In the ever-evolving tapestry of Malaysia’s economic landscape, Forbes Malaysia’s annual ranking of the 50 richest individuals serves as a beacon illuminating the trajectories of wealth, power and influence. As we unveil the 2024 edition of this prestigious list, we delve into the narratives of resilience, innovation and strategic foresight that define the country’s most affluent personalities.
Their stories pave the way for the transformative potential of agility and relentless pursuit of excellence in shaping the future contours of the economy. From seasoned tycoons who have carved their entire legacies over decades of work to dynamic disruptors forging new paths in our emerging industries, here are the leaders who will represent the vanguard of Malaysia’s next wave of wealth:
1. Robert Kuok – Networth: USD$11.5 Billion (RM55,119,500.00)
Robert Kuok is the founder of the Kuok group, having business joints in hotels, real estate and main commodities for over six decades. The 100-year-old is also the pioneer who established Shangri-La Hotels and Resort in Singapore back in the 70s. Now, his net worth bestowed him the title of the richest man in Malaysia as well as “The Sugar King of Asia”.
2. Quek Leng Chan – Networth: USD$8.7 Billion (RM 41,694,750.00)
Ranked at No. 2, Quek Leng Chan is better known through his position as the executive chairman of Malaysia’s Hong Leong group. It is known that his business ventures into other sectors including food, finance and property. Hong Leong Corporation’s birth began after he inherited a part of his father’s fortune.
3. Teh Siblings – Networth: USD$5.4 Billion (RM 25,879,500.00)
With a net worth of 5.4 Billion USD, these siblings are children of the late Public Bank Chairman, Teh Hong Piow. The family solely aims to manage the finance sectors and now the stated bank has customers across South East Asia & East Asia.
4. Lee Yeow Chor & Yeow Seng – Networth: USD$5.35 Billion (RM 25,639,875.00)
The brothers are the sole inheritors of their father, Lee Shin Cheng’s palm oil & property business, known as the IOI group. The two majored in law but took over the business with Lee Yeow Seng serving as the company’s CEO while Leo Yeow Chor was the group’s only director and chief executive.
5. Koon Poh Keong & Siblings – Networth: USD$5.3 Billion (RM 25,400,250.00)
The Koon family of four known as Poh Keong, Poh Weng, Poh Tat and Poh Kon are the tycoons of Press Metal Aluminium Holdings. The company is currently the leading competitor in Malaysia’s manufacturing sector, competing with international groups of similar sectors.
6. Ananda Krishnan -Networth: USD$4.8 Billion (RM 23,004,000.00)
Born in 1938, Ananda Krishnan is well known as the founder of multiple Malaysian local “big name” business joints including Maxis, Astro Malaysia as well as the Bumi Armada group.
7. Francis Yeoh & Siblings – Networth: USD$4.7 Billion (RM22,524,750.00)
In 2018, Francis Yeoh took up the role of Executive Chairman of YTL Corporation as a means to take over after his late father, Yeoh Ting Lay’s empire. The corporation has an interest in multiple sectors like hotels, properties and specifically cement as YTL is technically the top infrastructure conglomerate in Malaysia.
8. Jeffrey Cheah – Networth: USD$2.4 Billion (RM 11,502,000.00)
Ranked at 8th place, Jeffrey Cheah owns the famous Sunway group with affairs in multiple sectors such as hotels, infrastructure, education and even healthcare.
9. Lim Kok Thay – Networth: USD$2.2 Billion (RM 10,543,500.00)
A Harvard Business School graduate is now the head chairman of Genting, owning the whole casino and hotel chains. However, in 2022, he stepped down from his post due to troubles in his cruise operation.
10. Chia Song Kun & family – Networth: USD$1.8 Billion (RM 8,626,500.00)
The Executive Chairman of the renowned agro-based business also known as QL Resources. The company heavily focused on manufacturing fishmeal products is now the largest distributor in Southeast Asia. The QL group also manages the FamilyMart convenience store chain across Malaysia.
11. Tan Yu Yeh & Yu Wei – Networth: USD$1.7 Billion (RM 8,147,250.00)
Giants of the home improvement retail chain in Malaysia, Tan Yu Yeh and Yu Wei are owners of Mr. D.I.Y. The company was founded in 2005 and currently, they have more than 2,000 stores across Asia.
12. Gnanalingam family – Networth: USD$1.6 Billion (RM 7,668,000.00)
The Tycoons of container terminals and one of Malacca’s main port operators, the family owns Westports Holdings–was co-pioneered by Tan Sri Datuk G. Gnanalingam in 1994. Now, the business is handled by his son, Ruben Emir Gnanalingam.
13. Lau Cho Kun – Networth: USD$1.5 Billion (RM 7,188,750.00)
Lau Cho Kun holds the majority stake in Hap Seng Consolidated, owning it through Gek Poh and Lei Shing Hong. The company has diverse interests spanning financial services, plantations, and property. Since 1969, Hap Seng has managed Mercedes-Benz dealerships in Malaysia, while Lei Shing Hong, based in Hong Kong, operates Mercedes-Benz dealerships across Asia and Europe.
14. Kuan Kam Hon & Family – Networth: USD$1.35 Billion (RM 6,469,875.00)
Kuan Kam Hon, initially a high school dropout, kicked off his career in construction in 1969, and later in 1978, he ventured out on his own and established Timol Weaving, a manufacturing enterprise specializing in woven labels and badges. Fast forward to 1988, he founded Hartalega Holdings, now one of the globe’s leading producers of nitrile gloves, boasting an annual output capacity surpassing 44 billion gloves.
15. Syed Mokhtar AlBukhary – Networth: USD$1.3 Billion (RM 6,230,250.00)
Syed Mokhtar AlBukhary, quietly amassed his wealth primarily through investments in DRB-HICOM that focuses on automotive interests, property, and education as well as MMC, which operates in various sectors including ports, logistics, construction, and engineering, while DRB-HICOM. Following MMC’s delisting in 2021, AlBukhary is reportedly seeking to capitalize on its value by considering the sale of a stake in port operator MMC Port Holdings
16. Yaw Teck Seng & Chee Ming – Networth: USD$1.25 Billion (RM 5,990,625.00)
Yaw Teck Seng and his son, Chee Ming, jointly manage the Samling Strategic, a conglomerate involved in forestry, rubber and property ventures. Notably, their property division oversees the development of Desa Park City township in Kuala Lumpur.
17. Lee Oi Hian & Hau Hian – Networth: USD$1.2 Billion (RM 5,751,000.00)
Lee Oi Hian & Hau Hian are graduates of prestigious universities, operate across multiple sectors including plantations and property and are owners of Kuala Lumpur Kepong Berhad. The duo also possesses extensive land holdings in countries including Malaysia, Indonesia and Liberia.
18. Chen Family – Networth: USD$1.1 Billion (RM 5,271,750.00)
Following the passing of casino mogul Chen Lip Keong in December 2023, the Chen family heirs continued to oversee his legacy. Chen Lip Keong initially founded NagaWorld, the largest casino in Indochina with an extension of Naga2. Currently, Nagaworld is being managed by his heir, Chen Yiy Fon.
19. Surin Upatkoon – Networth: USD$1.05 Billion (RM 5,032,125.00)
Surin Upatkook, known as the discreet tycoon in Malaysia amassed his wealth through diverse business affairs ranging from insurance to telecommunications. Not just that, he has ventured into the Magnum gaming entity, the MWE textile industry and the MPHB Capital which handles insurance and property.
20. Cheah Cheng Hye – Networth: USD$1 Billion (RM 4,792,500.00)
Cheah Cheng Hye, a prominent fund manager, serves as the co-chairman and co-chief investment officer of Value Partners Group–a Hong Kong-listed asset management firm. Initially, he kickstarted his career as a journalist at The Star Malaysia but later on moved to Hong Kong to delve into finance journalism. Later he joined the Grenfell group and got the inspiration to start Value Partners.
Source: Forbes
Ariani Soraya contributed to this article.
