One of the world’s strongest and most pro-business economies, Singapore has emerged as a preferred destination for industry, trade, and investment. Since its independence in 1965, the island city-state has championed policies designed to attract foreign investment, transforming it into a global business and financial hub. Today, around 45,000 businesses register in Singapore annually — equivalent to almost one company for every 100 residents.
Family businesses form the backbone of Singapore’s corporate landscape, comprising around 61% of companies listed on the Singapore Exchange (SGX). The city-state is also Asia’s epicentre for family offices, with approximately 1,100 established in 2022, many attracted by the country’s investment opportunities in startups and cutting-edge tech industries. Singapore’s FinTech sector exemplifies this growth, attracting a record high of $4.1 billion in 2022, up 22% from the previous year.
In Singapore, innovation meets opportunity, creating an ecosystem for global business success. Here are 10 of Singapore’s largest family businesses by revenue:
10. Haw Par Corporation
Owning/Controlling Family: Wee
Annual Revenue: $180 million
Producer of the popular Tiger Balm brand, Haw Par Corporation operates through its healthcare and leisure business segments while also managing a portfolio of properties and investments. The company was named after the balm’s creators, Boon Haw and Boon Par, who developed it in the early 1900s. The brothers’ father, Aw Chu Kin, founded Haw Par’s predecessor, Eng Aun Tong. Today, Tiger Balm brand products are available in over 100 countries worldwide.
In the 1970s, a British investment group gained control of Haw Par, initiating a phase of divestment in its major business segments. In 1975, a new board of directors transformed the company’s activities, eventually growing its portfolio of global businesses in a broad range of sectors.
Wee Cho Yaw serves as Haw Par Corporation Chair — a position he’s held since 1978 — and remains the firm’s largest shareholder. Wee’s son, Wee Ee Lim, directs Haw Par as its CEO and President. The Wee family’s influence extends beyond Haw Par, controlling Singapore’s United Overseas Bank, the country’s third-largest bank by market capitalisation.
9. Pontiac Land Group
Owning/Controlling Family: Kwee
Annual Revenue: $345 million
Founded by visionary entrepreneur Henry Kwee in 1961, Singapore-based Pontiac Land Group has grown into a premier developer of mixed-use developments with hospitality, commercial and residential components. Its impressive portfolio includes global hospitality company Capella Hotel Group, iconic Singapore properties such as The Ritz-Carlton, Millenia Singapore and Capella Singapore, as well as commercial landmarks like Millenia Tower and Centennial Tower.
The Kwee family, led by Henry Kwee’s four sons, steers Pontiac Land Group’s operations and vision. Peter Ong currently serves as the group’s Chairman and leads the company’s international expansion, including luxury resort development Fari Islands in the Maldives and the 53 West 53 skyscraper in New York, ensuring the company continues to redefine luxury and create landmarks on a global scale.
8. QAF Limited
Owning/Controlling Family: Lam
Annual Revenue: $454 million
QAF Limited, the name behind popular food brands Gardenia and Bonjour, is a leading food company with core business activities in bakery, distribution, and warehousing. The company’s extensive distribution network spans the Asia-Pacific region, including Malaysia, Australia, the Philippines, Hong Kong, Vietnam, and Singapore.
Founded in 1950 as Ben and Company, the firm rebranded as QAF Limited in 1984. In 1985, the company acquired Gardenia’s bread-making operations in Singapore, extending the brand’s reach into Malaysia a year later. In 2001, QAF added Bonjour, Singapore’s second-largest packaged bread brand, to its portfolio. The company’s Ben Foods subsidiary further broadens QAF’s reach, marketing its proprietary food brands both regionally and internationally.
Under the leadership of Chair and controlling shareholder Lam Sing Chung, QAF continues to deliver quality and innovation across the Asia-Pacific’s dynamic food landscape.
7. Far East Organization
Owning/Controlling Family: Ng
Annual Revenue: $2 billion
As Singapore’s largest private real estate developer, Far East Organization has shaped the city’s skyline and lifestyles since its founding by Ng Teng Fong in 1960. Today, the group operates through its four core businesses: Far East Orchard, Far East Hospitality, Yeo’s, and Sino Group.
With over 780 commercial developments and around 55,000 homes built in Singapore, Far East is a cornerstone of the nation’s urban growth. The group oversees around 100 hospitality assets, an Austrian real estate portfolio, and 20 food and beverage brands. The Ng family continues to lead the enterprise, with the founder’s son, Philip Ng, serving as Chair. His brother, Robert Ng, heads the company’s Hong Kong-based Sino Group, while Robert’s son, Daryl Ng, serves as Sino Group’s Deputy Chair.
6. Kuok Group Singapore
Owning/Controlling Family: Kuok
Annual Revenue: $2.1 billion
Originally a small Malaysian agriculture trading company co-founded by Robert Kuok in 1949, the Kuok Group has grown into an international conglomerate with activities in real estate, hospitality, logistics, food, agribusiness, and maritime. Kuok Group’s expansion began with the establishment of Kuok Singapore Limited in 1953, followed by ventures into Thailand and Indonesia by the end of the decade and later into Malaysia and China during the 1970s.
The group’s Singapore-based Wilmar International Limited is Asia’s leading agribusiness and one of the largest listed companies on the Singapore Exchange by market capitalisation. Wilmar’s activities include oil palm cultivation, sugar milling, and consumer product manufacture, supported by a workforce of around 90,000 and more than 500 manufacturing plants.
Leadership remains within the family. Kuok Khoon Ean chairs Kuok Group Singapore, while brother Kuok Khoon Hong is CEO and Chair of Wilmar International, which he co-founded in 1991. Both are cousins of Kuok Group founder and owner Robert Kuok.
5. Grab
Owning/Controlling Family: Tan
Annual Revenue: $2.2 billion
Founded in 2012 by Harvard Business School classmates Tan Hooi Ling and Anthony Tan, Grab began as a mission to make taxi travel safer in their home country of Malaysia. What started as a ride-share platform quickly gained popularity and has since grown into Southeast Asia’s most valuable private company, famously acquiring Uber’s Southeast Asia business in 2018.
Now headquartered in Singapore, Grab’s business segments include food delivery, digital payments, and financial services, with millions of users in 428 cities across 8 countries relying on Grab’s “Super App,” a one-stop platform for essential services. Both co-founders still spearhead the company — Anthony Tan leads as CEO and chair, while Tan Hooi Ling directs Grab’s technology and corporate strategy team.
4. Hong Leong Group Singapore
Owning/Controlling Family: Kwek
Annual Revenue: $4.5 billion
Founded in 1941 by Kwek Hong Png, Hong Leong Group has grown from a Malaysia-based building materials trader into a global powerhouse in finance, real estate, and hospitality. Expanding into Singapore in 1961, the group first established a finance business before launching its property arm in 1968.
Hong Leong Group’s real estate subsidiary, City Developments Limited, has built and acquired marquee hotel properties globally, including Singapore’s Orchard Hotel, the Gloucester Hotel in London, and New York City’s Plaza Hotel. Recognised as Asia’s leading property developer and Singapore’s top company in 2016, CDL exemplifies the Hong Leong Group’s commitment to excellence.
Hong Leong Group Singapore’s Millennium & Copthorne Hotels and its sister companies are Singapore’s largest hotel group, with over 145 hotels in 80 global locations. Today, Executive Chair Kwek Leng Beng continues to guide the group’s vision, while his son, Sherman Kwek, leads City Developments as CEO.
3. Yanlord Land Group Ltd.
Owning/Controlling Family: Zhong
Annual Revenue: $4.5 billion
Since its founding by Zhong Sheng Jian in 1993, Yanlord Land Group has established itself as a top developer of high-end residential, commercial, and integrated real estate properties. With three large-scale projects in Singapore and a presence in 20 high-growth Chinese cities, the group is at the forefront of urban development in Asia, with its investment portfolio including shopping malls, office space, and hotels across Singapore and China.
Led by founder Zhong Sheng Jian, who now serves as CEO and Chair, Yanlord Land Group remains a family-driven enterprise. His sons, Zhong Ming and Zhong Lek Ka, hold Executive Director positions along with their cousin, Zhong Siliang. The founder’s niece, Wei Lijing, directs the group’s subsidiary operations.
2. Golden Agri-Resources Ltd.
Owning/Controlling Family: Widjaja
Annual Revenue: $8 billion
One of the world’s largest seed-to-shelf agribusinesses, Golden Agri-Resources (GAR) is a global leader in palm oil production, manufacturing around 2.43 million tonnes of crude palm oil annually. Established in 1996 as the palm oil arm of Indonesia’s Sinar Mas Group, GAR reflects the Widjaja family’s commitment to sustainable growth and innovation.
GAR operates across 14 countries, with its products available in around 100 markets globally, including China, India, and the US. At the end of 2023, GAR achieved 99% Traceability to Plantation of its palm supply chain, reflecting its commitment to sustainable agribusiness.
Today, Franky Widjaja serves as Chair and CEO for both Golden Agri-Resources and Sinar Mas Group, while her daughter, Jesslyne Widjaja, leads GAR’s business strategy as the company’s Executive Director.
1. Wuthelham Group
Owning/Controlling Family: Goh
Annual Revenue: $10 billion
Goh Cheng Liang entered the paint business with Wuthelham Group in 1949 after acquiring surplus war materials auctioned off by the British Army. In the 1950s, he partnered with Japan’s Nippon Paint, establishing Singapore as the brand’s main distribution point.
Under the leadership of Goh’s son, Goh Hup Jin, Wuthelham Group and Nippon strengthened their strategic alliance over the decades, climbing to become Asia Pacific’s leading paint company. In 2021, Wuthelam acquired a majority stake in Nippon Paint for $12.2 billion, further cementing its dominance in the global market.
Today, Goh Hup Jin serves as Wuthelham Group’s Executive Director and chairs Nippon Paint, which has grown into the world’s fourth-largest paint manufacturer.
