David Teoh

Last updated

David Teoh
Born1955 (age 67–68)
Malaysia
NationalityAustralian
OccupationExecutive Chairman & CEO
Known forFounder, TPG
SpouseVicky Teoh
Children4

David Siang Hai Teoh is an Australian businessman. Until March 26, 2021, he was the executive chairman of TPG, a company he founded with his Taiwanese wife Vicky in 1992 after emigrating from Malaysia in 1986. [1] He is also the founder and executive chairman of Tuas Limited, who owns SIMBA Telecom, a telecommunications company in Singapore. [2]

Contents

Biography

TPG started off as a computer retail company, but several acquisitions including the purchase of a mobile spectrum licence, have contributed to its success as a major internet service provider. [3]

In August 2018, Teoh announced TPG was in discussions with Vodafone Hutchinson Australia about a proposed $13 billion merger. [4] Teoh's only comment about the proposed merger was the pricing would be “very aggressive” and that it would bring value to the customer. [5] It was blocked by the Australian Competition & Consumer Commission on the grounds that it would lessen consumer choice in both the internet and mobile phone markets. [6] In early 2020 Vodafone and TPG were granted permission by the Federal Court to merge, paving the way for the stalled $15 billion deal to finally proceed. [7]

Personal life

Reclusive, Teoh has only been photographed in public twice. A photographer staked out his house for three days in 2015, [6] and in 2019 the proposed merger with Vodafone obliged him to attend court.

His four sons, Shane, Jack, John and Bob, have launched more than a dozen startup companies dealing in clothing, furniture, technology, and eyeglasses. In 2016 it was reported that his wife, Vicky, had substantial investments, including Vita Life Sciences Ltd, a pharmaceutical and healthcare company. [8]

Net worth

According to Forbes magazine, in 2019 Teoh was the 25th-richest person in Australia, estimated to have a net worth of approximately US$1.62  billion. [9] As of May 2023, the net worth of Teoh and his wife was assessed in the Australian Financial Review Rich List at A$1.70 billion. [10]

Year Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth (A$)Rank Net worth (US$)
2013 [11] 29Increase2.svg$0.91  billion Increase2.svg
2014 [12] 17Increase2.svg$1.50 billion Increase2.svg
2015 [13] 17Steady2.svg$1.60 billion Increase2.svg
2016 [14] 9Increase2.svg$1.95 billion Increase2.svg
2017 [15] [16] [17] $1.91  billion 29Decrease2.svg
2018 [18] 38Increase2.svg$1.76 billion Decrease2.svg
2019 [19] [9] 38Steady2.svg$2.03 billion Increase2.svg25Increase2.svg$1.62 billion Increase2.svg
2020 [20] 32Increase2.svg$2.54 billion Increase2.svg
2021 [21] 40Decrease2.svg$2.55 billion Increase2.svg
202243Decrease2.svg$2.60 billion Increase2.svg
2023 [10] 82Decrease2.svg$1.70 billion Decrease2.svg
Legend
Icon Description
Steady2.svgHas not changed from the previous year
Increase2.svgHas increased from the previous year
Decrease2.svgHas decreased from the previous year

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References

  1. ↑ "David Teoh resigns as TPG chairman". 25 March 2021.
  2. ↑ "TUAS - Building Better Connections".
  3. ↑ "David Teoh". Forbes . Retrieved 11 December 2018.
  4. ↑ Duke, Jennifer (24 August 2018). "Did TPG's David Teoh just outsmart the telco industry?". Sydney Morning Herald . Retrieved 17 December 2018.
  5. ↑ Reichert, Corinne. "TPG-Vodafone will be 'very aggressive': David Teoh". ZDNet . Retrieved 17 December 2018.
  6. 1 2 Butler, Ben (11 September 2019). "Australia's secretive billionaire David Teoh steps into media spotlight". The Guardian . Retrieved 12 September 2019.
  7. ↑ Crozier, Ry (13 February 2020). "Vodafone and TPG $15bn merger gets court approval". IT News.
  8. ↑ Stensholt, John (26 May 2016). "Rich List 2016: Gina Rinehart richest woman, but wealth takes a slide". Australian Financial Review . Retrieved 12 August 2016.
  9. 1 2 "2019 Australia's 50 Richest". Forbes Asia. January 2019. Retrieved 28 September 2019.
  10. 1 2 Bailey, Michael; Sprague, Julie-anne (26 May 2023). "The 200 richest people in Australia revealed". Australian Financial Review . Retrieved 6 June 2023.
  11. ↑ "2013 Australia's 50 Richest". Forbes Asia. 1 February 2013. Retrieved 23 May 2013.
  12. ↑ "2014 Australia's 50 Richest". Forbes Asia. January 2014. Retrieved 30 June 2014.
  13. ↑ "2015 Australia's 50 Richest". Forbes Asia. March 2015. Retrieved 10 June 2015.
  14. ↑ "2016 Australia's 50 Richest". Forbes . January 2016. Archived from the original on 6 April 2013. Retrieved 9 June 2016.
  15. ↑ Stensholt, John, ed. (25 May 2017). "Financial Review Rich List 2017". Australian Financial Review . Retrieved 8 June 2017.
  16. ↑ Mayne, Stephen (26 May 2017). "Mayne's take: The top 25 Australian billionaires, as claimed by Fairfax". Crikey . Private Media. Retrieved 10 October 2019.
  17. ↑ "Australia's Richest 2017: Country's Wealthiest Continue Mining For Dollars". Forbes Asia. 1 November 2017. Retrieved 28 September 2019.
  18. ↑ Stensholt, John, ed. (25 May 2018). "2018 AFR Rich List: Who are Australia's richest people?". Australian Financial Review . Retrieved 26 May 2018.
  19. ↑ Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". Australian Financial Review . Nine Publishing. Retrieved 31 May 2019.
  20. ↑ Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed" . Australian Financial Review . Nine Publishing. Retrieved 31 October 2020.
  21. ↑ Bailey, Michael; Sprague, Julie-anne (27 May 2021). "The 200 richest people in Australia revealed". Australian Financial Review . Retrieved 28 May 2021.


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