SINGAPORE: In a dazzling display of colour-coded succession planning, the late Singaporean billionaire Goh Cheng Liang has posthumously handed down a masterpiece of his six billion-dollar brushstrokes to six of his grandchildren. Each heir walks away with a billion-dollar slice of the family’s global paint empire, a parting gift that puts even the grandest Chinese New Year ang pows to shame.
According to a report by Bloomberg, the 98-year-old paint mogul and founder of Nippon Paint’s Southeast Asia operations had quietly sketched out a succession plan that skipped over a generation, giving six of his eight grandchildren each a stake worth over US$1 billion (S$1.36 billion) in Tokyo-listed Nippon Paint Holdings. That’s a staggering total of US$6 billion (S$8.2 billion)—enough to coat the entire Little Red Dot in premium Nippon Weatherbond and still have change for Bali beachfront villas.
The stakes were transferred in December 2024 by Wuthelam Holdings, the family’s investment vehicle, placing the six grandkids as stakeholders of Nipsea International Ltd, which controls the family’s paint business empire across Asia. But there’s more colour beneath the surface.
A stroke of genius: Keep the control, spread the wealth
While the younger generation now holds serious financial muscle, Goh’s eldest son, Goh Hup Jin, remains firmly in the driver’s seat. He retains about 91% of the voting rights in Nipsea International, effectively maintaining operational control—an unusually strategic move in Asian dynasties, where wealth typically trickles down through strict primogeniture or is hoarded until the patriarch’s final breath.
“Asian wealth owners, compared to their Western counterparts, are more likely to pass their assets to the next generation only after their lifetimes,” said Ethan Chue, CEO of Family Succession Advisors, to Bloomberg, which originally broke the story.
He also added that some “do transfer their wealth to their children during their lifetimes, with a portion of them choosing to transfer some wealth directly to their grandchildren — usually in families where certain assets have already been gifted to the second generation.”
The heirs with hearts (and degrees)
These aren’t your stereotypical spoiled trust fund babies. Among the new billionaires are an Ivy League academic, a health-and-education advocate in Bali, and a climate-focused agri-tech entrepreneur.
April Goh, daughter of Goh’s son Chuen Jin, reportedly received the largest stake worth US$3.4 billion (S$4.65 billion). A Columbia University fellow, April focuses on gender-based violence and is also holding stakes for two siblings.
Her cousin, Charlotte Goh, co-founded a charity in Bali that provides scholarships, healthcare, and counselling services to underserved communities. Charlotte and her sisters each received around US$1.1 billion (S$1.5 billion) worth of shares.
Martin Yuen-An Lavoo, another grandchild, is the co-founder of Sustenir Agriculture, a Temasek-backed urban farming startup. He is the only third-generation family member currently listed as a director of Nipsea International.
Despite public interest, the Goh family has remained tight-lipped, with Malay Mail noting that both Nippon Paint Holdings and the family declined media interviews.
From shophouse to showroom
Born in 1927 in a River Valley shophouse, Goh Cheng Liang’s rags-to-riches story is as vibrant as the paints he sold. After surviving WWII in Johor, he began his paint journey in 1949 under “Pigeon Brand” before striking gold in 1955 by distributing Nippon Paint.
In 1962, he partnered with Japan’s Nippon Paint to form Nippon Paint Singapore, later founding Wuthelam Holdings in 1974. By 2020, the company owned nearly 60% of Nippon Paint Holdings, making it one of the most dominant paint empires in Asia.
Goh also dabbled in real estate, developing Liang Court, and in healthcare by founding Mount Elizabeth Hospital.
A legacy beyond business
Goh’s philanthropy ran just as deep as his paint buckets. With support from the late President Wee Kim Wee, he founded the Goh Foundation in 1995. The foundation backed everything from cancer research at KK Hospital, the Goh Cheng Liang Proton Therapy Centre, to rural development in his ancestral village in Chaozhou, China.
Goh, a cancer survivor himself, supported medical advancements in rheumatology, palliative care, and children’s health through major institutions like SGH and NUH. According to Tempo, he was described as humble, humorous, and determined by family, and frugal and loyal by his long-time Indonesian associate, Budi Fintobuna.
Budi recalled, “He would speak to me in Malay just for fun,” and praised Goh’s quick business decisions, quoting him: “If you take too long to decide, someone else will buy it.”
The final coat
Goh passed away peacefully on August 12, 2025, leaving behind three children, eight grandchildren, and one great-grandchild. His fortune, once built on leftover military paint, now funds a global business and a philanthropic legacy that will likely outlast even the most weather-resistant coatings.
As Nippon Paint Singapore stated in tribute: “He shone the light for so many of us to emulate his values of humility, benevolence, and integrity… This is a legacy we will continue to perpetuate today, and well into the future.”
Now, with six billionaires-in-training set to colour the world in their own way, Goh Cheng Liang’s final stroke may just be his boldest. And yes, even the subtlest hue can indeed illuminate life’s corners.
Read related: Wuthelam Group founder and Singapore billionaire Goh Cheng Liang dies at 98
