Do you sometimes wonder where do tycoons make their money from?
Here is a list of 7 industries where people make their millions from.
The success stories you are about to read may very well inspire your next business idea…
1) Real Estate
Property development businessman Lim Chap Huat started a construction business in 1976, during the years of nation building.
They expanded to do property development and REIT, with the company Soilbuild Group.
This self-made millionaire is now worth $850 million.
Marine tycoon Tan Boy Tee built his wealth with a tug-and-barge operator business, Labroy Marine.
The business facilitates moving of goods around the shallow waters of Singapore shores, an essential service for Singapore’s economy in the entrepot trade – purchasing raw goods and refining them for re-export.
In 2008, this business he founded 3 decades ago sold for $700 million.
3) Frozen Foods
Sam Goi brought frozen food for the busy individuals who have no time to prepare their own lunch or dinner.
With Tee Yih Jia Foods, he has made his $2 billion business dedicated to frozen foods you will see in the freezers of supermarkets.
Hungry people around the world can munch on their spring rolls and pancakes for an instant late-night snack.
There are at least 3 families on Forbes that created their wealth through banking services.
Focusing on the highest ranking one will bring us to Wee Cho Yaw, chairman of UOB.
The family business made money through financing trade, a booming industry in the 60s.
Under Wee’s leadership, UOB opened branches in Singapore and internationally, and further diversified into the finance business, property, insurance, realty, trustee and executor services, lease financing and merchant banking, eventually becoming Singapore’s Asia’s 3rd Strongest Bank.
Singaporean investor Peter Lim makes the news occasionally as an avid supporter of promoting the growth of local sports.
How did he make the money that enables him to support any cause he wishes to?
In the early 90s, he was a full-time investor who put US$10 million in a start-up Indonesian palm-oil company, Wilmar. In 2010, his 5% stake grew to more than US$700 million.
With the patience of a 20-year holding period, he reaped the rewards of a good choice worthy of the title of “Remisier King”.
Healthcare is a big reason people come to Singapore.
The reputable standards here draw people from overseas to seek medical treatment here.
As the largest private general hospital, Raffles Hospital has over 100 clinics on our small island.
The chairman and co-founder of the Raffles Medical Group, Dr Loo Choon Yong started off in private practice.
In the 80s, clinics that his partners and him set up was servicing corporate clients. Eventually they formed the group when they grew to a size of serving over 500,000 patients.
As demand rises for healthcare services, the chairman’s net worth crossed the billion-dollar mark in 2015.
Singaporean business man John Chuang made his fortune from a chocolate confectionery business.
He grew to millionaire status with his company, Petra Foods.
It manufactured cocoa goods back in the 80s, with products reaching market leader status in Indonesia and Philippines. If you enjoy munching on Delfi or Top chocolate bars, you are a supporter of his business.
Petra Foods sold for $950 million to a Swiss company in 2013.
As many of our parents will tell us, the real estate and stock market created many tycoons.
While tycoons from other industries may come to you as a surprise, it is a helpful reminder that if we are good at what we do, the rewards will follow.
Which industry do you think will the next millionaire come from? Let us know!