eldest son—each inherited around US$1.1 billion worth of shares. Charlotte, for instance, co-founded a Bali-based foundation providing scholarships, healthcare, and counselling for underprivileged children.Meanwhile, Mr Goh’s daughter, Chiat Jin, has long been involved with the Goh Foundation, a philanthropic initiative set up in 1995 to support education and medical research. Her son, Martin Yuen-An Lavoo, is also notable for co-founding Sustenir Agriculture, a vertical farming startup backed by Temasek.
Goh family keeps control while grandchildren get the wealth
One of the most striking aspects of this transfer is that Mr Goh’s children did not directly receive the stakes. Instead, they retained certain voting rights and influence, particularly through Goh Hup Jin, who maintains 91% of the voting rights in Nipsea International.This arrangement ensures that while the wealth has been passed on to the third generation, control remains with the second generation. Analysts see this as a carefully structured succession plan—balancing continuity with wealth distribution.Family wealth experts point out that Asian dynasties often keep assets closely tied to the family patriarch or matriarch during their lifetime. Passing wealth directly to grandchildren, while rare, may occur in families where the children are already financially secure, or where the patriarch wishes to shape a legacy that spans further down the family line.
Goh Cheng Liang’s private life and philanthropic legacy
Despite his immense wealth, Goh Cheng Liang was known for his modest lifestyle and preference for privacy. Unlike many billionaires, he rarely appeared in the media. His indulgences were limited to passions like boating and fishing, with his collection of luxury yachts—most notably the 84-meter White Rabbit Golf—being his few visible signs of extravagance.The family continues this culture of discretion, often declining media interviews or public statements. However, in a press release upon his passing, his son Goh Hup Jin described him as “a beacon of kindness and strength,” emphasizing his love for family, travel, and good food.Beyond the immense wealth and control of a paint empire, the Goh family has consistently demonstrated a commitment to philanthropy. The Goh Foundation, established in 1995, has directed funds towards educational scholarships and medical research, reflecting the late tycoon’s values.The third generation appears to be continuing this tradition. Some are pursuing careers in academia, charity, and sustainable businesses rather than direct involvement in the paint empire. This diverse path highlights how billionaire families are increasingly blending wealth management with social responsibility.
US$13.2 billion inheritance highlights Asian family wealth strategies
The inheritance of Goh Cheng Liang’s US$13.2 billion fortune by his six grandchildren offers a fascinating glimpse into the dynamics of Asian billionaire families. It underscores how wealth, control, and legacy are carefully balanced to ensure both stability and continuity.While the paint empire remains firmly in the hands of the Goh family, the distribution of assets signals a forward-looking approach—securing the financial independence of the third generation while preserving decision-making authority with the second. For Singapore, and Asia at large, the story is a rare example of how dynastic wealth can evolve across generations without fracturing.Also Read | Watch | Charlie Kirk’s viral video reveals his final wish after death: “I want to be remembered…”
