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TEMPO.CO, Jakarta - In 2021, data from Statista showed a significant number of millionaires in Malaysia, totaling 70,240 people. This figure is projected to nearly double by 2026, with estimates reaching approximately 130,750.
With the considerable population of high-net-worth individuals across the country, who likely holds the most fortune? Forbes has issued its 2024 list of Malaysian billionaires, presenting the country’s wealthiest figures.
Read on to find out who the richest Malaysians in 2024 are and be prepared to be stunned by their nine-digit fortune.
List of the Richest Malaysians in 2024
The following list is based on Forbes’ Malaysia’s 50 Richest, published on April 15, 2024, which is the most recent reference we can provide at the time. Therefore, the figure below may have changed during the period in which this article was written.
1. Robert Kuok (US$11.5 billion)
The founder of the internationally renowned Shangri-La Hotels and Resorts, Robert Kuok, currently takes the crown of the richest Malaysian in 2024. Amassing a massive net worth of US$11.5 billion, his primary source of wealth stems from his Kuok group with holdings in the hotel, real estate, and commodities sectors.
2. Quek Leng Chan (US$8.8 billion)
Coming in second place is Quek Leng Chan, with a fortune of US$8.8 billion. Aside from being one of the wealthiest people in Malaysia, he is also renowned as the executive chairman of a private conglomerate, Hong Leong Co., which has interests in property, food, and finance.
3. Teh Siblings (US$5.4 billion)
The Teh Siblings inherit most of the fortune of the late banker, Teh Hong Piow. Teh once served as the chairman of Malaysia’s Public Bank, which expanded its operations to China, Hong Kong, Vietnam, Sri Lanka, and Cambodia.
4. Lee Yeow Chor and Yeow Seng (US$5.35 billion)
Much like the Teh Siblings, both Lee Yeow Chor and Yeow Seng are the heirs of their late father, Lee Shin Cheng, inheriting stakes in a palm oil and property empire, the IOI group.
The brothers both hold prominent positions in the group: Lee Yeow Chor currently serves as the group managing director and chief executive of IOI Corporation, whereas Lee Yeow Seng assumes the role of CEO of IOI Properties.
5. Koon Poh Keong and Siblings (US$5.3 billion)
In 1986, during a period of recession in Malaysia, Koon Poh Keong and his four brothers established Press Metal Aluminum Holdings. With an initial investment of US$50,000, they have since transformed the company into the largest integrated aluminum producer in Southeast Asia, a venture that has significantly increased their net worth.
6. Ananda Krishnan (US$4.8 billion)
Ananda Krishnan, a Harvard Business School graduate, has accumulated a significant net worth through his multi-billion-dollar business empire. His portfolio includes investments in the telecommunications company Maxis, the media firm Astro Malaysia Holdings, and the oilfield services provider Bumi Armada.
Krishnan passed away in November 2024 at the age of 86. As of April 2024, Forbes estimated his fortune to be approximately US$4.8 billion.
7. Francis Yeoh and Siblings (US$4.7 billion)
Managing a business runs in the blood of the Yeoh family members, and Francis Yeoh is no exception. The 70-year-old businessman currently leads the Kuala Lumpur-listed YTL, which was founded by his late father in 1955.
As of April 2024, the estimated net worth of Francis Yeoh and his siblings, primarily derived from their involvement in the construction and engineering industry, was US$4.7 billion.
8. Jeffrey Cheah (US$2.4 billion)
Under the leadership of Jeffrey Cheah as executive chairman, Sunway has evolved from a tin mining company into a prominent conglomerate with holdings in multiple sectors, including education, healthcare, hotels, and infrastructure.
Sunway further solidified its significance by expanding into fintech in 2020. The company maintained a 51% stake following the acquisition of Credit Bureau Malaysia.
9. Lim Kok Thay (US$2.2 billion)
Aside from being the chairman of a casino and resort conglomerate, Genting, Lim Kok Thay adds up his fortune through his ownership of various assets, including Empire Resorts.
10. Chia Song Kun and Family (US$1.8 billion)
Chia Song Kun and his family have amassed a net worth of US$1.8 billion, establishing a prominent agro-based business group, QL Resources, with interests encompassing seafood and palm oil.
The firm, reputable for being Southeast Asia’s largest surimi producer, has been around since 1985 and is currently chaired by Chia Song Kun.
Find more wealthy figures here on Tempo. Interest yourself in our previous list of the richest Chinese billionaires in 2024, featuring moneybags like Jack Ma, Zhang Yiming, and Zhong Shanshan.
FORBES | STATISTA
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