PETALING JAYA: The collective wealth of tycoons on the 2024 Forbes record of Malaysia’s 50 Richest rose by a modest 2% to US$83.4 billion (RM399.4 billion at an trade price of RM4.79 to US$1) this yr, regardless of a declining ringgit offsetting a 9% improve in Malaysia’s inventory market for the reason that former’s final evaluation.
According to Forbes Asia, enterprise mogul Tan Sri Robert Kuok Hock Nien continues to rank No. 1 on the record with a web value of US$11.5 billion (RM55 billion). Kuok, who turned 100 final October, based the Kuok Group 75 years in the past in Johor Bahru as a modest enterprise buying and selling sugar, rice and wheat flour and constructed it right into a thriving conglomerate.
Hong Leong Co (Malaysia) govt chairman Tan Sri Quek Leng Chan takes the second spot with US$8.8 billion (RM42.15 billion). He retained his rating regardless of a dip in his web value from US$10.2 billion final yr.
The Teh siblings, who inherited a stake in Public (*50*) from their late father Tan Sri Teh Hong Piow, moved up to third place with a web value of US$5.4 billion (RM25.86 billion).
“They displaced aluminium magnates Tan Sri Koon Poh Keong and siblings, who slid to No. 5 amid weaker costs and demand for the steel and their web value fell to US$5.3 billion (RM25.38 billion) from US$5.8 billion final yr,” Forbes Asia mentioned in an announcement.
Property features propelled inheritors brothers Datuk Lee Yeow Chor and Yeow Seng (No. 4) into the highest 5 for the primary time with US$5.35 billion (RM25.62 billion) in contrast with US$4.6 billion final yr.
“Older brother Yeow Chor runs the household’s palm oil firm IOI Corp, whereas youthful sibling Yeow Seng oversees IOI Properties, which is getting ready to open a multi billion-dollar workplace complicated in Singapore’s central enterprise district,” it added.
“The greatest gainers on this yr’s record, in each greenback and proportion phrases, among the many 22 fortunes that had been up this yr are Tan Sri Francis Yeoh and siblings” Forbes Asia mentioned.
It famous that their mixed fortune tripled to US$4.7 billion (RM22.51 billion) and jumped seven spots on the record to No. 7. Shares of their flagship YTL, which partnered with US tech large Nvidia to construct synthetic intelligence infrastructure at its knowledge centre park in Johor, have been experiencing speedy development.
Property magnate Tan Sri Jeffrey Cheah whose Sunway is betting on healthcare for future development, greater than doubled his wealth to US$2.4 billion (RM11.49 billion) to enter the highest ten for the primary time at No. 8.
Rounding up the record are Tan Sri Lim Kok Thay of Genting group with US$2.2 billion (RM10.53 billion) and QL Resources’ Dr Chia Song Kun with US$1.8 billion (RM8.62 billion)
The minimal web value to qualify for the record was US$320 million (RM1.53 billion), up from US$315 million in 2023.
