The Full List of Malaysian Billionaires In 2023 - Who Are The Richest People In Malaysia?
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How many billionaires in Malaysia? How much do Malaysian billionaires own?
In the list of 2022 Forbes list of Malaysia’s 50 richest, there are 19 billionaires.
The combined wealth of tycoons on the 2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago (2021) to US$80.5 billion (about RM354 billion) in 2022.
Overall, 30 on the list saw their wealth decline, said Forbes in a statement today, adding that the minimum net worth to make the list this year was US$255 million, down from US$315 million in 2021.
Who are the richest Malaysians?
Buoyed partly by a recovery in domestic demand, Malaysia’s economy grew 5% in the first quarter of 2022, overcoming pandemic pains as well as the impact of flash floods in December. While the stock market dipped slightly in the past 12 months, currency fluctuations saw the ringgit drop 6%.
Kuok group’s legendary founder Robert Kuok, held on to his long-standing No.1 spot though his fortune dropped to $11 billion from $12.2 billion last year. Quek Leng Chan, chairman of Hong Leong Company (Malaysia), was the biggest gainer in dollar terms and consolidated his position as Malaysia’s second richest person with $10.1 billion. He added $500 million to his net worth of $9.6 billion last year.
Koon Poh Keong and his siblings, who control aluminum giant Press Metal, remained in third position with $6.2 billion, nearly flat from a year ago. Rounding out the top 5 are Public Bank founder and chairman Teh Hong Piow (No. 4, $5.7 billion) and Ananda Krishnan (No. 5, $5 billion), whose holdings include stakes in telecom outfit Maxis and oilfield services provider Bumi Armada.
READ MORE: Top 10 Richest Families in the World Today
Top 10 richest people in Malaysia
1. Robert Kuok-$11 billion
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| Photo Wagar Biz |
Robert Kuok is the richest man in Malaysia with $11 billion. He owns the Kuok Group. The company has businesses in hotels, real estate and commodities. He established the internationally renowned Shangri-La Hotel and Resorts chain in Singapore in 1971. Besides, he has huge investments in many other businesses.
He started his career in business trading rice, sugar, and wheat flour in 1949.
The business tycoon founded the internationally renowned Shangri-La Hotels and Resorts chain in Singapore in 1971.
His nephew Kuok Khoon Hong runs Wilmar International, in which Kuok has a valuable stake.
Robert Kuok’s youngest son Kuok Khoon Hua is CEO and vice chairman of Hong Kong property company Kerry Properties.
READ MORE: Top 9 Billionaires Have The Most Kids In The US
2. Kwik Leng Chan-$10.1 billion
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| Photo Stocking Trade |
Quek Leng Chen comes in at number two on the list of the wealthiest people in Malaysia with a net worth of $9.6 billion. He is the chairman of Hong Leong Co., which has holdings in the food and financial industries in addition to real estate. Quek Leng Chana got some of his money from his father, who formed a banking business in the 1920s with his two brothers. Quek Leng Chana’s professional success accounts for a substantial portion of his wealth, but he also inherited some of his fortunes from his father. Kwek Leng Beng, who is worth a billion dollars and serves as the chair of the Hong Leong Group, is Quek Leng Chan’s cousin. Quek Leng Chan is a family man; he is married and has three kids.
3. Kun Fo and his family-$6.2 billion
In 1986, Koon Poh Keong and his four brothers established what would later become Press Metal Aluminium Holdings. The incredible growth of this company is largely responsible for the family’s current net worth of $6.4 billion. In order to get their firm off the ground, the brothers combined all of their resources and came up with a sum equal to fifty thousand dollars to use as startup capital. At this point, it is the integrated aluminum manufacturer with the greatest scale in Southeast Asia.
4. Anand Krishnan-$5 billion
Ananda Krishnan is a Harvard Business School grad and former oil trader.
His holdings include stakes in telecom outfit Maxis, media firm Astro Malaysia Holdings and oilfield services provider Bumi Armada.
Krishnan’s Indian telecom firm, Aircel, in which he had invested an estimated $7 billion, filed for bankruptcy protection in 2018.
5. Teh Hong Peo-$5 billion
Teh Hong Piow chaired Malaysian banking behemoth Public Bank, which he started in 1966 for decades.
He officially retired from Public Bank as nonexecutive chairman in 2019 and is now chairman emeritus. Currently, Deputy chairman Lai Wan took over as non-executive chairman.
In addition to Malaysia, the bank serves millions of customers across Cambodia, China, Hong Kong, Sri Lanka and Vietnam.
Teh still has substantial stakes in the bank as well as in the listed insurance business, LPI Capital, where he is the non-executive chairman.
Teh started his career as a clerk with Oversea-Chinese Banking Corp.
6. Lee Yeo Chor and Yeo Seng - $4.8 billion
Lee Yeow Chor and Lee Yeow Seng are the sons of the late Lee Shin Cheng, who died in June 2019.
The brothers inherited stakes in IOI group, a palm oil and property empire built by their father.
Lee Yeow Chor (on the left) is the group managing director and chief executive of IOI Corporation and holds a law degree from King’s College, London.
Lee Yeow Seng (on the right) who studied law is the executive vice-chairman of IOI Properties.
7. Chen Lip Kyung-$2.7 billion
Chen Lip Keong’s fortune is estimated to be over $2.7 billion, and he amassed this fortune through his involvement in the gaming sector. He is the sole owner of NagaWorld, which is Indochina’s most extensive casino and resort complex. Chen Lip Keong possesses a casino license that is valid until 2065 and is located in Phnom Penh, the capital city of Cambodia. In addition to being the first business of its kind to be listed on the stock exchange in Hong Kong, NagaCorp is also the first casino to conduct the majority of its operations in Cambodia.
8. Tan Yu Ye and Yu Wei-$2.4 billion
Brothers Tan Yu Yeh and Yu Wei get their wealth from their stake in Mr D.I.Y. Group, a home improvement retail chain, which was founded in 2005.
The company was listed on the Malaysian stock exchange in October 2020 making them both billionaires.
To date, Mr D.I.Y. has 900 stores in Malaysia and Brunei – carrying products across ten categories including electrical items, toys, kitchen appliances, stationery and many more.
Tan Yu Yeh worked as an engineer and then as a remisier before setting up his home improvement venture.
9. Lim Kok Thai-$2.35 billion and
Lim Kok Thay is the chairman of Genting, a casino and resorts conglomerate with a global footprint.
In January 2022, Lim's troubled cruise operator Genting Hong Kong, which was hit hard by the pandemic, filed a winding up petition. Lim stepped down as chairman.
Lim's assets include Empire Resorts, the parent company of loss-making Resorts World Catskills.
A long-drawn family feud over the empire's wealth and businesses, which include a palm-oil unit, was finally resolved in early 2020.
10. Lau Cho Koon-$2 billion
Lau Cho Kun is the largest shareholder in Hap Seng Consolidated, through holding company Gek Poh and investment arm Lei Shing Hong.
The diversified firm's interests include financial services, plantations and property.
Its plantation division is one of the largest producers of palm oil in Sabah, East Malaysia.
Hap Seng Consolidated has been operating Mercedes-Benz dealerships in Malaysia since 1969.
Privately held Hong Kong-based Lei Shing Hong runs Mercedes-Benz dealerships in Asia and Europe.
Who is the newest Malaysian billionaire?
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Loi Tuan Ee, the co-founder, managing director, and CEO of Farm Fresh, has made his debut on the Malaysia’s 50 Richest list by Forbes this year, sitting at No. 43.
Founded in 2007, Farm Fresh got its start after Loi decided to quit his job as a senior employee in a packaging firm. Following a stint in goat rearing, Loi noticed an opportunity in the dairy industry, which led to the beginning of Farm Fresh.
The dairy company went on to receive backing from Khazanah Nasional, the sovereign wealth fund of Malaysia. In March 2022, the dairy producer became listed on Bursa Malaysia’s Main Market, which raised US$238 million.
This brought Loi Tuan Ee’s fortune, shared with his two siblings, to US$380 million (RM1.67 billion), making them the only newcomer to the Forbes list in 2022.
Full List of Billionaires In Malaysia
1. Robert Kuok-$11 B
Industry: Diversified
2.Quek Leng Chan-$10.1 B
Diversified
3.Koon Poh Keong & siblings-$6.2 B
Manufacturing
4.Teh Hong Piow-$5.7 B
Finance & Investments
5.Ananda Krishnan-$5 B
Telecom
6.Lee Yeow Chor & Yeow Seng-$4.8 B
Food & Beverage
7.Chen Lip Keong-$2.7 B
Gambling & Casinos
8.Tan Yu Yeh & Yu Wei-$2.4 B
Fashion & Retail
9.Lim Kok Thay-$2.35 B
Gambling & Casinos
10.Lau Cho Kun-$2 B
Diversified
11.Kuan Kam Hon & family-$1.9 B
Manufacturing
12.Lee Oi Hian & Hau Hian-$1.6 B
Diversified
13.G. Gnanalingam-$1.55 B
Logistics
14.Lim Wee Chai-$1.4 B
Manufacturing
15.Syed Mokhtar AlBukhary-$1.31 B
Construction & Engineering
16.Jeffrey Cheah-$1.3 B
Real Estate
17.Francis Yeoh & siblings-$1.2 B
Construction & Engineering
18.Surin Upatkoon-$1.05 B
Diversified
19.Tiong Hiew King & family-$1 B
Diversified
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