Robert Kuok retains top spot
SINGAPORE (April 16, 2024) – A declining ringgit offset a 9% rise in Malaysia’s stock market since the fortunes of Malaysia’s richest tycoons were last measured. As a result, their collective wealth on the 2024 Forbes list of Malaysia’s 50 Richest rose by a modest 2% to US$83.4 billion this year. The complete list can be found here, as well as in the April/May issue of Forbes Asia.
Forbes Asia
Business mogul Robert Kuok, who turned 100 last October, continues to rank No. 1 on the list with a net worth of $11.5 billion. Kuok, one of the world’s oldest billionaires, founded the Kuok Group 75 years ago in Johor Bahru as a modest business trading sugar, rice and wheat flour and built it into a thriving conglomerate. At No. 2 with $8.8 billion is Quek Leng Chan, executive chairman of Hong Leong Co. (Malaysia), who retained his ranking despite a dip in his net worth from $10.2 billion last year.
Other fortunes in the top five saw a reshuffle with the Teh siblings, who inherited a stake in Public Bank from their late father Teh Hong Piow, gaining slightly and moving up to third place with a net worth of $5.4 billion. They displaced aluminum magnates Koon Poh Keong & siblings, who slid to No. 5 amid weaker prices and demand for the metal and their net worth fell to $5.3 billion from $5.8 billion last year.
Property gains propelled another set of inheritors, brothers Lee Yeow Chor and Yeow Seng (No. 4) into the top five for the first time with $5.35 billion, up from $4.6 billion last year. The Lee brothers are featured on the cover of the April/May issue of Forbes Asia. Older brother Yeow Chor runs the family’s palm oil company IOI Corp., while younger sibling Yeow Seng oversees IOI Properties, which is preparing to open a multibillion-dollar office complex in Singapore’s central business district.
The biggest gainers on this year’s list, in both dollar and percentage terms, among the 22 fortunes that were up this year are Francis Yeoh & siblings. They more than tripled their combined fortune to $4.7 billion and jumped seven spots on the list to No. 7. Shares of their flagship YTL, which partnered with U.S. tech giant Nvidia to build AI infrastructure at its data center park in Johor, have been on a tear.
Another notable gainer is property magnate Jeffrey Cheah, whose Sunway is betting on healthcare for future growth. Cheah more than doubled his wealth to $2.4 billion to enter the top ten for the first time at No. 8.
There are four newcomers on this year’s list. Among them are two sets of heirs: the Chen family (No. 18, $1.1 billion) inherited the wealth of casino mogul Chen Lip Keong, who passed away in December; and the Gnanalingam family (No. 12, $1.6 billion) which consists of heirs of late ports magnate G. Gnanalingam, who died last July.
The minimum net worth to qualify for the list was $320 million, up from $315 million in 2023.
The top 10 richest in Malaysia are:
- Robert Kuok; US$11.5 billion
- Quek Leng Chan; $8.8 billion
- Teh siblings; $5.4 billion
- Lee Yeow Chor & Yeow Seng; $5.35 billion
- Koon Poh Keong & siblings; $5.3 billion
- Ananda Krishnan; $4.8 billion
- Francis Yeoh & siblings; $4.7 billion
- Jeffrey Cheah; $2.4 billion
- Lim Kok Thay; $2.2 billion
- Chia Song Kun; $1.8 billion
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports, analysts, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on April 2, 2024 and private companies were valued based on similar companies that are publicly traded. Real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives and may differ from the World’s Billionaires List, which includes individual fortunes with net worths as of March 8. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/malaysia.
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