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Singaporean businessman David Yong appeared in the Netflix series Super Rich In Korea, and his entrance was rather bold.

In the first scene, the 37-year-old businessman steps out of a private plane, toting a high-end Hermes purse. He then goes on wild spending sprees for branded products, nonchalantly saying, "I will buy them all."

The series showed his four-story property in Singapore, complete with an elevator and swimming pool. He also bragged about owning 11 luxurious cars.

But the million-dollar question remains: why is he so wealthy?

Who Is David Yong?

Yong, named Yong Khung Lin, is one of the "super-rich" featured in the six-part Netflix series that premiered earlier in May.

The show portrays him as someone who is used to having a lot of money and power. He keeps a cash-counting machine in his South Korean home, a leased apartment at the posh Signiel Seoul complex in the Lotte World Tower.

Yong is a partner in the Singaporean legal firm Yong, Seow & Lim Legal. He received his degree in law from Bristol University in the United Kingdom.

Yong is the CEO of Evergreen Group Holdings. He said to The Straits Times that his estimated net worth is more than $10 million.

In August 2023, he appeared on the South Korean variety program Unpredictable Fortunetellers and informed the presenters that he had investments and assets across multiple countries totaling around $90 million.

Businesses Tied to Yong

As stated on its official website, Evergreen Group Holdings has expanded from a timber company into a multinational enterprise that has acquired and developed a diverse range of businesses. It established new portfolios in Japan, South Korea, Hong Kong, Cambodia, Vietnam and Malaysia.

The firm was established in 1990. Yong's father, Yong Ing Fatt, is its sole director and shareholder.

Yong said Evergreen Group Holdings owns a Cambodian bank and four Singaporean business divisions.

On the other hand, the Cambodian business registry revealed that Evergreen Microfinance, a subsidiary of Evergreen Group Holdings, had a microfinance license that does not permit it to take deposits but to provide modest loans. Yong and his father are named as directors.

Evergreen GH was incorporated in 2018, and Yong is its only stakeholder. In December 2023, he stepped down as a director of the company.

In January 2023, however, Evergreen GH was added to the Investor Alert List of the Monetary Authority of Singapore (MAS). This means the firm is neither regulated nor licensed to offer financial services. But Yong said that con artists had stolen his company's identity and that he had filed a police complaint.

Yong was associated with 16 more firms (seven of which have been dissolved) as a director or shareholder from 2013 to 2020, according to records from Accounting and Corporate Regulatory Authority (Acra). Some notable names include Mu Restaurant, Evergreen Lifestyle Holdings, Evergreen Credit and Leasing, and Evercloud Learning.

Singaporean 'Super Rich' in South Korea

In a report by The Straits Times, Yong praised Super Rich In Korea's unscripted approach and the lengthier airtime he received. He said his goal in joining the show was to share his thoughts and feelings.

Also, Yong expressed his satisfaction with the show's conclusion and acknowledged the great reaction he has gotten from viewers worldwide via direct messages and comments on Instagram.

Yong is known for his association with K-pop. In 2022, he signed a worldwide agency deal to serve as an "influencer CEO" for Rainbowbridge World (RBW) entertainment firm.

Some of his music includes In My Pocket, Dripping, and Maybe Love, which features Mamamoo's Moonbyul, an RBW artist.

In 2023, he caused quite a stir in the nation when he revealed that Evergreen Group Holdings would pour roughly 10 billion won into the K-pop agency and label Attrakt, which is famous for creating the rookie girl group Fifty Fifty.

Tags

South Korea, Singapore