Malaysia is a diverse, South East Asian country with a lot of billionaires. It is known for busy shopping districts, skyscrapers, fashion, and diverse cultural influences. Aside from this, entrepreneurship is vast in the country.
The economy of Malaysia, which contracted 5.6% in 2020 would be getting back on track this year according to many economists’ predictions! The turnaround in fortunes for the rich is especially apparent when you look at their combined wealth. After two years of decline, it has gone up 14% to nearly $90 billion and this number may reach even higher levels as we grapple with Covid-19 cases on an unprecedented level!
With a global empire, it is not surprising that the country’s economic fortunes have changed. The dominance in medical glove making has something to do with this turnaround too! When the pandemic hit, Malaysia was one of those countries that had a ready supply of protective gear. This increases their exports greatly because they are among its largest producers and suppliers! This is the highest concentration of wealth in any country. Two out ten people are ranked among Singapore’s richest, with five others featured across this exclusive list and all 50 members belonging to billionaire families! This year saw the return of Lim Kuang Sia, who controls Kossan Rubber Industries with his siblings and Stanley Thai.
When it comes to the list of wealthiest people in Asia, none can compare with Robert Kuok. The 97-year-old is currently worth $12 billion and has been ranked number one for his age group on this scale! At number two is Quek Leng Chan, the second-generation head of the Hong Leong group. His $9 billion in assets could not keep up with his competitor’s wealth as he ranks at No 2 on this list for another year! When it comes to this year’s biggest dollar gainer it is Koon Poh Keong. He shared his metal fortune with four siblings this year gained the most money. When the price of metal recovered, so did their shares. This put $3 billion more into Koon and his brothers’ pockets while bringing them up to third place on the wealthiest people list!
There were five new entries added to the list this year, including one from a fresh perspective and four others that have been around for some time. The two most recent newcomers to join the list of richest people are Brothers Tan Yu Yeh and Wei from Mr. D I Y Group. The brothers have a net worth total of 2 billion dollars! The four new listees are all based in Penang’s busy capital city-Phengaijng, a popular location because it offers benefits associated both professionally and socially. The Malaysian group of entrepreneurs is made up of Tan Eng Kee, co-founder, and CEO at Greatech Technology; Ng Chai Eng (no relation) who served as a partner for over 20 years with UWC before founding his firm in 2000-2001; Lau Chee Kheong also worked alongside them during this time but left to found another tech company called ViTrox which designs high precision machine inspection systems like those they make themselves!
19 people who were on the list lost everything due to the pandemic. The casino moguls Chen Lip Keong and Lim Kok Thay were among the hardest hit. The two Air Asia duo who were reported to have quit last year did not make it into this list. notable among them is Tony Fernandes, founder, and CEO of the airline company Kamarudin Meranun whose career was cut short due to a pandemic that forced him out before he could see any revival. The cutoff for this year’s list increased to $315 million from last years’ amount of 255.
Methodology
The data for this article was collected from analysts and various other sources including government agencies; individual wealth databases such as private exchanges where stocks are traded among investors who need access to higher riskier investments. Financial estimates are based on stock prices and exchange rates as of May 17. Valuing of the private companies was done with financial ratios in comparison with similar public trades. When it comes to fortune, you often find that other family members own assets. The list of eligible citizens can also include those with business or residential ties to the country, as well as foreign nationals who do not reside in the country.
Here is a list of the top 20 richest entrepreneurs in Malaysia:
Robert Kuok
Robert Kuok owns Kuok Groups in Malaysia. Kuok Group has interests in commodities, real estate, and hotels. Robert Kuok controls businesses across Malaysia, Singapore, and Hong Kong.
Wilmar International falls under Kuok Group. It is the world’s largest palm oil refinery. In addition to that, Kerry Properties and the famous Shangri-La hotels run under Kuok. He founded Shangri-La in 1971.
Robert Kuok’s net worth is USD 18.5 Billion.
The self-made billionaire is now 98 years old. He has 8 children.
Quek Lang Chan
Quek Lang Chan is famously known for his interests in the finance, property, and food sector in Malaysia. He started a banking group in the 1920s. They named it the Hong Leong Group Malaysia.
The 80-year-old billionaire’s current net worth stands at USD 9.5 Billion.
Koon Poh Keong
Poh Keong is the chief executive officer of Press Metal. Press Metal is an aluminum company. Poh Keong and his four brothers started Press Metal in 1986. He invested $50,000 at that time.
35 years later, his net worth stands at USD 6.4 Billion.
Ananda Krishnan
Krishnan is the man behind Malaysia’s number one cell phone service company – Maxis Communication. His first business was Exoil Trading. Exoil Trading dealt with the oil trade. Ananda Krishnan is also involved in real estate.
He owns Kia Ora in Malaysia.
His current net worth is USD 5.7 Billion.
Teh Hong Piow
Hong Piow began behemoth Public Bank in 1966. The bank not only serves within Malaysia but also in Sri Lanka, Vietnam, China, and Hong Kong.
In addition to that, he also owns LPI Capital, merging into the insurance sector. He is currently 91 years old.
The net worth of The Hong Piow stands at USD 5.7 Billion.
Lee Yeow Chor & Yeow Seng
Lee Yeow Chor and Lee Yeow Seng are the children of the late Lee Shin Cheng, who passed on in June 2019. The siblings acquired stakes in IOI bunch, a palm oil and property domain worked by their dad.
Lee Yeow Chor is the Chief Executive Officer of IOI Corporation. Lee Yeow Seng is the vice-chairman of IOI Properties.
The net worth of Lee Yeow Chor and Lee Yeow Seng currently stands at USD 4.9 Billion.
Kuan Kam Hon
Kuan Kam Hon was a secondary school dropout who started his vocation in development in 1969. He worked at his dad’s organization assembling very good quality homes.
He set off all alone in 1978 and began Timol Weaving, an assembling business that made badges and woven labels. Kuan established Hartalega Holdings in 1988. It is now the world’s biggest creator of nitrile gloves with a yearly creation limit of 40 billion gloves.
Kuan Kam Hon’s current net worth stands at USD 2.6 Billion.
Lim Wee Chai
Wee is the man behind Top Glove Corporation. Top Glove is the world’s largest producer of rubber gloves. The 64-year-old billionaire and his wife handle the business.
Top Glove began in 1991. It became a public company in 2001.
Currently, Lim Wee Chai’s net worth sums up to USD 2.1 Billion.
Chen Lip Keong
Keong is the founder of NagaCorp. NagaCorp holds a gambling monopoly and a casino license in Phnom Penh. Phnom Penh is the Cambodian capital. The license runs until 2065. Naga complex is the largest casino in Cambodia. It was a $370 million project.
Chen Lip Keong has accumulated a net worth of USD 2.8 billion currently.
Tan Yu Yeh & Yu Wei
Entrepreneurship has always been in the blood of these two brothers. Despite only earning a diploma, Tan Yu Yeh went on to create Suncake, one of Malaysia’s leading confectionaries which are now sold in countries like Taiwan, Thailand, Indonesia, and Singapore.
Their business evolves around traditional Chinese pastries that are hand-made in the finest manufacturing facility.
“Passion is what drives us in everything we do,” said Tan Yu Yeh in an interview with Sinchew.
Also, inspired by his father’s vision in creating a solid business foundation, Tan Yu Wei took up industrial engineering at Monash University Malaysia before returning.
His net worth is estimated to be around US$ 100 million (RM 400 million) and is the managing director of Sun cake.
Tan’s younger brother Yu Wei T, holds a degree in Information Systems from University Malaya. He also has a Diploma in Management from SP Jain School Of Global Management in Singapore.
Lim Kok Thay
The man who built the group that is today known as Media Nusantara Citra, Lim Kok Thay started his career at an insurance company where he was assigned to help with its marketing. His first job involved making cold calls and visiting companies in Kedah; some 13 years on he has expanded his business and has a net worth of US$ 1 billion (RM 3.6 billion).
His secret to success? “I never give up,” he told The Star. “If you feel that something is there, just do it.” Lim Kok Thay also believes that he was destined for entrepreneurship as his father was a trader and had a trade license.
Lau Cho Kun
Founder and CEO of Kumpulan Wang Persaraan (Diperbadankan), Malaysia’s leading finance group which was established in 1974. The group is today listed in Bursa Malaysia under KLSE: KWAP.
Lau Cho Kun has a wealth of experience, having worked for various financial institutions such as HSBC, Albaraka Banking Group, and Abu Dhabi Commercial bank. He graduated with a bachelor’s degree from the University of Malaya in business administration.
Lau Cho Kun has a net worth of US$ 650 million.
G. Gnanalingam
With a net worth of US$ 300 million (RM 1.2 billion), this is the man behind Malaysia’s leading healthcare group – IHH Healthcare.
Born and raised in Kuala Lumpur, G. Gnanalingam had humble beginnings as he used to work at KFC before working his way up the corporate ladder to eventually become IHH’s s CEO.
His company IHH Healthcare operates a network of more than 1,000 hospitals worldwide and is a regional leader for healthcare services.
Lim Kuang Sia & Siblings
Forbes had estimated that Lim Kuang Sia had a net worth of US$ 300 million (RM 1.2 billion) in 2012. This showed an increase from his US$ 200 million (RM 800 million) value in 2010 and he is ranked as one of the top 300 richest individuals in Malaysia according to Forbes Magazine.
Jeffrey Cheah
Jeff Cheah is a visionary entrepreneur who was a pioneer in Malaysia’s financial services industry. Jeffrey Cheah had a key role in the creation of CIMB BX Berhad, an investment holding company with total assets exceeding US$ 180 billion (RM720 billion).
Tiong Hiew King
Tiong Hiew King is said to have a net worth of US$ 450 million (RM 1.8 billion) and currently leads the Tiong family’s involvement in various businesses such as retail, property, and plantation. His father was a rubber tapper who later made his money from plantations.
Francis Yeoh & Siblings
One of Malaysia’s most successful businessmen in history, Francis Yeoh is the son of the late Dato Seri (Dr) Yeoh Tiong Lay, who founded the YTL Corporation.
Francis holds a degree in Civil Engineering from Cambridge University and an MBA from Harvard University. He is currently Chairman of YTL Corporation Berhad and Managing Director of YTL Power International Berhad, Malaysia’s third-largest power producer.
With a net worth of US$ 1 billion (RM 3.6 billion) according to Forbes.
Syed Mokhtar AlBukhary
With a net worth of US$ 1 billion (RM 3.6 billion), Syed Mokhtar AlBukhary is the founder and chairman of MMC Corporation Berhad, which manages several subsidiaries such as Boustead Holding Bhd, Gamuda Bhd, and Sembcorp Marine Ltd.
Not only did he amass his wealth from founding these companies, but he also runs a successful business in commodities trading. His company is the largest shareholder for publicly listed Kumpulan Guthrie Bhd and is its Chairman as well as the Chief Executive Officer of Motherson Sumi Systems.
Lee Oi Hian & Hau Hian Tat
Lee Oi Hian together with his brother Hau Hian Tat, have a combined net worth of US$ 1.1 billion (RM 4 billion).
The two brothers took over their father’s business after they both died within three months of each other. Starting with a small provision store, they now own several shopping malls in Malaysia and Singapore.
Vincent Tan Chee Yioun
With a net worth of US$ 1 billion (RM 3.6 billion), Vincent Tan is best known for his ownership of Cardiff City Football Club, Cardiff Airport, and the newly acquired MISC Berhad.
Stanley Thai and Cheryl Tan
Stanley Thai, together with his sister Cheryl Tan has a combined net worth of US$ 1.2 billion (RM 4.4 billion) and is ranked as the 10th richest man in Malaysia by Forbes Magazine, 2013.
The brother-sister duo took over S P Setia Bhd from their father, a self-made construction tycoon, and has helped the company grow rapidly.
Tag Eng Kee
Tan Eng Kee is a Malaysian-Chinese Business Tycoon and is ranked one of the richest men in Malaysia and also known as ‘King of Boards’. He has an overall net worth estimated at US$ 1.2 billion (RM 4.4 billion).
Together with his partner, he owns several manufacturing companies such as Kajang Boards, Perfecta Plywood Industries, and Orang Asli Development Department.
Surin Upatkoon
Surin Upatkoon is one of Thailand’s top entrepreneurs who founded Siam Makro, an industrial supplier. He is the chairman of Max Group, which has interests in the food and beverage industries.
Together with his wife Nalinee Taveesin, he invests in various businesses through their holding company MPHP Capital which has an estimated worth of US$ 1 billion (RM 3.6 billion).
David Kong
One of Malaysia’s top entrepreneurs and richest people in Malaysia according to Forbes’ David Kong is the chairman and CEO of MAA Group.
He has an overall net worth estimated at US$ 1.5 billion (RM 5.4 billion). He together with his partner Tan Sri Teh Hong Piow, owns stakes in MAA Berhad and Hotel Grand Central.
Ninian Mogan Lourdenadin
Ninian Morgan Lourdenadin is the 25th richest billionaire in Malaysia. He was born on the 29th of March, 2059 in Kuala Lumpur. He is the founder and owner of many companies around Malaysia. First, one to be founded by him was the MagiCircles Network, which soon became an internet tycoon of Malaysia after its success. Soon he bought almost every social media company in the country and made them all a subsidiary of MagiCircles. He owns many other companies such as MBF Holdings, and several others.
Tan Sri Lim Kokthay
A Billionaire in Singapore in 2013, Tan Sri Lim Goh Tong built his wealth in Malaysia through Genting Group and has an overall net worth of US$ 2.1 billion (RM 7.6 billion ).
Tan Sri Lim Kokthay is the chairman and chief executive of Genting Group. He is best known for his visionary leadership where he built Malaysia’s first world-class theme park,
Genting Highlands Resort houses the largest casino in South East Asia.
Cheah Cheng Hye
Cheah Cheng Hye is listed as the 27th Billionaire in Malaysia. He is one of the richest men in Malaysia. His wealth was accumulated through his partnership with Robert Kuok, the then-owner of the world-famous Shangri-La Hotel.
Cheah Cheng Hye became a partner in 1993 after he helped Kuok to acquire some prime plots in Kuala Lumpur City Centre (KLCC) area. Kuok later sold his interest in Shangri-La and other hotel chains and obtained a controlling stake in the Petronas Towers (the world’s tallest twin towers) in Kuala Lumpur.
Cheah Cheng Hye is well known for his philanthropic activities having donated millions of dollars to the Malaysian education system mainly for scholarships, building schools, and universities.
Tan Sri Danny Chan Tee Sing
Danny Chan Tee Sing, a Malaysian Billionaire. He is Asia’s largest death service provider. Danny operates the largest funeral service at 12 locations in Malaysia, Japan, China, and Taiwan. He has started with a single hearse company almost three decades ago.
Today he is operating one of the world’s largest death care groups that are providing services for over 5,000 deaths every year. His mission was to create an excellent experience at all times for families affected by the death. It is also his vision to provide a dignified, compassionate, and professional service to all those involved with the dying process.
Ngau Boon Keat
Ngau Boon Kait is the co-founder and chairman of Dialog Group. He is also the founder of Dialog Venture Management, a company that manages investments in private companies and start-up ventures. Among these are Singapore-based Wealthinitiative Pte Ltd., which owns Indonesia’s first personal finance portal DetikInvest, as well as PT Harmoni Sejahtera Sentosa Tbk, an investment holding company with interests in hospitality, property development, and distribution.
His net worth as of 2021 is estimated at US$ 737 million.
Syed Azman Ibrahim
Syed Azman Ibrahim is 30 on the billionaire list. This Malaysian billionaire is best known for his role in running the family business Jaringan Harta Karun Sdn Bhd. The business is involved in oil and gas services, construction, property development, and waste management.
His net worth as of 2021 is USD 550M.
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