Richest Person In Singapore: Haidilao Founder Zhang Yong's Net Worth Is $14 Billion

Zhang Yong’s net worth is $14 billion, making him the richest person in Singapore, dethroning Robert and Philip Ng of Singapore’s Far East Organization and Hong Kong’s Sino Group.

Zhang’s life is a tale of rags to riches story. Growing up in Jianyang, Sichuan in China, opportunities were scarce back then that he only experienced dining at a restaurant when he was 19 years old. As someone who was practically clueless in the restaurant industry, how did Zhang manage to establish one of the biggest hot pot restaurant chains in the world? If he were to answer this, it would only boil down to one thing: putting faith in his staff.

The gamble paid off. Haidilao now has 466 branches in China, U.S., Japan, South Korea and Singapore, per Forbes. He took a lot of guts in convincing other investors to put in $1,400 in the 1990s. Although he admitted he did not contribute money in starting the business, he took over the general manager position and promised to repay the investors’ money.

According to South China Morning Post, Haidilao started with only a few tables but it managed to expand little by little. Soon, the restaurant even beat the competitors in the area.

The restaurant founder’s success did not happen overnight. Zhang Yong made the list of richest people in Singapore after getting naturalized. As a result, it triggered backlash among the Chinese customers who urged others to boycott Haidilao. The 51-year-old also faced challenges that can be considered normal in the catering industry such as hygiene practices and rapid expansion. In 2018, Haidilao went public, giving the company $25 billion capitalization at the time.

Haidilao is known for its customer service that often goes the extra mile. Its staff offer free manicures, shoe polishing and massage chairs to the customers waiting in line. All the extra effort, combined with the universal appeal of hot pot, it is no surprise the business thrived and continues to enjoy massive support from global patrons.

Aside from being a restaurateur, Zhang keeps himself busy with a restaurant management school he opened in 2010 and another restaurant called Lou Wai Lou. He has also released a book entitled “Learn from Hai Di Lao” nine years ago.

As someone who did not know how to cook at first and was a high school dropout, the richest man in Singapore has come a long way. For Zhang, the recipe to success is no secret: confidence, proper treatment of staff and resiliency.