Singapore Tycoon's Fortune Turns Grandkids Into Billionaires

Succession Planning - The death of Singapore's second richest man, Gushing Young, resulted in six of his grandchildren becoming billionaires through inheritance [1] - Gushing Young, who passed away at 98, implemented a clear succession plan, distributing assets and control among his second and third generations [1] - The distribution of assets to the third generation was agreed upon by all involved, while voting control (91% of voting rights) within the Japanese listed company (Nippon Paint Holdings) remains with the eldest son, the chairman of the company [7][8] Family Wealth & Assets - The six grandchildren inherited stakes in Nippon Paint Holdings, a large conglomerate built by Gushing Young [3][4] - Each of the six grandchildren is now a billionaire [5] - The family owns a mega yacht named White Rabbit, and it is unknown which family member will inherit it [8][9] Corporate Governance - The succession plan was well-structured and implemented several months before Gushing Young's death [6] - There were no disagreements or misunderstandings among family members regarding the distribution of assets [6] - Decision-making control remains within the second generation, specifically with the eldest son who is the chairman of Nippon Paint Holdings [7]