This story appears in the August 17, 2014 issue of Forbes Asia. Subscribe to Forbes Asia
Reclusive paint tycoon Goh Cheng Liang's Wuthelam Group gave up its bid last year to gain control of Japan's Nippon Paint but not without gain. After complex negotiations led by Goh's U.S.-educated son, Hup Jin, the company inked a $1 billion deal in February that doubled its stake to 30%, with an option to increase it to 39%.
In return, the Japanese firm is to raise its stake in several companies in their 52-year-old joint venture Nipsea Group, which sells paint in markets across Asia. The net result: a $1.1 billion boost to Goh's wealth over the past 11 months, making him one of the biggest gainers among Singapore's wealthiest.
Low domestic returns and broad ambitions have lately sparked a cross-border dealmaking frenzy by some of Singapore's tycoons. In many cases the old line about having to 'spend money to make money' seemed to apply. Brothers Robert and Philip Ng added $2.2 billion to their fortune on rising values of their companies, more than anyone else on the list, comfortably retaining the top spot for another year.
Kuok Khoon Hong, head of palm oil giant
Since we last valued them in August 2013, Singapore's 50 richest have outperformed the city-state's economy as well as the benchmark Straits Times Index, which has gained only 3%. Their combined wealth is up by a fifth to $96.9 billion over the past 11 months. The billionaires club has expanded from 21 to 26, welcoming, among others, property magnate Chua Thian Poh, whose Ho Bee Land spent $400 million buying commercial property in London.
Two of the 7 newcomers on the list debuted after taking their companies public: shipping veteran Pang Yoke Min of Pacific Radiance, an offshore vessel supplier, and Lim Chap Huat of property group Soilbuild. Newcomer Chew Gek Khim of Straits Trading acquired a 20% stake in John Lim's ARA Asset Management.
Of the 43 who return to the list from 2013 only 2 are poorer. The 7 drop-offs include property developer Simon Cheong and hotelier Ho Kwon Ping, partly because the minimum net worth of $450 million is up 48% from a year ago.