Robert Kuok retained first spot on the 2024 Forbes Malaysia Rich List with a net worth of US$11.5 billion.

KUALA LUMPUR (April 16): The collective wealth of tycoons listed on the 2024 Forbes Malaysia Rich List increased by a modest 2% to US$83.4 billion (RM398.8 billion), according to Forbes Asia.

Robert Kuok, one of the world’s oldest billionaires, maintained his position as top dog with a net worth of US$11.5 billion. He established the Kuok Group 75 years ago in Johor Bahru, starting as a modest business trading sugar, rice, and wheat flour, and transformed it into a thriving conglomerate.

Following him is Quek Leng Chan, the executive chairman of Hong Leong Co (Malaysia), who held onto his number two ranking with a net worth of US$8.8 billion, despite a decrease from US$10.2 billion last year.

The top five rankings witnessed some changes, with the Teh siblings, who inherited a stake in Public Bank from their late father Teh Hong Piow, slightly increasing their wealth and moving up to the third spot with a net worth of $5.4 billion.

They displaced aluminum magnates Koon Poh Keong and siblings, who slipped to fifth place due to weaker prices and demand for the metal, resulting in their net worth falling to US$5.3 billion from US$5.8 billion last year.

Meanwhile, significant property gains propelled brothers Lee Yeow Chor and Yeow Seng into the top five for the first time, securing fourth spot with a combined wealth of US$5.35 billion, up from US$4.6 billion last year. Yeow Chor manages the family's palm oil company, IOI Corp, while Yeow Seng oversees IOI Properties, which is gearing up to unveil a multibillion-dollar office complex in Singapore’s central business district.

Among the most notable gainers on this year’s list are Tan Sri Francis Yeoh and siblings, who experienced the largest increase in both dollar value and percentage terms. Their combined fortune surged to US$4.7 billion, more than tripling from the previous year, propelling them seven spots up to seventh place. The surge in wealth can be attributed to the success of their flagship company, YTL, which has partnered with US tech giant Nvidia to establish AI infrastructure at its data centre park in Johor.

Tan Sri Dr Jeffrey Cheah

Another notable gainer is property magnate Tan Sri Dr Jeffrey Cheah, whose Sunway Group is betting on healthcare for future growth. Cheah's wealth has more than doubled, now standing at US$2.4 billion, propelling him into the top ten list for the first time, securing eighth spot.

This year's list also welcomed four newcomers, including two sets of heirs: the Chen family, ranked 18th with a wealth of US$1.1 billion, having inherited the fortune of casino mogul Dr Chen Lip Keong, who passed away in December. Similarly, the Gnanalingam family, ranked twelfth with a wealth of US$1.6 billion, comprises heirs of the late ports magnate Tan Sri G. Gnanalingam, who passed away in July last year.

According to Forbes Asia, the minimum net worth to qualify for the list was US$320 million, up from US$315 million in 2023.

The top 10 richest in Malaysia are:

1. Robert Kuok; US$11.5 billion
2. Quek Leng Chan; US$8.8 billion
3. Teh siblings; US$5.4 billion
4. Lee Yeow Chor and Yeow Seng; US$5.35 billion
5. Koon Poh Keong and siblings; US$5.3 billion
6. Ananda Krishnan; US$4.8 billion
7. Tan Sri Francis Yeoh and siblings; US$4.7 billion
8. Tan Sri Jeffrey Cheah; US$2.4 billion
9. Tan Sri Lim Kok Thay; US$2.2 billion
10. Chia Song Kun; US$1.8 billion