Goh Cheng Liang, founder of Nippon Paint South-East Asia Group (Nipsea), is now the richest man in Singapore with a fortune worth 8.2 billion USD, according to the latest Bloomberg report.

The 87-year-old billionaire recently increased his stake in Nippon Paint Holdings, which jointly owns Nipsea, to 39 percent, making him the largest shareholder in Nipsea.

Goh set up his first paint shop in 1955 in Singapore , and later became a distributor for Nippon Paint .

Nipsea now operates in 15 Asian countries and is the biggest paintmaker in the region.

Singapore’s second richest is Wee Cho Yaw, the largest shareholder of United Overseas Bank (UOB), with a 6.9 billion-USD fortune. He was followed Tan Kim Choo, the widow of late property tycoon Ng Teng Fong, with total assets of 4.9 billion USD.