5 things to know about Kiat Lim, son of Singapore self-made billionaire Peter Lim

The senior Lim, once nicknamed the "remisier king," rose from humble beginnings as the son of a fishmonger to become one of Singapore’s wealthiest men, with Forbes estimating the 72-year-old’s net worth at about US$2 billion.

As the son of the tycoon, Kiat, 32, has taken on roles in several family-run ventures, some of which have recently made headlines for high-profile projects such as an RM18 billion (US$4.3 billion) mega development in Malaysia’s Johor and a residence for the Johor royal family.

Kiat Lim, son of Singaporean billionaire Peter Lim. Photo courtesy of Valencia CF

Here are five things to know about the business and family life of 32-year-old Kiat Lim.

Growing up Lim

Despite being born to a wealthy family, Kiat has described his childhood as relatively "normal."

"I felt like a normal kid. I played football, I played basketball," he told The Straits Times in a 2022 interview.

As he got older, the senior Lim began sharing more about his early struggles and offering lessons along the way, Kiat said.

In a professional setting, Kiat would describe his relationship with his father as that of a mentor and mentee. He said much of what he has learned comes both indirectly and through his own ventures. The two also share a similar approach to risk, decisiveness and taking action.

Still, Kiat emphasizes that he has never felt pressured to follow in his father’s footsteps.

"I think I have never tried to actually live up to him," he explained, noting that he prefers to keep his head down, chart his own path and trust the process. "I believe the pressure is only real if you let it get to you."

Even so, he hopes his father would be happy and proud of him, he said.

Has he taken over the reins from his father?

Kiat graduated from the University of New South Wales in Australia with a degree in psychology before beginning his career as vice president of investments at advisory firm Kestrel Capital, according to the website of the Thomson Medical Group, which is controlled by his father.

By September 2022, he had become Thomson’s executive vice-chairman, where he now leads overall growth strategies and oversees Thomson X, the group’s digital arm that drives its transformation initiatives.

His work has included major investments, corporate finance deals and founding new ventures in fields ranging from healthcare technology to Esports.

So, has he officially stepped into his 72-year-old father’s shoes?

Kiat puts it this way in a recent interview with The Business Times: "I respect my father too much to say I’ve taken over. But the answer is yes. My caveat, though, is I will always respect his position and his decisions, because he is my boss as well."

He added that his father would never hand over responsibility unless he believed the next generation was capable of carrying it forward. "So, hopefully, he sees something in me."

Charting his own course

Beyond Thomson and RSP, Kiat has ventured into other projects, including the digital football platform ZujuGP and ARC, an NFT community he co-founded with Elroy Cheo of the Mewah International family in 2022, according to Bloomberg.

As he works across a wide range of industries, Kiat encourages employees to press their ideas even if he is not convinced and surrounds himself with industry experts better than him. This approach helps him make decisions that balance short-term profits and broader, long-term objectives.

As the son of a billionaire, Kiat is no stranger to nepotism criticisms, but he takes them in stride.

"Who doesn’t want a better outcome for the company than the owner of the company? But if you do things well, you’re just lucky, you’ve got resources. If you do it badly, you’re stupid," he says bluntly. "I’m not saying this out of self-pity. It’s factual. It’s just human nature. I’m okay with being criticized."

Football fan turned Valencia CF president

For Kiat, football carries a sense of nostalgia, reminding him of his younger days. He recalled playing matches with his father at 5 a.m. as a kid, and spending weekends watching games together. Even during family travels, they would squeeze in time for a match or two.

In March, Kiat was appointed president of Valencia CF, the Spanish club his father bought in 2014 to rescue it from bankruptcy. But a decade on, the team has struggled to regain its former glory, leaving frustrated fans calling for the Singaporean owner to step aside.

Speculation of a sale has swirled for years, but Kiat has firmly denied it.

"There have been rumors of us selling every year since we bought the club. Very clearly at this point in time, we’ve put in so much effort, we want to see the plan through," Kiat says.

As president, he is pushing forward with the long-delayed Nou Mestalla, a 70,000-seat stadium scheduled to open in 2027.

Kiat Lim visits the construction site of the Nou Mestalla in March 2025. Photo courtesy of Valencia CF

"We’re going from fewer than 500 hospitality seats to more than 6,500, from a dated venue to a modern destination that can host major events year-round," Forbes quoted Kiat as saying. "Nou Mestalla is not just bricks and seats—it’s the engine that will drive our next era of growth."

Life beyond business

Kiat has always wanted to become a father early and keep a smaller age gap with his children than the one between him and his father. Now married with a four-year-old daughter and a two-year-old son, family has become one of the most rewarding parts of his journey.

"My kids are my life. But one day, they’re going to be teenagers and they’re not going to care about me anymore. When that happens, I want to still have the energy to do my own thing, travel and enjoy myself."

Balancing work and parenting is not always easy, but Kiat makes the effort to spend time with his kids, even if it means answering emails or sending voice notes from the playground.

When it comes to raising his children, Kiat says mental strength is important, but what matters most to him is that they grow up kind.

"My kids keep me going, in that I want to be a better role model for them. Hopefully, they will be able to see my actions just as I did with my dad."