The Malaysia Rich List for 2024: Tycoons’ Wealth Surges to $83.4 Billion

The 2024 Malaysia Rich List reveals a modest 2% increase in the collective wealth of tycoons, soaring to US$83.4 billion. Leading the pack once again is Robert Kuok, one of the world’s oldest billionaires, with a formidable net worth of US$11.5 billion. Kuok’s legacy began 75 years ago in Johor Bahru with the establishment of the Kuok Group, evolving from humble origins trading sugar, rice, and wheat flour into a thriving conglomerate.

Quek Leng Chan, the executive chairman of Hong Leong Co (Malaysia), maintains his number two ranking with a net worth of US$8.8 billion, despite a slight decrease from US$10.2 billion last year.

The top five rankings witnessed notable shifts, with the Teh siblings inheriting a stake in Public Bank from their late father, Teh Hong Piow, ascending to the third spot with a net worth of US$5.4 billion.

Aluminum magnates Koon Poh Keong and siblings experienced a downturn, slipping to fifth place due to weaker metal prices and demand, resulting in their net worth declining to US$5.3 billion from US$5.8 billion last year.

Brothers Lee Yeow Chor and Yeow Seng made a significant debut in the top five, propelled by property gains, with a combined wealth of US$5.35 billion. Yeow Chor oversees the family’s palm oil company, IOI Corp, while Yeow Seng manages IOI Properties, poised to unveil a multibillion-dollar office complex in Singapore’s central business district.

Among the notable gainers, Tan Sri Francis Yeoh and siblings witnessed a remarkable surge in wealth, reaching US$4.7 billion and securing the seventh place. This surge is attributed to the success of their flagship company, YTL, which partnered with US tech giant Nvidia to establish AI infrastructure at its data center park in Johor.

Another standout gainer is property magnate Tan Sri Dr. Jeffrey Cheah, whose Sunway Group’s focus on healthcare has more than doubled his wealth to US$2.4 billion, securing him a spot in the top ten for the first time.

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