Chang Yun Chung

Chang Yun Chung (Chinese: 张允中; 27 August 1918 – 4 September 2020), also known as Teo Woon Tiong,[1][2][3][4] was a Singaporean billionaire and shipping magnate who founded Pacific International Lines (PIL). He was the world's oldest billionaire after the death of David Rockefeller in 2017.

In this Chinese name, the family name is Chang (张).
Chang Yun Chung
张允中
Born27 August 1918
Kinmen, China
Died4 September 2020(2020-09-04) (aged 102)
Singapore
NationalitySingaporean
Other namesTeo Woon Tiong
Alma materXiamen Datung College
Children14
Chang Yun Chung
Simplified Chinese张允中
Traditional Chinese張允中

Early life

Chang was born on Kinmen Island[5][6] on 27 August 1918.[7][8] He had two brothers and three sisters.[9]

Education

Chang attended primary school in Kinmen and high school in Xiamen,[9] before studying at the Xiamen Datung College in China.[1][4][10]

World War II

When the Japanese invaded China in 1937, Chang fled to Singapore along with his mother and siblings to join his father who had moved there in 1935. In 1940, Chang moved to Malacca to do business with his uncle, who transported goods from Sumatra to Malacca. During the Japanese occupation of Malaya, Chang hid in rubber plantations outside of Malacca. When he returned to Singapore, which was also occupied by Japan, in search of his father, he found out that his father had been killed by the Japanese after being caught by the Kempeitai. He then returned to Malacca with his mother and continued to do business with his uncle.[9] He was caught by the Japanese in 1942 and 1944 as he had aided the anti-Japanese resistance in Malaya.[6][9][11] In 1944, he was supposed to be executed by the Japanese, but was instead held captive until the surrender of Japan in 1945 as his mother had given all her possessions to the head of the Kempeitai to ensure his safety.[9] Following the Japanese surrender in 1945, Chang returned to Singapore.[9]

Career

In 1948, Chang joined Thye Hin Guan Brothers, a produce company in Singapore, where he worked as the general manager.[9] He entered the shipping business in 1949 after helping Thye Hin Guan Brothers form Kie Hock, a now defunct shipping company.[3][5][9] During this time, he also served as a director at other shipping companies.[1][10]

PIL

In 1967, Chang left Kie Hock and founded PIL in Singapore.[12] Originally formed as a coastal operator,[13] PIL operated with a route from Jakarta to Bangkok with two used ships that Chang had bought.[4] He led PIL to become one of the first foreign shipping companies to venture into China.[4][5] PIL has since expanded to become one of the largest shipping companies in Singapore.[2] His son, Teo Siong Seng, succeeded him as the executive chairman of PIL in April 2018.[3] He remained in the company with the honorary title of chairman emeritus and continued serving an active advisory role.[2][12][14][15]

Wealth

According to Forbes, Chang became a billionaire in 2014, with his net worth reaching as high as $2.7 billion in 2015.[16] In March 2017, at age 98, Chang became the worlds oldest living billionaire after the death of David Rockefeller.[1][4] His net worth fell below $1 billion in 2020, with Forbes estimating his net worth as $875 million in August 2020 prior to his death.[13]

Personal life

Chang had eight sons and six daughters.[7][8] Chang died in his sleep in his Singapore home on 4 September 2020 after turning 102 the prior month.[7][8][11]

References
  1. Schrodt, Paul (29 November 2018). "Meet the World's Oldest Billionaire, a Mysterious 100-Year-Old Shipping Magnate Who Has 14 Kids". Time. Archived from the original on 3 December 2018. Retrieved 21 February 2021.
  2. "100-year-old S'porean is the world's oldest billionaire & he still goes to work every day". mothership.sg. Retrieved 21 February 2021.
  3. Tan, Hwee Hwee (12 May 2018). "Keeping things shipshape". The Business Times. Retrieved 21 February 2021.
  4. Savchuk, Katia. "After David Rockefeller's Death, Here Is The World's (New) Oldest Billionaire". Forbes. Archived from the original on 22 March 2017. Retrieved 21 February 2021.
  5. "Recipient of 2011 Business China Excellence Award: Teo Woon Tiong （张允中）". YouTube. 9 December 2011. Retrieved 21 February 2021.
  6. "The 'silver tsunami': Ten nonagenarians who shaped Asia in 2018". Nikkei Asia. Retrieved 21 February 2021.
  7. "PIL founder YC Chang dies at age 102". Seatrade Maritime. 9 September 2020. Retrieved 21 February 2021.
  8. hermes (9 September 2020). "Shipping tycoon Teo Woon Tiong dies at 102". The Straits Times. Retrieved 21 February 2021.
  9. Chew, Melanie (1996). Leaders of Singapore. Singapore. ISBN 978-981-4719-44-5. OCLC 918983947.{{cite book}}: CS1 maint: location missing publisher (link)
  10. Benson, Emmanuel Abara (30 November 2018). "Story of the world's oldest billionaire will inspire you a lot". Nairametrics. Retrieved 21 February 2021.
  11. "Pacific International Lines founder Chang Yun Chun at 102". SeaNews Turkey: International Shipping Magazine. Retrieved 21 February 2021.
  12. Gilchrist, Karen (5 December 2018). "At 100 years old, the world's oldest billionaire still goes to the office every day". CNBC. Retrieved 21 February 2021.
  13. "Chang Yun Chung". Forbes. Archived from the original on 4 September 2013. Retrieved 21 February 2021.
  14. Burgos, Jonathan. "Singapore's Richest 2019: At 101, The World's Oldest Billionaire Has No Plans To Slow Down". Forbes. Archived from the original on 29 August 2019. Retrieved 21 February 2021.
  15. suresh-nair (6 December 2018). "Billionaire Chang Yun Chung is 100 years but enjoys working every day". Retrieved 27 February 2021.
  16. "Chang Yun Chung". Forbes. Archived from the original on 8 April 2015. Retrieved 27 February 2021.
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