KUALA LUMPUR (June 1): The collective wealth of Malaysian tycoons on the 2023 Forbes list of Malaysia’s 50 Richest edged up to US$81.6 billion, from US$80.5 billion last year.

In a statement on Thursday (June 1), Forbes said that after rising 8.7% in 2022 on the back of a rebound in domestic consumer spending, Malaysia’s economy is expected to grow at a more moderate pace this year.

It said despite the country’s post-pandemic revival, the stock market fell 8% since fortunes were last measured, and the ringgit was also down nearly 2%.

Robert Kuok, who will be a centenarian in October, is Malaysia’s richest person, a position he has held for more than a quarter of a century.

Forbes said Kuok, the biggest gainer in dollar terms this year, is one of only two persons on the list with a double-digit fortune of US$11.8 billion.

The other is Tan Sri Quek Leng Chan, executive chairman of the Malaysian arm of the privately held Hong Leong Group, who is at No. 2 with US$10.2 billion.

Overall, 19 fortunes were up and nearly half were down.

Despite being in the latter category, metals magnate Koon Poh Keong and his siblings remain in third place.

Their combined wealth of US$5.8 billion is down nearly 7% from US$6.2 billion last year, in line with the fall in shares of their company Press Metal Aluminium Holdings Bhd.

Taking the fourth spot is Ananda Krishnan of Maxis, whose net worth rose US$400 million to US$5.4 billion.

Forbes said that among the big gainers on this year’s list are father-and-son duo Yaw Teck Seng and Chee Ming, who control timber giant Samling.

They jumped to No. 16 from No. 32 last year, as their wealth more than doubled to US$1.25 billion, on new information about their private assets.

Former math teacher Chia Song Kun (No. 10, US$1.8 billion), executive chairman of his family’s seafood firm QL Resources Bhd, returns to the ranks after a seven-year gap on a nearly 20% rise in the company’s shares and the inclusion of his broader family’s stakes.

Forbes said the five new faces this year include property magnates Chiau Beng Teik (No. 29, US$665 million), founder of the Chin Hin Group; and Yu Kuan Chon (No. 39, US$430 million), a medical doctor, who runs his family’s YNH Property.

The other newcomers are Ong Soon Ho (No. 32, US$630 million), founder of agrochemicals group Hextar; and Goh Nan Kioh (No. 40, US$425 million), who owns investment firm Mega First Corp Bhd and has a stake in D&O Green Technologies Bhd.

The fortune of the late veteran banker Tan Sri Teh Hong Piow, founder of Public Bank Bhd, who died in December last year, is now listed under his children, the Teh siblings (No. 5, US$5.2 billion).

The top 10 richest in Malaysia are:

1) Robert Kuok; US$11.8 billion;

2) Tan Sri Quek Leng Chan; US$10.2 billion;

3) Koon Poh Keong & siblings; US$5.8 billion;

4) Ananda Krishnan; US$5.4 billion;

5) Teh siblings; US$5.2 billion;

6) Lee Yeow Chor & Yeow Seng; US$4.6 billion;

7) Dr Chen Lip Keong; US$2.8 billion;

8) Tan Sri Lim Kok Thay; US$2.3 billion;

9) Tan Yu Yeh & Yu Wei; US$1.9 billion;

10) Chia Song Kun; US$1.8 billion.