The 10 Richest Families And Individuals In Malaysia In 2024, According To Forbes

Robert Kuok, the Sugar King, remains in the top spot.

Cover image via Forbes , New Straits Times , FMT

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1. Robert Kuok

Net worth: RM48.3 billion
Industry: Palm oil, shipping, property, hotels
Notable companies: PPB Group and Shangri-La Hotels and Resorts

Robert Kuok, often referred to as the "Sugar King", commands a substantial fortune despite a slight decrease since last year. His ventures include sugar production and the iconic Shangri-La luxury hotel chain.

2. Quek Leng Chan

Image via Medium

Net worth: RM47.4 billion
Industry: Banking, property, F&B
Notable companies: Hong Leong Group

Co-founder of Hong Leong Co., Quek Leng Chan oversees a vast conglomerate with interests spanning from food and beverage to property. Despite fluctuations, his wealth remains impressive, securing him the second spot on the list of Malaysia's richest.

3. Koon Poh Keong and brothers

Image via Forbes

Combined net worth: RM27.7 billion
Industry: Manufacturing (aluminium extrusion)
Notable company: Press Metal Aluminium Holdings

Koon Poh Keong, along with his four brothers, built an aluminium empire, establishing Press Metal Aluminium Holdings. The company was founded in 1986 and is now a globally integrated aluminium producer with the largest presence in South East Asia.

4. The Teh siblings

Teh Hong Piow passed away in December 2022.

Image via FMT

Combined net worth: RM24.8 billion
Industry: Banking
Notable company: Public Bank

Following in the footsteps of their late father Teh Hong Piow, the Teh siblings manage the family's wealth derived from the renowned Public Bank. Their father's legacy continues as they navigate the financial landscape of Malaysia.

5. Ananda Krishnan

Net worth: RM22.4 billion
Industry: Telecommunications, media, oilfield services
Notable companies: Maxis, Astro, MEASAT

Ananda Krishnan, despite facing challenges in the telecommunications sector, retains a substantial fortune. His investments in Maxis and Bumi Armada contribute to his standing as one of Malaysia's wealthiest individuals.

6. Lee Yeow Chor and Lee Yeow Seng

(From left) Lee Yeow Chor and Lee Yeow Seng, who control both IOI Corp and IOI Properties.

Image via FMT

Combined net worth: RM21.9 billion
Industry: Palm oil production, property development
Notable company: IOI Group

Lee Yeow Chor is the group managing director and chief executive of IOI Corporation, while Lee Yeow Seng is the executive vice-chairman of IOI Properties. They continue to expand their empire in palm oil production and property development.

7. Chen Lip Keong

Image via Forbes

Net worth: RM13.3 billion (as of May 2023)
Industry: Gaming and casinos
Notable company: NagaCorp

Chen Lip Keong's net worth was estimated at RM13.3 billion in May 2023, prior to his passing at the end of last year. His gaming and casino company, NagaCorp, has been taken over by his eldest son, Chen Yiy Fon.

8. Lim Kok Thay

Image via Japan Times

Net worth: RM10.9 billion
Industry: Hospitality, gambling, tourism 
Notable company: Genting Group

Lim Kok Thay, chairman and board executive of Genting Group, navigates the challenges posed by the pandemic while maintaining a significant fortune. His leadership ensures the resilience of Genting Group in the face of adversity.

9. Tan Yu Yeh, Tan Yu Wei, and family

Image via iNews

Combined net worth: RM9 billion
Industry: Retail 
Notable company: Mr D.I.Y.

The Tan family's stake in Mr D.I.Y. Group secures their position among Malaysia's wealthiest. Their contributions extend beyond business, with regular philanthropic endeavours benefitting various sectors, including education.

10. Chia Song Kun and family

Image via Forbes

Combined net worth: RM8.5 billion
Industry: Food production
Notable company: QL Resources

QL Resources, founded by Chia Song Kun, dominates the food production sector, specialising in seafood, palm oil, and livestock feed. The company is the largest producer of fish paste in Southeast Asia, and is used to make imitation crabmeat and other faux products.

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