Despite a startling GDP growth rate of only 2.9% in the fourth quarter of 2023, Malaysia’s economy is expected to develop by up to 4.3% this year, according to the recently published “World Bank Malaysia Economic Monitor: Raising the Tide Lifting All Boats” study.
However, the slowing GDP during the last year has done little to reduce the net worths of the country’s wealthiest. According to Forbes, Malaysia’s top 50 wealthiest families and individuals are worth an estimated $81.6 billion.
According to Forbes, Malaysia’s ten richest families and individuals made their billions in a variety of businesses, including gaming, food and beverage, telecommunications, and retail.
1. Robert Kuok – US$10.1 billion
Kuok, among other companies, runs a sugar producing facility, giving him the nickname “Sugar King” in local media. He also founded Shangri-La, a luxury hotel brand. Despite losing more than a billion dollars since May of last year, the tycoon’s fortune remains at US$10.1 billion.
2. Quek Leng Chan – US$9.9 billion
The second richest individual in Malaysia’s fortune was estimated to be worth US$10.2 billion last year, about double that of the Koons. However, Forbes has amended its estimate, putting Quek’s net worth at $9.9 billion at the time of writing. He co-founded Hong Leong Co. in 1966, which has 14 publicly traded firms with diverse interests ranging from food and beverage to real estate.
3. Koon Poh Keong and siblings – US$5.8 billion
The five Koon brothers founded Press Metal Aluminium Holdings with just $50,000. Since 1986, the siblings have accumulated a net worth of $5.8 billion. Koon Poh Keong is the family’s chief executive officer.
4. The Teh siblings – US$5.2 billion
The banker family’s wealth is derived from the Public Bank, which Teh Hong Piow formed in 1966. Following his death in December 2022, his four children – daughters Lilian, Lillyn, and Diona, as well as son William – now possess the family fortune.
5. Ananda Krishnan – US$4.7 billion
Ananda Krishan’s fortunes have apparently suffered in the six months since he rose to fourth place on Forbes’ rich list. His fortune was said to have dropped from US$5.2 billion to US$4.7 billion as of early February.
In 2018, the Harvard Business School graduate’s India telecoms company, Aircel, filed for bankruptcy protection. He does, however, continue to own shares in Malaysian telecoms major Maxis and oilfield services company Bumi Armada.
6. Lee Yeow Chor and Lee Yeow Seng – US$4.6 billion
The Lee brothers inherited IOI Corporation from their late father, Lee Shin Cheng. The IOI empire focuses on palm oil production and has property development interests throughout Asia. According to the New Straits Times, the late Lee Sr. played a key role in subsidizing the establishment of Chinese community schools in Malaysia, and his two sons have shown a desire to carry on his educational legacy.
7. Chen Lip Keong – US$2.8 billion
Chen Lip Keong is also in the gaming industry, with a net worth estimated to be US$2.8 billion as of May 2023, before his death at the end of last year. The doctor-turned-businessman, who created gaming and casino conglomerate NagaCorp, continues on Forbes’ rich list, and is followed by the eldest of his three sons, Chen Yiy Fon, who now serves as CEO.
According to its website, the company became the first to debut on the Hong Kong stock exchange in 2006, focusing solely on casinos and gaming. The former doctor had exclusive rights to run casinos in Cambodia and was instrumental in aiding mass immunization throughout the country during Covid-19, donating US$5 million to purchase vaccines, according to Khmer Times.
8. Lim Kok Thay – US$2.3 billion
Lim Kok Thay has built a fortune through his global hospitality, casino, and tourism company Genting Group. Despite the fact that the Genting Hong Kong arm and its cruise fleet suffered significant losses during the pandemic, Lim, Genting Group’s chairman and CEO, has managed to maintain a net worth of US$2.3 billion.
9. Tan Yu Yeh, Tan Yu Wei and family – US$1.9 billion
Tan Yu Yeh, Tan Yu Wei, and their retail-focused family are now worth $100 million more. The majority of their fortune comes from the publicly traded Mr D.I.Y. Group, which controls the 2,000-plus Mr. D.I.Y. retail shops across Asia. The family makes regular donations to charity projects, particularly the University of Malaysia.
10. Chia Song Kun & family – US$1.8 billion
Patriarch Chia Song Kun co-founded QL Resources, which specialises in seafood production. The family’s business has since evolved to include additional food products such as palm oil and cattle feed. It is Southeast Asia’s largest producer of fish paste, which is used to make imitation crabmeat and other seafood items.