Who would have thought that behind Singapore's glittering facade lies the story of an Indonesian tycoon who once owned 182 square kilometers, or a quarter of the island nation? Imagine, such a vast piece of land, equivalent to a small city, was once owned by a single individual!
Who Was He?
Oei Tiong Ham may be a name unfamiliar to today's generation, but he was a legendary entrepreneur who dominated Southeast Asian business. Known as the Sugar King of Semarang, he was the son of Oei Tjie Sien and Tjun Bien Nio— a Taiping Rebellion fugitive and a Chinese Peranakan immigrant during the Dutch East Indies era.
Oei's immense wealth earned him global recognition as one of the richest people of his time. He was considered the region's first conglomerate, with influence extending across four continents, though his name is now less well-known.
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A Huge Business Empire
Mr. Oei Tiong Ham is the founder and owner of the Oei Tiong Ham Concern (OTHC), the largest sugar company in Indonesia. Established in 1893, OTHC evolved from Kian Gwan, a company founded by his father in 1863. Initially involved in real estate, Kian Gwan shifted to the sugar industry under Oei's leadership.
Under Oei's leadership and the modernization he began in the late 1880s, Kian Gwan became a giant in the sugar industry, monopolizing the market in Java with sugar cane plantations and large sugar factories. This success laid the foundation for OTHC's business empire.
By the early 1900s, OTHC controlled 60% of the Dutch East Indies sugar market, and exports in 1911-1912 reached 200,000 tons, surpassing the total exports of Western companies. OTHC operated not only in the Dutch East Indies but also in India, Singapore, and London, with interests in sugar, warehousing, shipping, and banking.
With a fortune of 200 million guilders - the equivalent of $2 billion today - Oei Tiong Ham was known as the "Sugar King" and the richest person in colonial Indonesia.
Several newspapers published at that time, such as De Locomotief in Semarang, Java Bode, Nieuws van den Dag in Batavia, and Soerabaiasch Handelsblad, even named Oei Tiong Ham as the richest man between Shanghai and Australia.
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Owner of a Quarter of Singapore
However, Oei's wealth made him a target for colonial taxes. According to Liem Tjwan Ling in "Oei Tiong Ham: Raja Gula dari Semarang" (1979), the Dutch government levied a tax of 35 million gulden on Oei and even demanded double payments without clear reasons, to cover the national deficit after the war.
Feeling that the colonial tax measures were excessive and merely an attempt to extract his wealth, Oei decided to leave Indonesia in 1920 and move to Singapore, then under British control.
In Singapore, free from tax burdens, he bought extensive land and property, amounting to a quarter of the country’s territory. This purchase underscored his wealth, as only major entrepreneurs could acquire such land, with all assets registered in his name.
According to the National Library of Singapore, Oei bought Heap Eng Moh Steamship Company Limited and held shares in Overseas Chinese Bank. He was also active in Singapore’s development, donating US$150,000 for the Raffles College building, establishing several schools, and frequently supporting humanitarian causes. Oei continued his philanthropic efforts until his death on July 6, 1924.
In honor of his contribution, one of the streets in Singapore, next to Holland Road to the Jurong Industrial Estate, is named Oei Tiong Ham Park.
