NagaCorp Founder’s Family Among New Additions to Malaysia’s 50 Wealthiest List

The list of Malaysia’s 50 Richest underscores the remarkable wealth amassed by Malaysia’s top 20 individuals, all possessing net worths exceeding US$1 billion. Additionally, the minimum net worth required for inclusion in the list has risen to US$320 million, reflecting an increase from the previous year’s threshold of $315 million. The 2024 list welcomed four newcomers, including heirs of casino mogul Dr. Chen Lip Keong and ports magnate Tan Sri G. Gnanalingam, each inheriting fortunes of US$1.1 billion and US$1.6 billion, respectively.

The Chen family, particularly Dr. Chen’s five sons, debuts at No. 18 on the list, amassing a combined wealth of US$1.11 billion attributed to their NagaWorld integrated resort in Phnom Penh, Cambodia. Notably, Chen Yiy Fon has assumed the CEO position within the NagaCorp group following his father’s demise, while Chen Cherchi, serving as CEO of Finance and Treasury, and Chen Yiy Hwuan, as CEO of Hotels, actively contribute to the family business.

Genting Berhad’s Chairman and CEO, Lim Kok Thay, secures the No. 9 position on the list with a fortune of US$2.2 billion, reflecting stability compared to previous years. However, it’s noted that Lim’s wealth has declined from his US$4.7 billion fortune in 2018. At the pinnacle of the Malaysia rich list reigns businessman Robert Kuok, who celebrated his 100th birthday last year, boasting a staggering US$11.5 billion fortune.

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