• SGX lists at least 24 companies and 2 trusts associated with 7 business empires run by some of Singapore’s richest families, and they have a combined market capitalisation of more than S$110 billion. 

• These home-grown companies and/or conglomerates on SGX belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of the patriarchs being ranked among the city-state’s richest people.

• These companies and trusts are involved businesses ranging from banking and finance, real estate development, investment and management, as well as hospitality and hotel operations, to leisure, entertainment, healthcare, shipping, agriculture, food and beverage and retail.

SGX lists at least 24 companies and 2 trusts associated with 7 business empires run by some of Singapore’s richest families, and they have a combined market capitalisation of more than S$110 billion. These home-grown companies and/or conglomerates on SGX belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of their patriarchs being ranked among the city-state’s billionaires.

These companies and trusts on SGX are involved businesses ranging from banking and finance, real estate development, investment and management, as well as hospitality and hotel operations, to leisure, entertainment, healthcare, shipping, agriculture, food and beverage and retail.

SGX also lists another 16 companies and 8 trusts associated with 5 foreign family empires – three Indonesian, one Thai, and one British – which have a combined market capitalisation of more than S$220 billion. The Indonesian business empires are associated with the Widjaja, Riady and Salim families, while Thai corporate ownership is represented by the Sirivadhanabhakdis, and the Jardine Group of companies is owned by the Scottish/British Keswick tai-pans. For the previously published Market Update on foreign family empires on SGX, click here.

The table below details at least 7 home-grown family empires and their individual companies that are listed on SGX, with names of executives who are on their respective boards.

WEE FAMILY

KWEK FAMILY

NG FAMILY

KUOK FAMILY

KOH FAMILY

GOI FAMILY

CHUA FAMILY

Source: Company annual reports

Ng Family

• Brothers Robert and Philip Ng control Singapore’s largest private property developer Far East Organization and Hong Kong-based developer Sino Group. Their late father Ng Teng Fong, who was born in China’s Fujian province and migrated to Singapore when he was six, founded the Far East and Sino group of companies.
• The brothers were jointly ranked by Forbes as the 112th richest people in the world this year, with a combined net worth of US$12 billion. In 2018, the siblings took pole position in Forbes Singapore’s 50 Richest list.
• The brothers and their mother, Tan Kim Choo, each own deemed stakes in SGX-listed Far East Hospitality Trust, Far East Orchard and Yeo Hiap Seng through various vehicles that include Far East Organization and the estate of the late Ng Teng Fong.

Wee Family

• Banking and property magnate Wee Cho Yaw was ranked Singapore’s sixth richest person in 2018 by Forbes, with a total net worth of US$6.4 billion. In Forbes’ 2019 list of global billionaires, Wee takes the 267th spot.
• Wee is the largest shareholder and Chairman Emeritus of Singapore’s third-largest lender by assets, United Overseas Bank, which merged with smaller rival Overseas Union Bank in 2001.
• Apart from UOB, Wee and his sons – Ee Cheong, Ee Chao and Ee Lim – also own stakes in SGX-listed United Overseas Insurance, UOL Group, UOB-Kay Hian Holdings, United Industrial Corp, and Haw Par Corp, maker of the iconic Tiger Balm ointment.
• Their shareholdings are held in their own names as well as through a number of entities, including Wee Investments, C.Y. Wee & Company, and Supreme Island Corp.
• Aside from UOB, Wee also holds chairmanships in UOI, UOL and UIC, while his sons hold both executive and non-executive directorships in these listed companies.

Kwek Family

• Property and hotel mogul Kwek Leng Beng was ranked Singapore’s 4th richest man in 2018 by Forbes, with a net worth of US$7.6 billion. In Forbes’ 2019 list of global billionaires, he was number 745.
• His father, Kwek Hong Png, who migrated to Singapore from China’s Fujian province in the 1920s, founded the original Hong Leong Company – which means “good harvest”– in 1941.
• Kwek’s billionaire cousin, Quek Leng Chan, ranked by Forbes in 2019 as Malaysia’s second-richest man with a net worth of US$9.3 billion, runs the Group’s operations across the Causeway.
• Kwek is Executive Chairman of SGX-listed City Developments and Executive Director of Hong Leong Finance. His son, Sherman, is City Developments’ Group CEO, while nephew Eik Sheng is its Group Chief Strategy Officer. Another son, Kingston, is Non-Executive Director of SGX-listed First Sponsor Group, a developer of residential and commercial properties in China and The Netherlands.
• City Developments, Singapore’s second-largest developer with more than five decades of real estate development, investment and management operations, also owns 65% of London-listed Millennium & Copthorne Hotels (M&C).
• His cousin, Kwek Leng Peck, is Executive Chairman of SGX-listed Hong Leong Asia, the trading and industrial arm of the Hong Leong Group. Cousins Leng Kee and Leng Hai also hold executive and non-executive positions in SGX-listed Hong Leong Finance, GL Ltd (formerly known as GuocoLeisure) and GuocoLand Ltd.
• The Kwek family’s stakes in these SGX-listed firms are held through various vehicles that include Hong Leong Corporation Holdings, Hong Leong Enterprises, Hong Leong Investment Holdings, Kwek Holdings, HL Holdings, Guoco Group, GuocoLand Assets, GuoLine Overseas, GuoLine Capital Assets, and GuocoLeisure Assets, according to shareholding statistics in the companies’ recent annual reports.

Kuok Family

• Kuok Khoon Hong, who co-founded the Wilmar Group in 1991 and built it into one of the world’s largest palm oil producers, was ranked by Forbes in 2018 as Singapore’s 11th richest person, with a net worth of US$2.5 billion.
• The nephew of Malaysian billionaire and “Sugar King” Robert Kuok holds the position of Chairman and CEO in Wilmar International, which listed on SGX in 2006. His cousins – siblings Khoon Ean and Khoon Hua – are also Non-Executive Directors on Wilmar’s board. In February this year, their cousin Teo La-Mei, who is Wilmar’s Group Legal Counsel and Company Secretary, was given a board seat as well.
• Khoon Hong, Khoon Ean and Hui Kwong (Robert Kuok’s daughter) also hold Chairman positions in SGX-listed Perennial Real Estate Holdings, PACC Offshore Services and secondary-listed Shangri-La Asia.
• The Kuok family hold their deemed and direct interests in these listed companies through various vehicles, including the Kerry Group of companies, Kuok Brothers Sdn Bhd and Kuok (Singapore) Ltd, shareholding data from the companies’ latest annual reports showed.

Koh Family

• Hotelier and property tycoon Koh Wee Meng, together with his wife Lim Wan Looi, control SGX-listed Fragrance Group, which has residential, commercial, hotel and industrial assets spanning Singapore, Australia and Europe. The couple, who hold the positions of Executive Chairman/CEO and Executive Director respectively in Fragrance Group, also owns both direct and indirect stakes in the developer, according to shareholding data in its latest annual report.
• Ranked 27th in Forbes Singapore’s 50 Richest list last year with an estimated fortune of US$1.3 billion, Koh broke away from his family’s jewellery business in the 1990s to venture into property development.
• His younger brother, Wee Seng, is CEO of SGX-listed Aspial Corp, while sister Lee Hwee is Executive Director. Wee Seng, Lee Hwee, and another sister Lee Meng, all own direct and deemed interests in Aspial, shareholding statistics in the company’s recent annual report showed.
• Last year, Kian Soo, Wee Meng’s brother-in-law, was appointed Executive Chairman and CEO of SGX Catalist-listed property developer Global Dragon – formerly known as TMC Education Corp.
• Wee Meng and Kian Soo each own deemed stakes in Global Dragon, while Lee Meng owns a direct stake, according to shareholding data in the company’s latest annual report.

Goi Family

• Sam Goi, son of a Fujian farmer, owns privately held Tee Yih Jia Food Manufacturing, the world’s largest maker of popiah (spring roll) skins. He was ranked number 14 in Forbes Singapore’s 50 Richest list last year, with an estimated fortune of US$2.1 billion.
• Known as Singapore’s “Popiah King”, Goi also owns stakes in SGX-listed property developers GSH Corp and KOP Ltd. Goi and his sons – Kenneth and Ben (recently deceased) – hold positions on the board of these two companies.

Chua Family

• Chua Thian Poh, ranked by Forbes as Singapore’s 23rd richest man in 2018 with a net worth of US$1.5 billion, founded Ho Bee Land in 1987. The developer, known for luxury homes in the exclusive residential enclave of Sentosa Cove, was listed on SGX Mainboard in 1999.
• Chua has a deemed interest of 75.0% in Ho Bee Land, according to the company’s latest annual report.
• He and his son, Nicholas, hold positions on the company’s board.

The table below details the companies and trusts associated with the seven home-grown family empires that are listed on SGX, sorted by market capitalisation.

Source: Bloomberg & StockFacts (data as of 8 May 2019)