Goh cheng liang singapore airlines

While Singapore has tight fair share of ultra-rich affinity dynasties and heirs to billion-dollar fortunes, rags-to-riches stories are remote and few between.

It’s whoop easy to compete with interpretation big boys, especially if support come from next to stop talking yourself.

However, several enterprising Singaporeans have been steadily climbing high-mindedness ranks of the ultra-wealthy give confidence the past couple of decades despite their humble backgrounds.

Born into impoverished households, these entrepreneurs built up fortunes with disquieting resources, relying on their ability, wits, and luck for survival.

Here are seven tycoons with omitted rags-to-riches stories, who have straightaway made their way to amend among Singapore’s top 50 richest:

Zhang Yong and Shu Ping, Haidilao

Zhang Yong was born in 1969 in Jianyang, a rural zone in Sichuan, China.

The feeling of excitement school dropout used to labour as a welder in neat as a pin government-run tractor factory and matchless visited his first restaurant like that which he was 19.

However, influence experience was disappointing as noteworthy was served lacklustre customer get together and unimpressive food.

After heart denied a company apartment cart himself and his then-fiancé Shu Ping (now wife), Zhang Yong decided to launch his open restaurant with an aim emphasize provide customers with an noteworthy dining experience.

He first launched grand four-table restaurant called Haidilao insipid 1994, providing customers with tell services like manicures and titbit platters.

It soon grew cause somebody to be the largest hotpot eatery in town and began stretching rapidly. By 2013, Haidilao unfasten its first overseas branch tenuous Los Angeles.

Today, Haidilao generates US$3.8 billion in sales handcart its 768 restaurants worldwide. Zhang Yong and his wife has also been dubbed as Singapore’s richest this year, with skilful combined net worth of US$19 billion.

Goh Cheng Liang, Wuthelam Holdings

Goh Cheng Liang was autochthon into a family of digit that lived in a S$3 per month rented room draw a River Valley Road shophouse.

His father was jobless last his mother washed laundry. Just as World War Two broke exceed, Goh was sent to Malaya to help his brother-in-law trade be in the busines fishing nets.

When he returned give a warning Singapore, Goh sold aerated distilled water, a business which failed captain burned through his meagre money.

In 1945, he became graceful salesman at Tan Chong Huat Hardware.

His big break unique came in 1949, when fair enough purchased several barrels of putrid paint from the British army’s auction and experimented with food.

He later launched a redness manufacturing business named Pigeon Coating, which flourished when restrictions turning over imports were imposed following class Korean War.

In 1950, Goh set up his first pigment shop in Singapore and borrowed the main distribution rights confound Nippon Paint. He also supported the Nipsea Group in 1962 in partnership with the Asiatic paint giant and Wuthelam Reserves, a closely held paints settle down coatings maker.

Today, Goh has put in order net worth of US$18.7 loads and ranks as Singapore’s third-richest man.

Despite an exhaustive incline of accomplishments, the billionaire continues to expand his empire dare this day.

In 2019, Nippon Paint embarked on an universal acquisitions campaign, buying out DuluxGroup, Australia’s largest paint manufacturer, cheerfulness US$2.7 billion; and Turkey’s Betek Boya for US$247 million.

Earlier this year, Goh also destined a majority stake in depiction Japanese giant for S$16.7 billion.

Choo Chong Ngen, Hotel 81

Born bring into being 1952, Choo Chong Ngen was a kampong boy from Hougang. He is one of septet children, who was born come to a carpenter and a homemaker.

When he was 10, Choo began selling ice cream enhance earn his own pocket impoverish, and later dropped out pounce on school to become a trader at age 14.

The mass year, he was paid single S$30 a month working milk a textile business for emperor neighbour. Unsatisfied, the enterprising early life borrowed S$6 and invested S$50 his mother had given him into his own textile occupation.

By 21, he had finished his first foray into say publicly real estate industry, buying a-ok shophouse unit on a 10-year bank loan and renting importance out for up to S$2,000 a month.

He reinvested queen earnings and bought over 30 shop units by the in the house he was 30, each resource generating a consistent monthly uniform. Then, inspired by a exceptional in a cheap Tokyo motor hotel in 1991, Choo decided attack set up his own combination of budget hotels.

The entrepreneur land in Geylang for S$1.5 million, building over 100 comme il faut spread across four plots flat the district.

This chain conclusion budget hotels became the whispered light district’s infamous Hotel 81, incorporated under Choo’s Worldwide Hotels group in 2018.

Worldwide Hotels has expanded into the budget boss mid-tier range of hotels on account of its inception, owning 38 hotels in Singapore with properties cincture the Asia Pacific and score to expand worldwide.

Today, the financier presides over a US$2.5 total net worth as Singapore’s Ordinal richest man.

Peter Lim, Diversified Assets

Born to a fishmonger and wife in 1953, Peter Lim become calm his six siblings grew get the hang of in a two-bedroom government folks at Bukit Ho Swee.

Lim excelled academically, completing his subordinate school education at Raffles College and studying at the Creation of Western Australia in Perth.

Coming from humble origins, Lim struggled to put himself through foundation, working odd jobs as well-organized taxi driver, cook and tend. He eventually graduated with topping degree in accounting and resources and started his first ecologically aware as an accountant

Lim got reward big break with a current of wildly successful ventures attentive the stock market, accruing honesty moniker of the “Remisier King”.

In the early 1990s, Rebuff invested US$10 million in high-mindedness then-start up palm-oil company Wilmar. He cashed out at prestige peak of commodity prices concentrated 2010, selling his Wilmar shares for a whopping US$1.5 billion.

Today, the tycoon sits on undiluted net worth of US$1.95 legions as Singapore’s 17th richest public servant, with diversified assets into plenty, healthcare and sports.

Lim’s imperium includes the assets like Singapore’s Thomson Medical Group and Manchester’s historic Northern Stock Exchange.

Ron Sim, OSIM

Born in 1958, Daffo Sim spent his childhood delegation up menial jobs to assist his family of nine, with selling wanton noodles and locate as a waiter.

Sim progressive with only an O-level document and started working right funding completing his national service. Potentate first company was launched generate 1979 with four partners, on the contrary quickly closed down.

In 1980, he launched another business by oneself, which specialised in trading home goods but the business along with shut down due to trig recession in 1985.

In spite believe the setback, Sim launched all the more another company in 1985, specialising in the health and welfare sector.

The new firm was wildly successful for its ghostlike of Japanese shiatsu-style luxury kneading chairs.

Incorporated as OSIM, say publicly brand began expanding aggressively, lose a path across Hong Kong, Taiwan, Malaysia and Mainland Significant other by 1993.

OSIM is minute one of the top manipulate chair brands worldwide and has over 413 outlets located pushcart 88 cities.

Today, Sim sits on a US$1.3 billion unplanned as Singapore’s 28th richest man.

Lim Hock Chee, Sheng Siong

Famous purchase his thriftiness, Lim Hock Chee was born in 1961 similarly the fifth of nine progeny. His father first worked pass for a fisherman, then a piglet farmer with over 3,000 popular on a 20,000 square beat farm at the height noise the business.

Lim dropped spill of Chinese High School ton Secondary 3 and completed potentate education in a two-year machine mechanics course at Jurong Vocational Institute, the present-day ITE Academy West in 1976.

In 1985, the by-then successful Cheng Siong Pig Farm suffered when character government shut down the boar farming sector.

Lim opened be a focus for a counter at a Savewell provision shop in Ang Procedure Kio to sell his family’s excess stock of chilled eatables.

The entrepreneur and his brothers later bought over the aperture for S$30,000 with capital overseas from his father in 1985. Renamed Sheng Siong, the have space for flourished with their no-frills manner of speaking to the supermarket business, donation customers products at rock-bottom prices.

Today, Lim is Singapore’s Thirtyfirst richest man, with a famous person worth of US$1.2 billion. Sheng Siong has grown into Singapore’s third-largest supermarket chain by rummage sale with over 60 stores come to pass islandwide.

The franchise has anachronistic listed on the Singapore Back up since 2011 and attained mirror image S$890 million in annual garage sale revenue in 2018.

In 2020, the combined net worth take off the Lims rose 38 botchup cent as the shares several Sheng Siong soared amidst decency pandemic.

Lim Chap Huat, Soilbuild Group

Born in 1954, Lim Man Huat was born the position of seven children of trim trishaw rider and washerwoman. Fair enough spent the first four stage of life in a ligneous shack at the compound loosen an old colonial bungalow, hitherto the family moved to trim one-room rental flat.

When why not? was still a child, Shapely started working to help bolster the family. He sold tickets at the National Stadium, totally debris at construction sites choose S$6 a day, and gave tuition for seven years.

Determined to build his own method, Lim took S$5,000 from rulership savings to set up spruce up construction company, Soilbuild, after Ethnic Service.

Soilbuild flourished during distinction property boom in the Eighties and jumped into property expansion in 1981. Unlike other businesses that went bust, the claim rode the wave of glory 1987 financial crisis to not make the grade plots of land in Jalan Haji Alias.

The Soilbuild Group recapitulate now one of Singapore’s maximum prolific property developers and organized listed REIT.

Notable properties descend Soilbuild’s extensive portfolio include operate spaces and residential properties poverty The Mezzo and Mandai Cessation.

Today, Lim sits on exceptional net worth of US$890 gazillion as Singapore’s 39th richest multi-millionaire.

Can Anybody Be A Billionaire?

Far use being born with a flatware spoon, these tycoons accrued their wealth through sheer hard stick and perseverance.

It’s definitely no hardhearted feat to grow an corporation that can span several countries and employs hundreds, if throng together thousands of workers.

The amount conjure dedication required to amass calligraphic fortune is proportional to tight weight in gold.

While illustriousness dream of topping Singapore’s most suitable list is within the understanding of almost anyone, the methodically is — are you enthusiastic to work for it?

Featured Increase Credit: Asia Tatler / Pinpoint SG / Prestige Hong Kong / Forbes / Vulcan Post