TEMPO.CO, Jakarta - Malaysia wrapped up 2024 on a high note, registering an impressive 5.1% economic growth. This surge was fueled by factors that have kept the nation’s prosperity on an upward trajectory, including a rebound in exports and a robust labor market. With such momentum, it is unsurprising that these richest men in Malaysia are expected to chart even more lucrative paths in the years ahead.
Economists are also forecasting a steady climb in the number of millionaires. But who are the current titans of wealth dominating the scene? Let’s find out below.
The 10 Richest Men in Malaysia
Entering the second quarter of 2025, Forbes has released its annual list of Malaysia's wealthy individuals, featuring formidable names such a Robert Kuok, Quek Leng Chan and Koon Poh Keong included. Other remarkable richest men in Malaysia worth mentioning are:
1. Robert Kuok - US$11.4 Billion
Robert Kuok is the richest man in Malaysia due to his substantial real estate investments. As the founder of numerous internationally renowned properties, Kuok is listed as the mastermind behind Shangri-La Hotels and Resorts. Contributing to his massive net-worth of US$11.4 billion, this praiseworthy businessman also takes charge of enterprises across different sectors of real estate, hotel, and commodities under the Kuok group.
2. Quek Leng Chan - US$9.8 Billion
Quek Leng Chan’s legacy is rooted in a thriving empire that dates all the way back to the 1920s, and today, his net worth is estimated at a staggering US$9.8 billion. His fortune is fueled by deep investments in finance, real estate, and the food industry.
Like many billionaire success stories, Quek’s rise to the top began with strong family foundations. His father, along with two brothers, laid the groundwork by founding a banking group that would eventually blossom into a financial powerhouse.
3. The Teh Siblings - US$5.9 Billion
With a combined net worth of US$5.9 billion, the Teh siblings consistently rank among the richest men in Malaysia. Much of their wealth originates from Teh Hong Piow, a prominent figure in Malaysia’s banking sector. His tenure as chairman of Public Bank spanned several decades, during which he transformed the institution into a respected financial entity with a presence not only in Malaysia but also across China, Cambodia, Sri Lanka, Hong Kong, and Vietnam.
4. Koon Poh Keong and siblings - US$5.4 Billion
Koon Poh Keong launched his high performing venture along with his four brothers back in 1986. Over the decades, their enterprise, Press Metal Aluminium Holdings, has evolved into the largest integrated aluminum producer in Southeast Asia. Despite throwing a precarious pool of US$50,000 during a Malaysian recession, their scalable business proved to be a fruitful pursuit with the right resources.
5. The Krishnan Family - US$5.3 Billion
The empire of Krishnan Family is attributed to a sky-high valuation of US$5.3 billion, further cementing their positions on this list. Their wealth, stemming from a multi-billion dollar company, covers various booming sectors including Maxis; a telecom enterprise, Astro Malaysia Holdings; notable media firm, and Bumi Armada; oilfield services provider.
6. Lee Yeow Chor & Lee Yeow Seng - US$5.2 Billion
The sons of the late Lee Shin Cheng are among the richest men in Malaysia, with an estimated impressive fortune reaching US$5.2 billion. Their substantial holdings in the IOI Group, a powerhouse in palm oil and property, continue to gain momentum with no signs of slowing down.
With Lee Yeow Chor steering IOI Corporation as Managing Director, and Lee Yeow Seng leading IOI Properties as CEO, the next-generation leadership is poised to elevate the family legacy and drive the empire to even greater heights.
7. Francis Yeoh & Siblings - US$3.6 Billion
Standing at the forefront of the Yeoh family’s legacy is the late father of seven siblings, Yeoh Tiong Lay, who had assembled the enterprise from the ground up. Now, venturing deeper into the business realm, Francis Yeoh and his other six siblings are deemed some of the richest men in Malaysia.
Overseeing a diverse portfolio that spans hotels, real estate, cement, and utilities, the Yeoh siblings have made bold marks through their YTL Group. Among their crown jewels are the luxurious Ritz-Carlton Kuala Lumpur and PowerSeraya, Singapore’s second-largest power plant by market share.
8. Lee Thiam Wah - US$3.5 Billion
Among the other richest men in Malaysia on this list, Lee Thiam Wah is one of the praiseworthy individuals who started his business without the backing of inherited wealth. As the founder and CEO of 99 Speed Mart Retail Holdings, he launched his first humble shop in 1987.
Fast forward to today, the Speedmart brand has grown into a retail giant with nearly 2,700 outlets nationwide. In a major milestone, the company made its official debut on Bursa Malaysia just last year.
9. Jeffrey Cheah - US$3 Billion
Jeffrey Cheah, the executive chairman of Malaysian Sunway group, has worked his way up for more than five decades. All of his unwavering endeavor to grow the once tin-mining company has not gone unnoticed, as Sunway is now involved in several interests including healthcare, property, education, and infrastructure.
10. Chia Song Kun & Family - US$2.3 Billion
With a net worth soaring to US$2.3 billion, Chia Song Kun and his family have carved out a powerful presence in the agro-based industry through their business empire, QL Resources. What began in 1985 has evolved into a regional powerhouse, best known as Southeast Asia’s largest surimi producer. Under the continued leadership of Chia Song Kun as chairman, the company thrives with strong footholds in both the seafood and palm oil sectors.
From inherited dynasties to self-made moguls, these ten richest men in Malaysia, along with their families, are more than just names on a list; they represent the driving force behind Malaysia’s growing presence on the global stage.
Explore a selection of other high-net-worth individuals, featuring prominent figures not only from Malaysia but also from its neighboring country – the richest Singaporeans here.
Editor's Choice: Top 10 Richest Men in the World According to Forbes, April 2025
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