The Forbes List 2024 Guide to Malaysia’s Richest Individuals

The Forbes List 2024 guide to Malaysia's richest individuals offers insights into the country's wealthiest tycoons, their diverse business ventures

(C) The Straits Times

Economic Context

Despite a fluctuating ringgit and moderate economic growth, Malaysia’s richest have seen a combined wealth increase of 2% to $83.4 billion. The stock market’s 9% rise has been offset by the currency’s decline, affecting the net worth calculations.

The Billionaires’ Club

Robert Kuok: The Centenarian Conglomerate King At 100 years old, Robert Kuok remains the richest in Malaysia with a net worth of $11.5 billion. His Kuok Group, which started as a modest trading business, now spans across various sectors including real estate, hospitality, and commodities.

Quek Leng Chan: The Diversified MagnateQuek Leng Chan, with a fortune of $8.8 billion, holds onto his rank as the second richest. His conglomerate, Hong Leong Co. (Malaysia), has interests in finance, property, and food sectors.

Notable Gainers

The Teh Siblings: Banking Heirs The Teh siblings, who inherited a stake in Public Bank, are now third on the list with a wealth of $5.4 billion, benefiting from the bank’s steady performance.

Lee Yeow Chor & Yeow Seng: Property and Palm Oil Pioneers The Lee brothers have climbed into the top five, with their wealth reaching $5.35 billion, thanks to their successful ventures in property development and palm oil through the IOI Group.

Francis Yeoh & Siblings: Construction and Tech Titans The Yeoh family has seen the most significant increase, with their wealth more than tripling to $4.7 billion. Their company, YTL Corporation, has partnered with Nvidia to build AI infrastructure, boosting their shares.

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The Full Picture

Diverse Industries The list reflects the diverse Malaysian economy, with the top 50 richest involved in industries ranging from manufacturing and finance to food & beverage and technology.

New Entrants and Legacy Wealth The list also welcomes new entrants like the Chen family, inheriting wealth from casino mogul Chen Lip Keong, and the Gnanalingam family, heirs to late ports magnate G. Gnanalingam.

Resilient Wealth Amidst Challenges The Forbes List 2024 for Malaysia showcases the resilience of the nation’s wealthiest individuals. Despite economic headwinds, these tycoons have managed to maintain or even grow their fortunes, demonstrating the robustness of their businesses and the Malaysian economy.