According to Forbes Asia, Malaysia’s 50 Richest individuals saw their collective wealth increase by 2% to US$83.4 billion (RM399.4 billion) in 2024. Despite a weakening ringgit, this growth offset a 9% rise in the country’s stock market.
Business tycoon Tan Sri Robert Kuok Hock Nien remains at the top of the list with a net worth of US$11.5 billion (RM55 billion). Kuok founded the Kuok Group 75 years ago in Johor Bahru, initially focusing on trading sugar, rice, and wheat flour, which has since evolved into a successful conglomerate.
Hong Leong Co (Malaysia) executive chairman Tan Sri Quek Leng Chan maintained his second spot ranking with a net worth of US$8.8 billion (RM42.15 billion), down from US$10.2 billion last year.
The Teh siblings, who inherited a stake in Public Bank from their late father Tan Sri Teh Hong Piow, are now in third place with a net worth of US$5.4 billion (RM25.86 billion).
Related: The 2nd Gen of Public Bank Legacy Is On The Forbes Billionaires List 2023
Aluminium magnates Tan Sri Koon Poh Keong and siblings dropped to fifth place with a net worth of US$5.3 billion (RM25.38 billion), down from US$5.8 billion last year.
Datuk Lee Yeow Chor and Yeow Seng of IOI Corp made it to the top five for the first time with a strong US$5.35 billion (RM25.62 billion) compared to US$4.6 billion last year.
Tan Sri Francis Yeoh and siblings of YTL saw the biggest gains on this year’s list, with their combined fortune tripling to US$4.7 billion (RM22.51 billion) and moving up seven spots to No. 7. Their flagship company, partnered with US tech giant Nvidia to build artificial intelligence infrastructure at its data centre park in Johor, leading to rapid growth in their shares.
Meanwhile, property mogul Tan Sri Jeffrey Cheah of Sunway doubled his wealth to US$2.4 billion (RM11.49 billion), ranking No. 8 for the first time. Also on the list are Tan Sri Lim Kok Thay of Genting group with US$2.2 billion (RM10.53 billion) and QL Resources’ Dr Chia Song Kun with US$1.8 billion (RM8.62 billion).
The list is taken from the 2024 Forbes list of Malaysia’s 50 Richest
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