Wee Cho Yaw Net Worth : $5.2 Billion
Wee Cho Yaw is the third richest man in Singapore with a net worth of $5.2 Billion as of March 2014, according to the Forbes list of the richest people in Singapore. Currently, he is the chairman of United Industrial Corporation and United Overseas Bank in Singapore.
He holds stakes in several companies, including United Overseas Land, Haw Par Corporation and United Industrial Corporation. Wee Cho Yaw was born in Quemoy, Taiwan and did his schooling in Singapore. He learned the ways of business from his father who owned a trading business and founded a bank, United Chinese Bank (UCB) in 1935.
Wee Cho Yaw played an important role in the international expansion of the UCB bank and moved into international trade financing and foreign exchange. In 1964, he opened a branch of the bank in Hong Kong and renamed the bank United Overseas Bank (UOB). In June 1971, Wee Cho Yaw made the headlines when he acquired 49.8% shares of the Chung Khiaw Bank, a bank with a large network of branches and asset base.
This single deal made UOB the second largest bank in Malaysia and Singapore. Today UOB has more than 500 branches across 19 countries. In 2006, Wee was awarded Credit Suisse-Ernst & Young Lifetime Achievement Award for his distinguished work in Singapore’s financial industry.