Forbes recently released its list of Malaysia’s Richest 2024, which shows that the wealth of the nation’s top 50 tycoons has only increased by 2% to $83.4 billion, despite a 9% rise in the stock market. At the top of the list is business magnate Robert Kuok, who remains Malaysia’s richest person with a net worth of $11.5 billion. Kuok, who turned 100 last October, founded the Kuok Group 75 years ago and has built it into a thriving conglomerate.
Quek Leng Chan, executive chairman of Hong Leong Co. (Malaysia), retained his position as the country’s second richest 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, moved up to third place with $5.4 billion. Aluminum magnates Koon Poh Keong & siblings slipped to fifth place due to weaker prices and demand for the metal, while brothers Lee Yeow Chor and Yeow Seng of the IOI group entered the top five for the first time with $5.35 billion.
Among the biggest gainers on the list are Francis Yeoh & siblings, who more than tripled their combined fortune to $4.7 billion and moved up to seventh place. Property magnate Jeffrey Cheah also saw a significant increase in his wealth, doubling it to $2.4 billion and entering the top ten for the first time at No. 8. The list also includes four newcomers, including heirs of late casino and ports magnates, as well as founders of DXN Holdings and NationGate Holdings.
Unfortunately, three individuals from last year’s list did not meet the cutoff this year, including property developer Yu Kuan Chon. The methodology used to compile the list included obtaining shareholding and financial information from various sources, such as families, individuals, stock exchanges, annual reports, and government agencies. Net worths were based on stock prices and exchange rates as of April 2, 2024, and private companies were valued based on similar publicly traded companies.
The list includes individual and family fortunes, as well as foreign citizens who have significant ties to Malaysia. The editors reserve the right to amend any information or remove listees in light of new information. Overall, the list showcases the diverse range of industries and fortunes among Malaysia’s wealthiest individuals, highlighting the country’s economic landscape and the success of its top tycoons.
