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Chang Yun Chung
Chang Yun Chung
Chang Yun Chung
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Key Information

Chang Yun Chung
Simplified Chinese张允中
Traditional Chinese張允中
Transcriptions
Standard Mandarin
Hanyu PinyinZhāng Yǔnzhōng
Wade–GilesChang Yünchung
Yue: Cantonese
JyutpingZoeng1 Wan5-zung1
Southern Min
Hokkien POJTiuⁿ Ún-tiong

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.

Early life

[edit]

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

Education

[edit]

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

[edit]

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

[edit]

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

[edit]

In 1967, Chang left Kie Hock and founded PIL in Singapore.[12] Originally formed as a coastal operator,[13] PIL operated 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

[edit]

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 world's 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

[edit]

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

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Chang Yun Chung

View on Grokipedia
from Grokipedia
Chang Yun Chung (also known as Teo Woon Tiong; 1918–2020) was a Singaporean shipping magnate best known as the founder and longtime chairman of (PIL), Asia's largest privately owned container shipping company. Born in , Province, , he emigrated to and built a global maritime empire starting from humble beginnings in the post-World War II era, amassing a fortune that made him the world's oldest in his later years. Chang passed away peacefully at his home in on September 4, 2020, at the age of 102, leaving behind a legacy of perseverance and innovation in the shipping industry. Born on August 27, 1918, in , Chang received his early education there before attending high school in and studying at Xiamen Datung College. He first moved to in 1937, fleeing the Japanese of with his family, initially working odd jobs before entering the shipping sector in 1949. For nearly two decades, he gained experience at a local shipping firm, honing his expertise in regional trade routes and vessel operations. In 1967, at the age of 49, Chang cofounded PIL with ten partners and just two secondhand vessels, initially focusing on intra-Asian coastal shipping between , , and . Under Chang's leadership, PIL rapidly expanded into a multinational powerhouse, transitioning to containerized shipping in the and growing its fleet to over 100 vessels by the . As of , the company operates a fleet of 101 vessels with a capacity of 442,000 TEU, employing over 6,900 staff worldwide, serving major trade lanes across , , and the . Chang served as chairman for 51 years, stepping down in April 2018 at age 99 in favor of his son, Teo Siong Seng, while remaining chairman and continuing his daily routine of reviewing operations at PIL's until shortly before his death. Known for his hands-on approach and habit of documenting daily activities in a personal diary, he exemplified disciplined , often stating that idleness at home was intolerable. Chang's personal life was marked by his marriage and fatherhood to 14 children—eight sons and six daughters—several of whom are involved in PIL's management. His peaked at around $1.9 billion, though it dipped below $1 billion in amid industry challenges like the and overcapacity in global shipping. Despite his reclusive nature and aversion to , Chang's contributions to Singapore's maritime sector earned him recognition as a visionary entrepreneur who helped transform the city-state into a global shipping hub. His story of rising from modest origins to build a family-run conglomerate underscores themes of resilience and long-term strategic growth in one of the world's most volatile industries.

Early life

Childhood and education

Chang Yun Chung was born on August 27, 1918, in Shawei Town, (then known as Quemoy), Province, Republic of China, into a family of modest means engaged in local commerce and agriculture. His father, Chang Wenxia, worked as a (sinseh), while his mother, Huang Yuyan, supported the household; the family owned agricultural land, shophouses, and operated businesses in furniture and , providing a foundation in practical trade amid the region's economic challenges. Chang's early education took place in Kinmen, where he attended primary school, before continuing with high school in and studying at Xiamen Datung College. Although formal schooling was constrained by the era's political unrest and family responsibilities, Chang completed his studies at the college, gaining foundational knowledge that he later supplemented through hands-on involvement in family enterprises. In the mid-1930s, escalating tensions from the Japanese invasion of and the occupation of in forced Chang to migrate southward, following his father's relocation to in 1935. He arrived in in at the age of 19, joining his mother and siblings and seeking stability and opportunities in the bustling port city amid the broader economic hardships of the and rising Sino-Japanese conflict. This immigration marked the end of his formative years in and the beginning of his adaptation to overseas life, just prior to the full onset of disruptions.

World War II experiences

During the and from 1942 to 1945, Chang Yun Chung, who had relocated to in 1940 to assist his uncle in business ventures, actively supported the anti-Japanese resistance. Around 1942, he joined guerrilla forces in Malaya, where he served as a coordinator, procuring and delivering critical supplies such as and to fighters engaged in operations against the occupiers. Chang's role in the resistance came at great personal risk, leading to his arrest by Japanese authorities in 1942 for aiding the guerrillas; he was imprisoned for approximately one year before being released. Undeterred, he resumed his support activities but was captured again in 1944 and held in captivity until Japan's surrender in September 1945. Throughout the occupation, he faced intense hardships, including periods of hiding in rubber plantations outside to evade Japanese patrols. To sustain himself amid the occupation's scarcities, Chang took on odd jobs, such as informal trading and labor in , which not only helped him survive but also allowed him to forge initial networks among locals and fellow resisters that would aid his future endeavors. Following the war's conclusion in 1945, Chang returned to , where he demobilized from resistance activities and began pursuing economic stability through legitimate enterprise.

Career

Early ventures in shipping

Following the end of , Chang Yun Chung entered the shipping industry in post-war , joining the newly formed Kie Hock Shipping Company in 1948 as its . The company, established with the assistance of Thye Hin Guan Brothers—a produce trading firm where Chang had begun his professional career—started operations with just one landing vessel in 1949. Over the next 18 years, Chang oversaw its growth into a modest fleet of 32 vessels by 1967, focusing primarily on intra-Asian routes amid Singapore's gradual economic recovery from wartime devastation. In his role, Chang gained critical expertise in shipping operations, including the navigation of regional trade routes and the cultivation of relationships with port authorities and shipping agents. A pivotal experience came during a 1956 trade delegation to organized by the Singapore-Malaya governments, where he built enduring connections with Chinese officials that later facilitated . These efforts were instrumental in positioning Kie Hock within Southeast Asia's recovering , where post-war reconstruction spurred demand for reliable coastal and short-haul shipping services. Chang's tenure was marked by significant challenges, including intense competition from established European shipping lines that dominated long-haul routes to and . This forced Kie Hock to specialize in underserved intra-Asian trades, particularly those involving . The political upheaval of Singapore's 1965 separation from further disrupted regional trade flows, imposing new customs barriers and economic uncertainties that tested the company's adaptability. Drawing on the resilience honed during his experiences, Chang navigated these obstacles through strategic focus on emerging markets in the Arabian Gulf, , and .

Founding and expansion of PIL

Pacific International Lines (PIL) was founded by Chang Yun Chung on March 16, 1967, in , starting as a modest coastal shipping operation with two second-hand vessels focused on intra-Asian cargo routes between ports like and . Drawing from his prior experience in regional shipping, Chang established the company with just ten shareholders and a commitment to reliable service in Southeast Asia's growing trade networks. Initially operating , PIL quickly adapted to post-independence 's economic boom, emphasizing efficiency and customer trust to build a foundation for future growth. In the 1970s, PIL pursued strategic expansions by acquiring additional vessels, growing its fleet to around 30 ships by 1973 through purchases from European owners, which enabled broader intra-Asian and early ventures into African routes. The posed significant challenges to the global shipping industry, but PIL survived through diversification into resilient trade lanes in and , maintaining operations amid rising fuel costs and economic uncertainty. By prioritizing cost-effective routes and operational discipline, the company not only weathered the downturn but positioned itself for sustained recovery. The 1980s marked PIL's transition to containerization, with the acquisition of its first container ship in 1981, shifting from traditional breakbulk services to modern container operations that improved efficiency and capacity. This move aligned with global industry trends and allowed expansion into deeper-water trades. By the 1990s, PIL globalized further, establishing routes to and the while growing its fleet to over 55 vessels by 1992, reaching more than 100 ships by the 2000s to serve over 500 locations worldwide. Family involvement deepened during this period, with Chang's son Teo Siong Seng joining management and eventually assuming leadership roles. Chang Yun Chung's hands-on leadership style was instrumental in PIL's expansion, as he maintained daily office attendance well into his 90s, fostering a culture of direct oversight and long-term vision. His emphasis on employee welfare, including fair treatment and professional development, built loyalty and contributed to the company's resilience and growth as a family-led enterprise.

Wealth and philanthropy

Net worth and business empire

Chang Yun Chung's wealth was primarily derived from his majority ownership in (PIL), the Singapore-based shipping company he co-founded in 1967. At its peak in the , his net worth reached approximately $2.4 billion in 2015, according to estimates, reflecting the robust growth of PIL's global operations in container shipping. This fortune solidified his status as a self-made , having entered ' billionaire ranks in 2014. PIL served as the core asset of Chung's business empire, encompassing a vast shipping fleet, port terminals, and subsidiaries that expanded to over 100 vessels by the late . Chung held a roughly 94% stake in the family-controlled company as of 2019, with minor holdings in and trading ventures contributing marginally to his overall portfolio. The company's strategic investments in intermodal and regional trade routes underpinned the valuation of his assets, though PIL also faced periodic debt restructurings that influenced his personal wealth. Chung's net worth experienced significant fluctuations tied to the shipping industry's volatility. It grew steadily from modest beginnings—starting with a single vessel —to levels by the mid-2010s, but declined sharply during economic disruptions; by August 2020, it had fallen below $1 billion to $875 million amid COVID-19-related shipping delays, interruptions, and PIL's reported net losses that doubled to $120 million in the first half of the year. In March 2017, following the death of , Chung was recognized as the world's oldest living at age 98, a title he held until 2020 when his fortune dipped below the threshold due to the pandemic's impact. This distinction highlighted his enduring influence in the maritime sector, even as he transitioned leadership to his son in 2018.

Charitable contributions and awards

Chang Yun Chung was deeply committed to philanthropy, focusing on education, healthcare, and community support in Singapore and his native China, often making donations anonymously to reflect his belief in giving back without seeking recognition. His contributions included funding scholarships and educational initiatives to support underprivileged students, as well as support for healthcare facilities and services to improve access for those in need. In addition to financial gifts, Chang extended aid through his company, (PIL), utilizing its logistics capabilities for disaster relief efforts, such as delivering supplies to victims of major natural calamities, including the and the 1999 Taiwan 921 earthquake. A notable example was his family's donation of NT$10 million (approximately S$450,000) alongside his late brothers to establish an educational fund in their hometown of , China, aimed at fostering local development and youth opportunities. In September 2011, Chang donated another NT$10 million to the National Kinmen University Development Fund, leading to the renaming of its design school as the Chang Yun Chung Design School. Chang's societal contributions were recognized through several prestigious awards. In 1970, he received the Public Service Star (, or BBM) from the government for his role in advancing the nation's maritime sector and economy. In 2011, he was awarded the Business China Excellence Award for his pioneering efforts in establishing reliable cargo services between and , strengthening bilateral economic ties.

Personal life

Family

Chang Yun Chung was a long-time resident of , where he and his family maintained homes in the . He led a notably low-profile despite his prominence in business. Chang was married and had 14 children, consisting of 8 sons and 6 daughters, forming a large family that served as a key support system in his personal affairs.

Death and legacy

Chang Yun Chung passed away peacefully in his sleep at his home in on September 4, 2020, at the age of 102. His death was mourned widely within the shipping industry, with family members and associates issuing tributes that highlighted his and dedication to the sector. (PIL), the company he founded, has continued its operations seamlessly under the leadership of his son, Teo Siong Seng, who serves as executive chairman. Chang's legacy endures as that of a self-made immigrant who transformed Singapore's maritime landscape. Arriving from with limited resources, he established PIL in 1967 as a modest coastal shipping venture, growing it into one of the nation's largest container lines with over 100 vessels serving nearly 500 ports worldwide. This expansion played a pivotal role in positioning as a global shipping hub and driving through enhanced trade connectivity. As an inspirational figure for aspiring entrepreneurs, Chang exemplified resilience and innovation in the face of challenges, from recovery to international market entry. The company's robust growth following his passing—including orders for 18 new LNG dual-fuel vessels since 2022 as part of its ongoing fleet renewal program and the launch of new routes to —affirms the lasting impact of his vision on PIL's global competitiveness.

References

  1. https://www.forbes.com/profile/chang-yun-chung/
  2. https://www.tatlerasia.com/people/chang-yun-chang
  3. https://asia.nikkei.com/spotlight/the-big-story/the-silver-tsunami-ten-nonagenarians-who-shaped-asia-in-2018
  4. https://money.com/meet-the-worlds-oldest-billionaire-a-mysterious-100-year-old-shipping-magnate-who-has-14-kids/
  5. https://www.seatrade-maritime.com/containers/pil-founder-yc-chang-dies-at-age-102
  6. https://splash247.com/pil-founder-dies-aged-102/
  7. https://www.goodreturns.in/chang-yun-chung-net-worth-and-biography-blnr3597.html
  8. https://gerontology.fandom.com/wiki/Chang_Yun_Chung
  9. https://www.cnbc.com/2018/12/05/worlds-oldest-billionaire-yun-chung-chang-goes-to-work-every-day.html
  10. https://shippingtandy.com/features/pacific-international-line-pil/
  11. https://www.maritimeinjurycenter.com/maritime-companies/pacific-international-lines/
  12. https://www.straitstimes.com/business/singapore-shipping-line-pil-quadruples-profits-for-2024-but-warns-2025-will-be-challenging
  13. https://www.shippingandfreightresource.com/leaders-and-visionaries-in-shipping-chang-yun-chung/
  14. https://wiki.sg/p/Chang_Yun_Chung
  15. https://theindependent.sg/billionaire-chang-yun-chung-is-100-years-but-enjoys-working-every-day/
  16. https://www.tandfonline.com/doi/full/10.1080/13602381.2022.2136232
  17. https://www.pilship.com/about-pil/
  18. https://www.rivieramm.com/opinion/opinion/pil-makes-a-half-century-28907
  19. https://www.forbes.com/sites/russellflannery/2015/03/09/2015-forbes-billionaires-full-list-of-asias-562-richest-people/
  20. https://www.forbes.com/sites/jonburgos/2019/08/28/singapores-richest-2019-at-101-the-worlds-oldest-billionaire-has-no-plans-to-slow-down/
  21. https://mfame.guru/pacific-international-lines-losses-double-in-2020/
  22. https://www.forbes.com/sites/katiasavchuk/2017/03/21/david-rockefeller-chang-yun-chung-worlds-oldest-billionaire/
  23. https://mabumbe.com/people/chang-yun-chung-age-net-worth-family-career-highlights/
  24. https://businesschina.org.sg/media-release-business-china-awards-2011-results-are-out/
  25. https://www.celebritynetworth.com/richest-businessmen/richest-billionaires/chang-yun-chung-net-worth/
  26. https://www.seaandjob.com/pil-founder-dies-aged-102/
  27. https://www.tradewindsnews.com/people/pil-family-pays-tribute-to-founder-yc-chang/2-1-871666
  28. https://www.asiacargonews.com/green/news/PrintVersion?id=4512
  29. https://www.straitstimes.com/business/s-pore-liner-pil-rolls-out-26b-ship-expansion-plan-3-years-after-temasek-lifeline
  30. https://www.seatrade-maritime.com/containers/pil-orders-five-more-lng-dual-fuel-container-ships
  31. https://www.pilship.com/newsroom/pil-expands-strategic-footprint-in-latin-america-with-launch-of-two-new-feeder-services/
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