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