Editor’s Note: Citing private reasons, one individual has been taken off the list.
It’s never easy living in your parent’s shadow, but the scions of these Singaporean billionaires probably don’t have much else to complain about.
These wealthy Singaporeans are slated to take over the reins of their family business, handling billion-dollar projects of their own.
While some publications have expressed doubt over the ability of next-gen billionaires to curate their family’s fortune, these billionaire heirs seem to be doing just fine.
From sons of banking magnates to daughters of hoteliers, here are eight Singaporeans who are next in line for the succession to billion-dollar fortunes.
Goh Hup Jin
Hup Jin is the sole heir to the fortune of the third richest man in Singapore: Goh Cheng Liang.
The business magnate derives the bulk of his US$18.7 billion fortune from a stake in Nippon Paint, the fourth largest paint manufacturer in the world.
Since 2018, Hup Jin has been following in his father’s footsteps, serving as the chairman of Nippon Paint and head of the Nippon Paint Southeast Asia Group.
He also acts as the group executive director of Wuthelam Holdings, a paint and coatings maker owned by the Goh family that has a 60 per cent stake in Nippon Paint Holdings.
The eldest son of Robert Ng, Daryl is the heir apparent to the Far East Organization fortune, the fifth largest in Singapore.
Brothers Robert and Philip Ng has a combined net worth of US$13.2 billion and control Far East Organization, Singapore’s largest private landlord and property developer.
Currently, Daryl helps his father run Far East’s Hong Kong arm, the Sino Group. On top of managing the Sino Group, Daryl is also the chairman of Singaporean beverage company Yeo’s.
Daryl has Singaporean nationality but was born and based in Hong Kong. Currently, Daryl serves as a board member on Singapore’s National Heritage Board and Hong Kong’s M+ Board. He’s also a member of Hong Kong’s election committee.
The eldest son of Kwek Leng Beng, Sherman Kwek, is the heir apparent to the sixth largest fortune in Singapore, standing at US$8.8 billion.
The Kwek family owns Hong Leong Group and City Developments, the second-largest property developer in Singapore.
Since 2018, Sherman has served as group CEO and executive director of City Developments Limited (CDL). He also serves as the executive chairman of its China branch.
Sherman has been spearheading CDL’s expansion into China, Japan and Australia for close to a decade, and broadening the Group’s presence in Singapore and the UK.
Representing the third generation of the Kwee family, Evan is the heir apparent to the US$5.5 billion fortune owned by the ninth richest family in Singapore.
The four Kwee brothers control Pontiac Land, a real estate developer owning luxury hotels and offices across Singapore.
The only son of Pontiac chairman Kwee Liong Tek, Evan was reportedly conscripted into the family business immediately upon graduating. He currently serves as executive director of the Capella Hotel Group Asia, which the Kwees acquired in 2017 for an undisclosed sum.
Evan also serves in a directorial position at Pontiac, as Head of Design and Hospitality. He’s married to Claudia Sondakh, daughter of Peter Sondakh, the eight-richest man in Indonesia, with whom they share a son with.
Wee Ee Cheong
Ee Cheong is the heir apparent to the US$5.3 billion fortune of the tenth richest man in Singapore, Wee Cho Yaw.
Wee Cho Yaw remains the chairman emeritus of the United Overseas Bank (UOB) Singapore’s third-largest bank by assets.
After his father retired as chairman in 2013 and director in 2018, a position held for over sixty years, Ee Cheong has stepped into his shoes.
The new banking magnate has been working at UOB since 1979, and was appointed deputy chairman and president in 2000, acquiring the role of CEO in 2007.
Ee Cheong also serves in multiple financial organisations, including The Association of Banks in Singapore, The Institute of Banking & Finance.
He is also a member of the Board of Governors of the Singapore-China Foundation, Indonesia-Singapore Business Council, and an Honorary Council Member of the Singapore Chinese Chamber of Commerce & Industry.
The second daughter of one of the newest additions to the Forbes’ top 50 richest list, Carolyn is the heir apparent to Choo Chong Ngen’s US$2.5 billion fortune, the fourteenth richest person in Singapore.
The self-made billionaire is famous for his budget Hotel 81 chain in Singapore. Choo has since diversified his portfolio under the Worldwide Hotels group, launching five new hotel brands since 2009.
Carolyn has been helping her father run 38 hotels worldwide, with properties in Japan, South Korea, Malaysia, Thailand and Australia, and more in the pipeline.
She currently serves as the managing director of Worldwide Hotels.
The son of Asok Kumar Hiranandani, Bobby is the heir apparent to the Royal Group, a property conglomerate based in Singapore.
Asok has a net worth of US$1.6 billion and weighs in at the twentieth richest person in Singapore.
Bobby currently serves as the co-chairman of Royal group, in partnership with his father. The duo is famously developing the villa-only Raffles Sentosa Resort & Spa Singapore with Accor, slated to open in 2022.
Since his rise to the position of co-chairman, Bobby has embarked on some of the company’s most ambitious projects, including transforming the TAS building into a hotel under the Sofitel SO label, a S$130 million project.
Spinning The Wheel Of Fortune
While most heirs have disappeared into the family business, others have also struck out to build empires of their own.
In their place, the siblings of more entrepreneurial scions are stepping up to defend the gold mines their parents are leaving behind.
While some of them were roped into the family business the moment they left graduation, others returned to the nest after decades spent acquiring experiences in other industries.
Sure, they’re born with silver spoons, but it isn’t easy running a billion-dollar empire — that takes guts and ability.
Whether these children will be able to maintain their family’s top spot on the Forbes 50 list will be down to their own talent and ingenuity.
Featured Image Credit: Forbes / Tatler / edgeprop / Linkedin / Bloomberg / generation t / Vulcan Post