Robert Kuok retains top spot as Malaysia's richest tycoon for 2024

Turning 100 last October, business titan Robert Kuok retains his top spot on the Forbes Richest list with a net worth of US$11.5 billion (approximately MYR47.45 billion or $15.5 billion). Kuok, one of the world’s oldest billionaires, established the Kuok Group 75 years ago in Johor Bahru, with a focus on trading sugar, rice, and wheat flour.

The enterprise gradually evolved into a robust family business empire encompassing hospitality, agriculture, real estate, and freight and logistics.

Holding the second position with US$8.8 billion is Quek Leng Chan, executive chairman of Hong Leong Co. (Malaysia), despite a slight dip in his net worth from US$10.2 billion last year.

The top five saw a reshuffle with the Teh siblings, who inherited a stake in Public Bank from their late father Teh Hong Piow, gaining ground and moving up to third place with a net worth of US$5.4 billion. They displaced aluminium magnates Koon Poh Keong and siblings, who dropped to No. 5 due to weaker prices and demand for the metal, with their net worth falling to US$5.3 billion from US$5.8 billion in 2023.

Property gains drove another group of inheritors, brothers Lee Yeow Chor and Lee Yeow Seng, into the top five for the first time, securing the fourth spot with US$5.35 billion. The Lee brothers oversee IOI Corp. and IOI Properties.

The biggest gainers this year, both in dollar and percentage terms, are Francis Yeoh & siblings. They more than tripled their combined fortune to US$4.7 billion and jumped seven spots on the list to No. 7, as shares of their flagship YTL surged after partnering with US tech giant Nvidia.

Sunway Group’s Jeffrey Cheah also doubled his wealth to US$2.4 billion, securing a spot in the top ten for the first time at No. 8.

Among the four newcomers on this year’s list are heirs of the Chen family (No. 18, US$1.1 billion) inherited the wealth of casino mogul Chen Lip Keong, who passed away in December, and the Gnanalingam family (No. 12, US$1.6 billion) consists of heirs of the late ports magnate G. Gnanalingam.

Despite a 9 per cent increase in Malaysia’s stock market, , the declining ringgit has affected the fortunes of Malaysia’s richest tycoons since the last evaluation. Consequently, their combined wealth on the 2024 Forbes list of Malaysia’s 50 Richest has seen a modest 2 per cent rise to reach US$83.4 billion this year.

Discover the full list here.

This story was originally published on The Peak Malaysia.