Cheah Cheng Hye, a Malaysian-born billionaire who currently resides in Hong Kong, has invested one quarter of his wealth into diversified gold holdings.
The 71-year-old veteran investor, frequently referred to as “Hong Kong Buffett” for his strategic capital allocation strategies, has boosted his holdings in precious metals to approximately 25 per cent. His family office portfolio, currently valued at approximately US$1.4 billion, only had 15 per cent of its interests in gold one year ago.
According to the UBS Global Family Office Report from last year, this stands out sharply against the average of 2 per cent gold exposure among very-high-net-worth people.
Cheah has historically treated his gold holdings as life savings rather than speculative investments. In a recent interview with Bloomberg, he explained his strategy.
“I was a very patient investor,” he elaborated. “I bought precious metals, didn’t trade them and considered them part of my lifetime savings. Eventually the whole thing became larger and larger.”
Cheah’s primary motivation for investing in more heavily in the precious metal is protection against ever-growing international instability. He cites the ongoing conflicts in Ukraine and Venezuela as well as the looming risk of turmoil over Taiwan as incentive for his gold purchases.
His gold exposure has been deliberately diversified into several forms including gold bullion and coins, gold mining stocks and exchange traded funds backed by physical gold. One significant position is the stake he holds in the Value Gold ETF (HKG: 3081). He helped launch this exchange traded fund in 2010 and is the top holder with a share valued at approximately US$167 million.
Silver is also a major interest for Cheah, particularly considering its ongoing rally and recent tripling in value. His firm has significant silver holdings within its portfolio, but the exact quantity has not been specified.
Cheah slowly but steadily began accumulating precious metals after the financial crisis in 2008. He then ramped up his rate of buying in 2018. The Asian investor has reported gains of approximately US$251 million from these purchases, representing a 167 per cent return.
For portfolio structure, based on his own strategy, Cheah recommends allocating 60 per cent of funds to equities, 20 per cent to bonds and 20 per cent to precious metals with a primary focus on gold.
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Cheah started out as a financial journalist
His journey started from humble circumstances in Penang, Malaysia, where he was born in 1954. He only completed Form 5 schooling in Malaysia, roughly equivalent to a high school diploma in Canada or the United States.
After secondary school, he secured employment at The Star newspaper as a newspaper folder. After serving in this manual, low-skilled position for a duration he managed to catch the attention of one of the publication’s editors who recognized his enthusiasm for the business and gave him a shot at a reporting position.
Then, after about three years of early work as a journalist at The Star, he moved to Hong Kong in 1974. There, he reported for the Far Eastern Economic Review and Asian Wall Street Journal before entering the finance world as an equities research and trader at the investment bank Morgan Grenfell in 1989.
Later, in 1993, Cheah co-founded Value Partners Group Ltd., which he grew into one of Asia’s leading asset managers. This firm peaked above US$17.5 billion in assets under management and became the first asset manager to list on the Hong Kong Stock Exchange in 2007.
In January of 2025, he stepped back from active leadership at Value Partners, but retains the role of Honorary Chairman. Cheah continues to manage his personal wealth through his family firm Cheah Capital Ltd.
The Malaysian business magnate was honoured with the prestigious title of Dato’ Seri in 2016 for his finance and philanthropy contributions. Such a title in Malaysia could be compared to knighthood in the United Kingdom.
His current net worth is approximately US$1.2 billion, according to a report from Forbes last year. In an era of heightened uncertainty, Cheah’s accelerated commitment to gold highlights a classic strategy of investment prioritization that values steady smart purchases and waiting patiently.
Famous Hong Kong hedge fund manager & investor Cheah Cheng Hye tells the public that he only BUYS physical #Gold but he doesn’t SELL it during the current historic changes to the global financial system.
He says his physical #Gold position is already up 200 million USD… pic.twitter.com/mmtgfZNhHB
— Eric Yeung 👍🚀🌕 (@KingKong9888) January 19, 2026
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