Nestled in the heart of Southeast Asia, Malaysia boasts a rich tapestry of cultures, landscapes, and economic opportunities. Within this dynamic nation, a select group of individuals has etched their names into the annals of wealth and success, becoming the “Top 50 Richest Persons in Malaysia.” Malaysia’s economy is predicted to experience a more moderate growth trajectory this year after experiencing a solid 8.7% expansion in 2022 because of a rebound in domestic consumer spending.
Despite the country’s post-pandemic recovery, the stock market has fallen by 8% since our last evaluation, and the ringgit’s value has fallen by almost 2%. Despite these events, Malaysia’s top 50 Richest Persons in Malaysia managed to slightly raise their combined fortune to $81.6 billion. 19 fortunes out of the total showed growth, while only around half experienced a fall. Koon Poh Keong, a well-known player in the metals sector, and his siblings maintained their third-place finish in the latter category.
These individuals have not only harnessed the country’s diverse economic potential but have also navigated the global business arena with finesse, shaping industries and influencing the nation’s growth trajectory.
Top 50 Richest Persons in Malaysia
The story of these billionaires is a testament to Malaysia’s capacity to foster innovation, entrepreneurship, and transformative success on both the domestic and international stages.
1. Robert Kuok
Net Worth: $11.8 B
Born on October 6, 1923, in Johor Bahru, Malaysia, Robert Kuok is often regarded as the “Sugar King of Asia.” He is a prominent Malaysian businessman and philanthropist, with a diverse range of business interests. Kuok made his initial fortune in the sugar industry, founding the Kuok Group, which later expanded into areas such as palm oil, property development, and hotels.
He is also known for his significant stake in Wilmar International, a leading agribusiness group. Apart from his business acumen, Kuok is highly respected for his philanthropic efforts, which include funding education and poverty alleviation programs.
His contributions extend beyond Malaysia, making him a prominent figure in both the Malaysian and international business landscapes. He is one of the richest persons in Malaysia.
2. Quek Leng Chan
Net Worth: $10.2 B
Quek Leng Chan, born in 1941, is a prominent Malaysian tycoon and the chairman of the Hong Leong Group. He is known for his contributions to the financial and property sectors. The Hong Leong Group has a diversified portfolio, spanning industries such as banking, real estate, and manufacturing.
Under Quek’s leadership, the group has grown into one of the largest conglomerates in Malaysia. His strategic vision and business acumen have played a crucial role in shaping the Malaysian economy. He is one of the richest persons in Malaysia.
3. Koon Poh Keong & siblings
Net Worth: $5.8 B
Koon Poh Keong and his siblings are notable figures in the Malaysian business scene, primarily due to their involvement in the Press Metal Group. Press Metal is one of the largest integrated aluminum producers in Asia and has a significant presence in both domestic and international markets.
The Koon family’s leadership has been instrumental in the company’s growth and success, contributing to Malaysia’s industrial development. He is one of the richest persons in Malaysia.
4. Ananda Krishnan
Net Worth: $5.4 B
Ananda Krishnan, born in 1938, is a well-known Malaysian businessman with interests in telecommunications, media, and energy sectors. He is the founder and chairman of Usaha Tegas Group, which holds investments in various industries, including Maxis Communications and Astro Malaysia Holdings.
Krishnan’s business ventures have significantly impacted Malaysia’s technological and entertainment landscapes, making him one of the country’s most influential entrepreneurs. He is one of the richest persons in Malaysia.
5. Teh siblings
Net Worth: $5.2 B
The Teh siblings, namely Teh Hong Piow, Teh Hong Eng, and Teh Soon Poh, are central figures behind the Public Bank Group, one of Malaysia’s leading financial institutions. He is one of the richest persons in Malaysia.
Founded by Teh Hong Piow, Public Bank has grown under the stewardship of the Teh family, becoming one of the most stable and successful banks in the country. Their dedication to maintaining strong corporate governance and customer-centric services has earned them a reputation for excellence in the financial sector.
6. Lee Yeow Chor & Yeow Seng
Net Worth: $4.6 B
Lee Yeow Chor and Yeow Seng are key figures in the IOI Group, a multinational conglomerate with business interests in palm oil, property development, and other industries. He is one of the richest persons in Malaysia.
The Lee family’s leadership has been instrumental in IOI Group’s expansion into global markets, contributing to Malaysia’s prominence as a palm oil producer and exporter.
7. Chen Lip Keong
Net Worth: $2.8 B
Chen Lip Keong is the founder and CEO of NagaCorp Ltd, a company that operates the NagaWorld casino and entertainment complex in Cambodia. He is one of the richest persons in Malaysia.
While he is not originally from Malaysia, his significant contributions to the gaming and entertainment industry have earned him a place among the notable business personalities in the region.
8. Lim Kok Thay
Net Worth: $2.3 B
Lim Kok Thay is the chairman and CEO of Genting Group, a conglomerate with interests in gaming, hospitality, and entertainment. Genting Group is renowned for its resorts and casinos, including the iconic Resorts World Genting in Malaysia.
Lim’s leadership has been pivotal in shaping the group’s growth and its status as a global player in the hospitality and leisure sectors. He is one of the richest persons in Malaysia.
9. Tan Yu Yeh & Yu Wei & family
Net Worth: $1.9 B
The siblings in the image, Tan Yu Yeh and Yu Wei, have accumulated their wealth by owning Mr. D.I.Y. Group, a company that specializes in home renovation retail. This chain of stores was started back in 2005. In October 2020, it joined the Malaysian stock exchange, furthering its notoriety.
Mr. D.I.Y. has locations throughout Asia and a vast network of 2,000 outlets. These stores, which have an average square footage of 10,000, provide a wide range of goods in ten different categories. This includes anything from toys and stationery to electrical goods.
10. Chia Song Kun & family
Net Worth: $1.8 B
Along with his siblings Song Kooi and Song Swa, Chia Song Kun started the establishment of this seafood-producing company in 1985 and now serves as the executive chairman of QL Resources.
The company, which is publicly traded in Malaysia, has a broad portfolio that includes palm oil, animal farming, marine feed, and seafood. Notably, it has the distinction of being Southeast Asia’s top surimi producer.
11. Syed Mokhtar AlBukhary
Net Worth: $1.6 B
Syed Mokhtar AlBukhary is a Malaysian businessman and philanthropist with diverse business interests. He is the founder of the Albukhary Foundation and the Albukhary Group, which has investments in various sectors such as transportation, agriculture, and real estate.
His contributions to the development of the country’s infrastructure and economy have made him a prominent figure in Malaysia’s business landscape. He is one of the richest persons in Malaysia.
12. Lau Cho Kun
Net Worth: $1.5 B
Lau Cho Kun is a Malaysian businessman and entrepreneur known for his involvement in the palm oil industry. He is the founder of the Kuala Lumpur Kepong Berhad (KLK), one of the leading palm oil companies in Malaysia.
KLK’s operations span across the entire palm oil value chain, from plantations to downstream manufacturing. Lau Cho Kun’s leadership has played a pivotal role in KLK’s growth and its impact on Malaysia’s agricultural sector.
13. G. Gnanalingam
Net Worth: $1.45 B
G. Gnanalingam is a Malaysian entrepreneur and the executive chairman of Westports Holdings Berhad, a company that operates one of the largest container terminals in Port Klang.
Under Gnanalingam’s guidance, Westports has become a crucial logistics hub and a vital link in Malaysia’s trade infrastructure. He is one of the richest persons in Malaysia.
14. Francis Yeoh & siblings
Net Worth: $1.4 B
Francis Yeoh and his siblings are associated with YTL Corporation Berhad, a conglomerate with diversified interests including utilities, construction, and real estate.
Francis Yeoh, as the CEO, has led the company’s expansion into global markets, contributing to Malaysia’s economic growth and development. He is one of the richest persons in Malaysia.
15. Lee Oi Hian & Hau Hian
Net Worth: $1.35 B
Lee Oi Hian and Hau Hian are part of the Lee family, which has been integral to the success of the Batu Kawan Group. The group is involved in various sectors, including property development, manufacturing, and agriculture.
Their contributions to the group’s growth have had a significant impact on Malaysia’s industrial landscape. He is one of the richest persons in Malaysia.
16. Yaw Teck Seng & Chee Ming
Net Worth: $1.25 B
Yaw Teck Seng and Chee Ming are central figures behind the YTL Power International Berhad, a subsidiary of the YTL Corporation. He is one of the richest persons in Malaysia.
YTL Power is engaged in power generation and water treatment projects both domestically and internationally, contributing to Malaysia’s infrastructure development.
17. Kuan Kam Hon & family
Net Worth: $1.2 B
Kuan Kam Hon and his family are associated with Hartalega Holdings Berhad, one of the largest producers of nitrile gloves globally. He is one of the richest persons in Malaysia.
The company’s role in the healthcare sector, especially during the COVID-19 pandemic, has underscored its significance in the medical supply chain.
18. Jeffrey Cheah
Net Worth: $1.15 B
Tan Sri Dato’ Seri Dr. Jeffrey Cheah is a prominent Malaysian entrepreneur and educationist. He is the founder and chairman of the Sunway Group, which has interests in property development, construction, education, and healthcare.
His commitment to education has led to the establishment of the Sunway Education Group, contributing to Malaysia’s academic landscape. He is one of the richest persons in Malaysia.
19. Lim Wee Chai
Net Worth: $1.1 B
Lim Wee Chai is the founder and chairman of Top Glove Corporation Berhad, the world’s largest manufacturer of rubber gloves. He is one of the richest persons in Malaysia.
His leadership has been instrumental in Top Glove’s growth and its pivotal role in addressing global demand for personal protective equipment.
20. Surin Upatkoon
Net Worth: $975 M
Surin Upatkoon is a businessman with interests in the telecommunications industry. He is one of the richest persons in Malaysia.
He is known for his involvement in the telecom company Maxis Communications Berhad, contributing to Malaysia’s connectivity and communication infrastructure.
21. Ninian Mogan Lourdenadin
Net Worth: $935 M
Owner and CEO of MBf Holdings, a conglomerate that spans eight countries, nine diverse industries, and more than 30 different businesses, is Ninian Mogan Lourdenadin.
The investments made by MBf Holdings include a wide range, including, among other things, property development and car dealerships. Lourdenadin’s path took him from a career in medicine to one in real estate development.
22. Cheah Cheng Hye
Net Worth: $915 M
Cheah Cheng Hye is a prominent Malaysian businessman and the co-founder of Value Partners Group, one of Asia’s leading investment management firms. With a strong background in finance, Cheah played a pivotal role in establishing Value Partners in 1993. He is one of the richest persons in Malaysia.
The company specializes in value investing and has grown to become one of the largest asset management firms in Asia. Cheah’s expertise and leadership have not only contributed to the success of his firm but have also had a positive impact on Malaysia’s financial industry and investment landscape.
23. David Kong
Net Worth: $860 M
David Kong is recognized as the founder of GuocoLand Malaysia, a real estate development company with a diverse portfolio of properties. Under Kong’s leadership, GuocoLand has undertaken various high-profile projects, including residential, commercial, and mixed-use developments.
His contributions to the real estate sector have played a role in shaping Malaysia’s urban landscape and contributing to its economic growth. He is one of the richest persons in Malaysia.
24. Syed Azman Syed Ibrahim
Net Worth: $825 M
Syed Azman Syed Ibrahim is a Malaysian entrepreneur and the founder of AirAsia X, a long-haul affiliate of the AirAsia Group. His visionary approach to low-cost long-haul travel has been instrumental in expanding AirAsia’s reach and making air travel more accessible to a wider segment of the population.
Syed Azman’s efforts have not only revolutionized the airline industry in Malaysia but have also contributed to the country’s tourism and economic development. He is one of the richest persons in Malaysia.
25. Tan Eng Kee
Net Worth: $800 M
Tan Eng Kee plays a crucial role as the co-founder and CEO of Greatech Technology, which is traded on the Malaysian stock exchange. This company specializes on creating modern factory automation equipment.
Greatech Technology was founded in 1997 by Tan Eng Kee and Khor Lean Heng, a friend from high school and currently the chief operating officer of the business.
26. Lim Peng Cheong & Peng Jin
Net Worth: $740 M
Lim Peng Cheong and Peng Jin are part of the leadership of SCGM Berhad, a packaging company specializing in the production of thermo-vacuum formed products. He is one of the richest persons in Malaysia.
The company has a significant presence in the food packaging industry, providing solutions for both domestic and international markets. The Lim family’s commitment to innovation and sustainability has contributed to SCGM’s success and Malaysia’s manufacturing sector.
27. Tiong Hiew King & family
Net Worth: $725 M
Tiong Hiew King, along with his family, is associated with Rimbunan Hijau Group, a multinational conglomerate involved in various industries, including timber, palm oil, media, and property development.
The group’s activities have not only contributed to Malaysia’s natural resource sector but also diversified into other areas, showcasing the entrepreneurial spirit that drives the country’s economic development.
28. Vincent Tan
Net Worth: $695 M
Vincent Tan is a Malaysian entrepreneur known for his involvement in various industries, including gaming, real estate, and hospitality. He is the founder of the Berjaya Corporation, a conglomerate with interests in consumer marketing, property development, and more.
Tan’s entrepreneurial journey and diverse business ventures have made him a notable figure in Malaysia’s business community. He is one of the richest persons in Malaysia.
29. Chiau Beng Teik
Net Worth: $665 M
Chiau Beng Teik is recognized for his role as the CEO of FGV Holdings Berhad, one of the largest agribusiness companies in Malaysia. He is one of the richest persons in Malaysia.
The company is a major player in the palm oil industry and contributes significantly to Malaysia’s export earnings. Chiau Beng Teik’s leadership has been instrumental in FGV’s operations and its impact on the agricultural sector.
30. Lim Kuang Sia & siblings
Net Worth: $640 M
Lim Kuang Sia and his siblings are associated with Top Glove Corporation Berhad, a global leader in rubber glove manufacturing. As the world’s largest producer of gloves, Top Glove’s contributions have been particularly crucial during the COVID-19 pandemic.
The Lim family’s dedication to quality and innovation has solidified Top Glove’s position and its role in healthcare and safety worldwide. He is one of the richest persons in Malaysia.
31. Danny Tan Chee Sing
Net Worth: $635 M
Danny Tan Chee Sing is a Malaysian businessman known for his involvement in the property development and construction sectors. He is the founder and managing director of Tropicana Corporation Berhad, a leading property developer in Malaysia.
Under Tan’s leadership, Tropicana has undertaken numerous residential and commercial projects, contributing to Malaysia’s urbanization and real estate development. He is one of the richest persons in Malaysia.
32. Ong Soon Ho
Net Worth: $630 M
Hextar Chemical was established in 1985 by Ong Soon Ho as an agrochemical marketing firm. It later branched out into manufacturing after purchasing a fertilizer mill in 2010. The Hextar Group presently includes businesses in the fields of energy, healthcare, technology, consumer goods, and real estate.
Son Choo Meng is the group’s CEO, and Ong serves as non-independent, non-executive vice chairman of Hextar Global, the group’s publicly traded holding company.
33. Wen Chiu Chi & family
Net Worth: $580 M
Wen Chiu Chi and his family are associated with KPJ Healthcare Berhad, a leading private healthcare provider in Malaysia. He is one of the richest persons in Malaysia.
The company operates a network of hospitals and healthcare centers, contributing to the country’s healthcare infrastructure and services. Wen Chiu Chi’s role in the healthcare sector reflects the importance of quality medical care in Malaysia.
34. Azman Hashim
Net Worth: $575 M
Tan Sri Dato’ Azman Hashim is a respected Malaysian banker and businessman. He is the founder and chairman of AmBank Group, one of Malaysia’s largest financial institutions.
Azman Hashim’s contributions to the banking and finance sector have been instrumental in shaping Malaysia’s financial landscape and supporting economic growth. He is one of the richest persons in Malaysia.
35. Wong Teek Son & family
Net Worth: $545 M
Wong Teek Son and his family are associated with MyEG Services Berhad, a company that provides online government-related services. He is one of the richest persons in Malaysia.
MyEG’s digital solutions have streamlined various processes and contributed to the advancement of e-government services in Malaysia.
36. Lim Kang Hoo & family
Net Worth: $540 M
Lim Kang Hoo and his family are associated with Iskandar Waterfront Holdings, a company involved in property development and infrastructure projects. He is one of the richest persons in Malaysia.
Their contributions have played a role in the development of Iskandar Malaysia, a special economic zone in Johor, contributing to regional economic growth.
37. Goh Peng Ooi
Net Worth: $500 M
Goh Peng Ooi is a prominent Malaysian entrepreneur and the founder of Silverlake Axis Ltd, a leading provider of digital economy solutions for the financial services industry.
His contributions to the technology sector have helped modernize and enhance Malaysia’s financial infrastructure. He is one of the richest persons in Malaysia.
38. Chu Jenn Weng
Net Worth: $460 M
Chu Jenn Weng is associated with Sunsuria Berhad, a property development company engaged in residential, commercial, and industrial projects.
His role in the real estate sector has contributed to the expansion of Malaysia’s built environment. He is one of the richest persons in Malaysia.
39. Yu Kuan Chon
Net Worth: $430 M
Yu Kuan Chon began his career as a physician before joining the family’s real estate company, YNH Property, in 1995. His investment in YNH, which he later made public in 2003, is the source of much of his riches.
In addition to real estate, Yu holds assets in two publicly traded companies: agrochemical producer Imaspro and precision toolings company Rapid Synergy. Yu Kuan Huat, Yu’s older brother, is a shareholder in YNH as well.
40. Goh Nan Kioh & family
Net Worth: $425 M
Goh Nan Kioh and his family are associated with YNH Property Berhad, a property development company engaged in residential, commercial, and hospitality projects.
Their contributions have impacted Malaysia’s urbanization and real estate sectors. He is one of the richest persons in Malaysia.
41. Lim Han Weng & family
Net Worth: $420 M
Lim Han Weng and his family are associated with Paramount Corporation Berhad, a diversified property development and education group in Malaysia. Lim Han Weng, as the Group CEO, has played a pivotal role in the company’s growth and success. He is one of the richest persons in Malaysia.
Paramount Corporation is known for its innovative residential and commercial developments, as well as its contribution to education through its subsidiary, KDU University College. Lim Han Weng’s leadership has contributed to shaping both the urban landscape and the education sector, reflecting a holistic approach to nation-building in Malaysia.
42. Ong Leong Huat
Net Worth: $415 M
Ong Leong Huat is recognized as the founder of Ekovest Berhad, a company engaged in property development, construction, and infrastructure projects. He is one of the richest persons in Malaysia.
Ong’s vision and entrepreneurial drive have led to the development of iconic landmarks such as the DUKE Highway and River of Life project in Kuala Lumpur. His contributions to infrastructure and urban development have left a lasting impact on Malaysia’s physical and economic landscape.
43. Gooi Seong Lim & family
Net Worth: $405 M
Gooi Seong Lim and his family are associated with MR DIY Group (M) Berhad, a leading home improvement retailer. As the founder and managing director, Gooi Seong Lim has overseen the company’s expansion into a vast network of stores offering a wide range of products. He is one of the richest persons in Malaysia.
MR DIY’s affordability and accessibility have made it a household name in Malaysia, reflecting Gooi Seong Lim’s entrepreneurial prowess and his contribution to enhancing everyday lives.
44. Ngau Boon Keat
Net Worth: $390 M
Ngau Boon Keat is associated with Pimpinan Ehsan Berhad, a company involved in property development and investment. He is one of the richest persons in Malaysia.
Ngau’s involvement in the property sector has contributed to the growth of Malaysia’s real estate market and the creation of residential and commercial spaces that cater to the evolving needs of the population.
45. Loh Kian Chong
Net Worth: $385 M
Loh Kian Chong is associated with Muda Holdings Berhad, a company engaged in paper and paper-related products. Loh’s contributions have contributed to Malaysia’s industrial diversification and sustainability.
Under Loh’s leadership, Muda Holdings has become a significant player in the paper industry, supporting various sectors such as packaging, publishing, and stationery. He is one of the richest persons in Malaysia.
46. Loi Tuan Ee & siblings
Net Worth: $350 M
Loi Tuan Ee and his siblings are associated with Mah Sing Group Berhad, a well-established property development company. As the Group Managing Director, Loi Tuan Ee has overseen the company’s expansion into various segments of the real estate market.
Including residential, commercial, and industrial projects. Mah Sing’s developments have added to Malaysia’s urban landscape and provided quality spaces for living and working. He is one of the richest persons in Malaysia.
47. Patrick Grove
Net Worth: $330 M
Patrick Grove is a Malaysian entrepreneur and the co-founder and Group CEO of Catcha Group, a digital media and technology company. His ventures have been instrumental in driving Malaysia’s digital transformation and e-commerce landscape.
Grove’s involvement in technology and media has played a role in shaping Malaysia’s digital economy and its connectivity with the global digital ecosystem. He is one of the richest persons in Malaysia.
48. Kong Chong Soon
Net Worth: $325 M
Kong Chong Soon is associated with Aspen Group, a property development company known for its residential, commercial, and mixed-use projects. He is one of the richest persons in Malaysia.
His role in the property sector reflects the ongoing efforts to meet Malaysia’s urbanization needs while emphasizing sustainable and modern living environments.
49. Steven Siaw Kok Tong
Net Worth: $320 M
Steven Siaw Kok Tong is the co-founder and Group CEO of CTOS Digital Berhad, a credit reporting agency that provides credit-related information and services. He is one of the richest persons in Malaysia.
Siaw’s contributions to the financial sector have facilitated better credit assessment and risk management, supporting Malaysia’s financial stability and economic growth.
50. Ling Chiong Ho & siblings
Net Worth: $315 M
Ling Chiong Ho and his siblings are associated with Alliance Bank Malaysia Berhad, a financial institution offering a range of banking services. He is one of the richest persons in Malaysia.
Ling’s contributions have strengthened Malaysia’s banking sector, supporting economic activities and financial services for individuals and businesses.
Conclusion
The roster of the Top 50 Richest Persons in Malaysia not only showcases the diversity and dynamism of the nation’s economic landscape but also highlights the profound impact that visionary individuals can have on shaping the country’s future. Beyond their impressive fortunes, these tycoons exemplify the spirit of enterprise, resilience, and strategic thinking that define Malaysia’s economic journey.
As these individuals continue to innovate, invest, and contribute to the nation’s progress, they stand as inspirations, reminding us all that Malaysia’s potential knows no bounds, and that the pursuit of excellence can lead to remarkable outcomes for both individuals and the nation as a whole.
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