PETALING JAYA: The collective wealth of tycoons on the 2024 Forbes list of Malaysia’s 50 Richest rose by a modest 2% to US$83.4 billion (RM399.4 billion at an exchange rate of RM4.79 to US$1) this year, despite a declining ringgit offsetting a 9% increase in Malaysia’s stock market since the former’s last assessment.
According to Forbes Asia, business mogul Tan Sri Robert Kuok Hock Nien continues to rank No. 1 on the list with a net worth of US$11.5 billion (RM55 billion). Kuok, who turned 100 last October, founded the Kuok Group 75 years ago in Johor Bahru as a modest business trading sugar, rice and wheat flour and built it into a thriving conglomerate.
Hong Leong Co (Malaysia) executive chairman Tan Sri Quek Leng Chan takes the second spot with US$8.8 billion (RM42.15 billion). He retained his ranking despite a dip in his net worth 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, moved up to third place with a net worth of US$5.4 billion (RM25.86 billion).
“They displaced aluminium magnates Tan Sri Koon Poh Keong and siblings, who slid to No. 5 amid weaker prices and demand for the metal and their net worth fell to US$5.3 billion (RM25.38 billion) from US$5.8 billion last year,” Forbes Asia said in a statement.
Property gains propelled inheritors brothers Datuk Lee Yeow Chor and Yeow Seng (No. 4) into the top five for the first time with US$5.35 billion (RM25.62 billion) compared with US$4.6 billion last year.
“Older brother Yeow Chor runs the family’s palm oil company IOI Corp, while younger sibling Yeow Seng oversees IOI Properties, which is preparing to open a multi billion-dollar office complex in Singapore’s central business district,” it added.
“The biggest gainers on this year’s list, in both dollar and percentage terms, among the 22 fortunes that were up this year are Tan Sri Francis Yeoh and siblings” Forbes Asia said.
It noted that their combined fortune tripled to US$4.7 billion (RM22.51 billion) and jumped seven spots on the list to No. 7. Shares of their flagship YTL, which partnered with US tech giant Nvidia to build artificial intelligence infrastructure at its data centre park in Johor, have been experiencing rapid growth.
Property magnate Tan Sri Jeffrey Cheah whose Sunway is betting on healthcare for future growth, more than doubled his wealth to US$2.4 billion (RM11.49 billion) to enter the top ten for the first time at No. 8.
Rounding up 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 minimum net worth to qualify for the list was US$320 million (RM1.53 billion), up from US$315 million in 2023.
