SINGAPORE, Sept 12 — Six grandchildren of the late Singapore tycoon Goh Cheng Liang, including a New York academic and a Bali charity founder, have each inherited billion-dollar stakes in his paint empire after the 98-year-old billionaire’s passing last month.
Each heir now owns stakes in a publicly listed firm worth over US$1 billion (RM4.2 billion), marking a rare instance of generational skipping in Asian wealth transfers, Bloomberg reported.
Goh founded Nippon Paint South East Asia (Nipsea), which operates the largest paint-making business in the Asia Pacific region. In December, the family’s investment company, Wuthelam Holdings Pte, transferred a 55% stake in Tokyo-listed Nippon Paint Holdings Co. to six of Goh’s eight grandchildren.
The move gives each grandchild an ownership stake in Nipsea International Ltd, valued at over US$1 billion each. Meanwhile, Goh’s eldest son, Hup Jin, retained around 91% of voting rights in Nipsea International, keeping control over the family’s shares in Nippon Paint Holdings.
The succession plan is unusual in Asia, where families tend to pass wealth gradually or concentrate decision-making power in the first generation. Ethan Chue, CEO of Family Succession Advisors, notes that while Western families often transfer assets to grandchildren, Asian families are less likely to do so except in special circumstances.
Among the heirs, April Goh, daughter of Chuen Jin, received the largest stake, valued at about US$3.4 billion. The Goh family and Nippon Paint Holdings declined to comment on the distribution.
Why it matters: The decision reflects a growing trend among some wealthy Asian families to plan for multi-generational wealth while maintaining governance control, potentially reshaping traditional expectations of inheritance in the region.
