Robert Kuok remains richest person in Forbes Malaysia's list
The collective wealth of Malaysia's financial powerhouses on the list has edged up to US$81.6 billion
SINGAPORE – Robert Kuok retains his position at the top of the 2023 Forbes List of Malaysia's 50 Richest. As he approaches his centenary in October, Kuok has held the position for more than a quarter of a century.
As the owner of Kuok Group, which has interests in hotels, real estate and commodities, Kuok has a net worth of US$11.8 billion.
Kuok, the biggest Malaysian gainer in dollar terms this year, is one of only two persons on the list with a double-digit fortune. The other is Quek Leng Chan, executive chairman of the Malaysian arm of the privately held Hong Leong Group, who secured the second spot with a net worth of US$10.2 billion.
Metals magnate Koon Poh Keong and his siblings remained in the third position with a combined wealth of US$5.8 billion. However, their fortune has experienced a slight decline of nearly 7 per cent from its previous value of US$6.2 billion.
Ananda Krishnan of Maxis took the fourth spot with his net worth rising by US$400 million to reach US$5.4 billion.
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Overall, 19 fortunes were up, and nearly half were down. Despite an 8 per cent decline in the country's stock market since the previous year's Forbes list was published and a 2 per cent drop in the value of the ringgit, the collective wealth of Malaysia's tycoons on the list has edged up to US$81.6 billion from US$80.5 billion last year.
Among the big gainers on this year’s list are father-and-son duo Yaw Teck Seng and Chee Ming, who control the timber giant Samling. They jumped to No 16 from No 32 last year, with their wealth more than doubling to US$1.25 billion, based on new information about their private assets.
Former math teacher Chia Song Kun (No 10, US$1.8 billion), executive chairman of his family’s seafood firm QL Resources, makes a return to the list after a seven-year gap on a nearly 20 per cent increase in the company’s shares and the inclusion of his broader family’s stakes.
This year's list also features five new faces, including property magnates Chiau Beng Teik (No. 29, US$665 million), founder of the Chin Hin Group, and Yu Kuan Chon (No. 39, US$430 million), a medical doctor, who runs his family’s YNH Property.
The other newcomers are Ong Soon Ho (No. 32, US$630 million), founder of agrochemicals group Hextar, and Goh Nan Kioh (No. 40, US$425 million), owner of investment firm Mega First and a stakeholder in D&O Green Technologies, which makes LEDs for the automotive sector.
The fortune of veteran banker Teh Hong Piow, founder of Public Bank, who passed away in December, is now listed under his children, the Teh siblings (No. 5, US$5.2 billion).
To make it onto the list, individuals must have a minimum net worth of US$315 million, an increase from US$255 million in 2022.
Top 10 richest in Malaysia
Robert Kuok; US$11.8 billion
Quek Leng Chan; US$10.2 billion
Koon Poh Keong & siblings; US$5.8 billion
Ananda Krishnan; US$5.4 billion
Teh siblings; US$5.2 billion
Lee Yeow Chor & Yeow Seng; US$4.6 billion
Chen Lip Keong; US$2.8 billion
Lim Kok Thay; US$2.3 billion
Tan Yu Yeh & Yu Wei; US$1.9 billion
Chia Song Kun; US$1.8 billion
The complete list can be found at www.forbes.com/malaysia, as well as in the June issue of Forbes Asia.
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