Every year, Forbes releases its famous world’s billionaires list. This year, according to Forbes, the combined wealth of Malaysia’s 50 richest people increased by 2% to US$83.4 billion.
20 Malaysians were among the billionaires listed by Forbes this year, with Robert Kuok, whose business interests vary from properties and logistics to hospitality, being named the richest again.
We explore who made the top 10 list in Malaysia.
#1 Robert Kuok – US$11.5 Billion, Real Estate And Hospitality Industry 
Robert Kuok
Robert Kuok has once again defended his title of being the richest billionaire in Malaysia. He has held the title for 26 years consecutively and is the only billionaire with a double-digit fortune of US$11.5 billion.
Born and bred in Johor, Kuok has a Bachelor in Arts/Science from Raffles College. Having just turned 100 last year, he is a much-respected businessman in Malaysia and is also known by the moniker, ‘Sugar King’.
This is probably because he had his start trading rice, wheat flour and sugar in Johor Bahru. As the founder, Kuok has led the Kuok Group to be a multinational conglomerate with an expansive presence in six continents.
The Kuok Group portfolio of businesses includes property development, logistics, food, digital infrastructure, hospitality and maritime.
#2 Quek Leng Chan – US$8.8 Billion, Banking Industry
Quek Leng Chan
Second richest billionaire in Malaysia is banking magnate Quek Leng Chan, who amassed US$8.8 billion of wealth.
Quek is the Executive Chairman of Hong Leong Co., one of the top banks in Malaysia and has been chairing the board for 30 years. His uncle is Kwek Hong Png who founded the Hong Leong Group in Singapore, a multi-conglomerate..
At the age of 83 years old, Quek has a background in law and earned his qualification as a barrister in the UK.
#3 Teh Siblings – US$5.4 Billion, Banking Industry
The late Teh Hong Piow
The Teh Siblings rose up two ranks from fifth place in 2023 to third richest with a wealth of US$5.4 billion in 2024. The Teh siblings are the heirs to Teh Hong Piow who founded Public Bank in 1966.
Teh Hong Piow passed away at the age of 92 in 2022.
Aside from holding a stake in Public Bank, the family owns part of the listed LPI Capital that offers insurance products including medical, motor and travel.
#4 Lee Yeow Chor And Yeow Seng – US$5.35 Billion, Palm Oil Industry
Lee Yeow Chor
Following closely behind is Lee Yeow Chor, the Group Managing Director and Chief Executive Officer of IOI Corporation, which is known for its palm plantations business. Lee Shin Cheng, his father, spent his childhood on a rubber plantation and is a highly respected figure known for his charity works after having founded IOI Corporation. He passed at 79 years old in 2019.
Lee is one of the younger billionaires on the list at 57-year-old and has a law qualification from King’s College in London. Together with his sibling Lee Yeow Seng, they manage their father’s businesses.
The IOI Group has stakes in many businesses including property development in overseas. Its core businesses are in palm oil plantation and resource-based manufacturing such as producing oleochemicals, chemicals that come from natural oils and fats.
#5 Koon Poh Keong And Siblings – US$5.3 Billion, Heavy Industry
Koon Poh Keong
Koon Poh Keong is the Group CEO of Press Metal Group, a company that specialises in aluminium smelting. Perhaps due to the nature of the business being less front-end and more behind-the-scenes, some might not be familiar with Koon.
Koon, who is 63 years old, is the youngest in his family out of seven brothers. About 36 years ago, he and his siblings set up Press Metal and had to learn everything about the business from scratch.
Now, the company is worldly-recognised for producing aluminium that is used in the food and beverages industry, technology and by high-speed train companies.
#6 Ananda Krishnan – US$4.8 Billion, Telco And Media Industry
Ananda Krishnan
Ananda Krishnan is known as the person that brought television subscription services Astro to Malaysian households.
The 86-year-old entrepreneur dabbles in many businesses including owning one of the biggest telco companies in the country, Maxis as well as oilfield services provider Bumi Armada.
In 2006, Ananda bought over Aircel, a mobile carrier company that is based in Mumbai, India for a whopping US$800million.
#7 Francis Yeoh & Siblings – US$4.7 Billion, Construction & Engineering
Francis Yeoh
Francis Yeoh is the eldest heir of businessman Yeoh Tiong Lay, who founded the listed YTL. Yeoh Tiong Lay died in 2017 at the age of 87.
Together with his seven siblings, Francis manages the family’s empire that run the gamut from cements, hotels, property to utilities.
YTL also has stakes in power plant, Power Seraya in Singapore and the Eastern & Oriental Express luxury train.
#8 Jeffrey Cheah – US$2.4 Billion, Real Estate
Jeffrey Cheah
Placing eighth is Jeffrey Cheah, who is the executive chairman of Sunway with a fortune of US$2.4 billion. Jeffrey Cheah, aged 79, is known for developing townships in the country with stakes in property, education, healthcare and hotels.
He is also a philanthropist who offers thousands of education scholarships to Malaysian students.
#9 Lim Kok Thay – US$2.2 Billion, Gaming And Hospitality Industry
Lim Kok Thay
Lim Kok Thay, 73 is the Chairman of Genting , the only conglomerate which has a licence to operate a casino in Malaysia. Lim is educated in the sciences, specifically civil engineering in the University of London. He is the son of the late Lim Goh Tong who in 1965, had a vision to build a resort on the mountains, known today as Resorts World Genting.
The list of businesses under the Genting corporate umbrella include tourism and hospitality, property, power generation, oil palm plantations and biotechnology.
#10 Chia Song Kun – US$1.8 Billion, Agro-Food Industry
Chia Song Kun
Rounding the top 10 list of richest billionaires in Malaysia is 74-year-old Chia Song Kun who founded and is currently serving as the Executive Chairman of seafood trading company QL Resources.
Having grown up in a fishing village in Selangor state, Chia graduated with a degree in Mathematics from University of Malaya and had an academic life as a lecturer in a local university.
Following 11 years of teaching, he ventured on a fish and feed meal business with his family, which grew to QL Resources today. Now, the company is a multi-national agro-food company that is involved in marine products, livestock farming and oil palm.
Read Also: [2024 Edition] Top 10 Richest Billionaires In Singapore And How They Earned Their Wealth
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