SINGAPORE— Goh Cheng Liang, the founder of the massive paint and coatings company Nippon Paint, and one of Singapore’s wealthiest billionaires, has died at the age of 98. He passed away on August 12, leaving behind an estimated fortune of approximately US$13.2 billion.
Goh’s life was a quintessential rags-to-riches story. Born into poverty in Singapore in 1927, he began his career with little to his name, working in jobs as varied as selling fishnets and being a rubber tapper. His pivotal moment came in 1949 when, with limited resources and an uncanny eye for opportunity, he purchased barrels of cheap, surplus paint from the British army after World War II.
Using a Chinese chemicals dictionary, he taught himself how to mix and rebrand the paint, creating his own "Pigeon Brand" paints. The business took off, and in 1955, he opened his first paint shop. His breakthrough came in 1962 when he secured a partnership with the Japanese company Nippon Paint, becoming their main distributor in Singapore.
This partnership blossomed into a global empire. Goh's privately held investment firm, Wuthelam Holdings, gradually increased its stake in Nippon Paint over the decades. In a masterstroke of corporate strategy, his son, Goh Hup Jin, who took over leadership, orchestrated a deal in 2020 that gave Wuthelam a majority stake in the Tokyo-listed company, consolidating control and significantly boosting the family's wealth.
At the time of his death, Goh Cheng Liang was counted among Asia's richest individuals and was often ranked as the wealthiest person in Singapore by financial publications like Forbes. The bulk of his fortune was drawn from his close to 60% stake in Nippon Paint Holdings, which is the world's fourth-largest paint manufacturer.
Beyond his business ventures, which also included successful real estate developments, Goh was known for his philanthropy. A cancer survivor himself, he established the Goh Foundation in 1995, which has made substantial donations to various causes, with a particular focus on medical research, education, and social welfare agencies.
Goh Cheng Liang's journey from a humble background to the helm of a global industrial powerhouse stands as a testament to his entrepreneurial spirit and strategic vision. His legacy is now carried on by his family, which includes three children and eight grandchildren, who inherit not only his vast business empire but also his profound impact on the paint industry and the philanthropic landscape of Singapore.
