Wee Cho Yaw was born on the 10th January 1929, in (then British) Singapore, of Hainanese-Chinese descent, and is a businessman best known to the world as the chairman of the United Overseas Bank, and also as the chairman of the United Industrial Corporation.
Have you ever wondered how rich Wee Cho Yaw is, as of mid- 2016? According to authoritative sources, it has been estimated that Wee Cho Yaw`s net worth is as high as $4.4 billion, an amount acquired through his successful career as a businessman. Apart from UOB and UIC, Wee also chairs several other companies, including United Overseas Insurance Limited, Haw Par Corporation Limited and UOL Group Limited, among other companies. His wealth varies according to fluctuations on the stock exchange, but puts him comfortably in the list of the 10 richest Singaporeans.
Wee Cho Yaw Net Worth $4.4 Billion
Wee is the son of Sarawak-based (now Malaysia) businessman Wee Kheng Chiang, and his second wife. He spent a year living with the family of his fathers` first wife, before joining his father and mother in Singapore, as his parents were trying to escape from the Sino-Japanese war.
While in Singapore, Wee went to the Gong Shang Primary School and Chinese High. However, Japan occupied Malaya and Singapore, and his education was disrupted, but after the occupation ended, he returned to attend Chung Cheng High School.
Wee began his career in the late 1940s, when he became an employee of Kheng Leong, a trading company focussing on trading commodities such as rubber, sago flour and pepper. Little by little his career progressed, and in 1958, he became a Director on the board of the United Chinese Bank, which changed its name in 1964 to United Overseas Bank when, under Wee`s management, the bank expanded to Hong Kong. The company also expanded its business to property, lease financing, insurance and merchant banking among other fields.
Over the years, his company acquired numerous other companies, which only increased Yaw`s net worth further. During the 1970s, through the UOB he acquired such companies as Lee Wah Bank, Sin Chew Jit Poh, and Haw Par Brothers International, among others.
The 1980s didn`t change much, as he continued successfully to expand his company, buying shares and acquiring such companies as the Far Eastern Bank, and Industrial and Commercial Bank. Thanks to his successful ventures, Wee was named by The Business Timesas Singapore’s Businessman of the Year for 1990.
His latest successful venture is the buying of the Overseas Union Bank (OUB), for cash-and-shares, worth S$10 billion.
Nowadays, the company has expanded to 18 countries, and has more than 500 offices and branches.
In 2007, Wee decided to retire, so stepped down from the position of CEO, and named his son Ee Cheong the new CEO. Wee remains the company`s chairman.
Thanks to his successful career, Wee Cho Yaw has received several prestigious recognitions and awards, including the Bintang Masyarakat Bakti, which is a public service star, awarded by government for his contribution to Singapore’s economy and standard of living in the country.
Regarding his personal life, Wee Cho Yaw is married to Chuang Yong En, with whom he has five sons and two daughters.
Wee is also recognized for his philanthropic activities, starting the Wee Foundation through which he has donated money to causes such as education, and health.
He also serves as the pro-chancellor of the Nanyang Technological University, and is on the council of the National University of Singapore.
For his activities, Wee received the Darjah Utama Bakti Cemerland award.
