Forbes has released its latest rankings of Malaysia’s richest individuals in 2024, showing a modest 2% increase in the combined wealth of the nation’s 50 wealthiest people to $83.4 billion. Despite a 9% rise in the stock market, the decline of the ringgit has impacted the overall growth of fortunes in the country. The list is led by business mogul Robert Kuok, who founded the Kuok Group 75 years ago and remains Malaysia’s richest person with a net worth of $11.5 billion at the age of 100. Quek Leng Chan, executive chairman of Hong Leong Co. (Malaysia), retains his position as the second richest individual in the country despite a dip in his net worth to $8.8 billion.
The Teh siblings, who inherited a stake in Public Bank from their late father Teh Hong Piow, have moved up to third place in the rankings with $5.4 billion, displacing aluminum magnates Koon Poh Keong & siblings, who have slid down to fifth place amid weaker prices and demand for the metal. Property gains have propelled brothers Lee Yeow Chor and Yeow Seng of the IOI group into the top five for the first time with a net worth of $5.35 billion. Under Yeow Seng’s leadership, listed IOI Properties has been expanding its Singapore portfolio and is preparing to open a multibillion-dollar office complex in the city’s central business district.
The biggest gainers on the list this year are Francis Yeoh & siblings, who have more than tripled their combined fortune to $4.7 billion and now rank seventh. Their flagship company YTL has seen a significant increase in value, especially after partnering with U.S. tech giant Nvidia to build AI infrastructure at its data center park in Johor. Property magnate Jeffrey Cheah has also made it to the top ten for the first time, doubling his wealth to $2.4 billion at eighth place. Sunway, the company he leads, is focusing on healthcare for future growth.
Among the four newcomers on the list are two sets of heirs: the Chen family, who inherited the wealth of casino mogul Chen Lip Keong, and the Gnanalingam family, heirs of late ports magnate G. Gnanalingam. The other new faces are Lim Siow Jin, founder of DXN Holdings, and Ooi Eng Leong, cofounder of NationGate Holdings. Three individuals from last year did not make the cut this year, including property developer Yu Kuan Chon, whose YNH Property shares plummeted amid financial concerns.
Forbes compiled this list using shareholding and financial information obtained from various sources, including families and individuals, stock exchanges, annual reports, analysts, and government agencies. Net worths were based on stock prices and exchange rates as of April 2, 2024, with private companies valued based on similar publicly traded companies. The editors reserve the right to amend information or remove listees based on new information.
