Forbes‘ Malaysia’s Richest 2021 list shines a spotlight on the country’s super-rich
While Malaysia’s economy has taken a hit due to the ongoing Covid-19 pandemic, the nation’s richest saw their combined wealth rise 14 per cent to nearly US$90 billion (RM371.1 billion), after two years of decline. This year’s list features a few familiar faces as well as some newcomers.
Here are the top 10 richest people in Malaysia:
1/10Tan Sri Robert Kuok
Tan Sri Robert Kuok, who presides over a property and commodities empire, remains the wealthiest man in Malaysia. He tops the list with a net worth of US$12.2 billion (RM50.2 billion) and at 97 years old, he’s also the oldest on the list.
2/10Tan Sri Quek Leng Chan
Next on the list is 79-year-old Tan Sri Quek Leng Chan, the executive chairman of privately held Hong Leong Co. (Malaysia), which has interests in finance, food and property. Quek is valued at US$9.6 billion (RM39.5 billion).
3/10Tan Sri Paul Koon Poh Keong & Siblings
Valued at US$6.4 billion (RM26.3 billion), Tan Sri Paul Koon Poh Keong, founding member and group CEO of aluminium company Press Metal Aluminium Holdings Bhd, made the list at number three. Koon and his four brothers started the company in 1986 and today, Press Metal is Southeast Asia’s largest integrated aluminium producer.
4/10Tan Sri Ananda Krishnan
Ranked number four is Tan Sri Ananda Krishnan, CEO of Usaha Tegas Group Holdings. The self-made billionaire, whose business interests include telecom outfit Maxis, media firm Astro Malaysia Holdings, and oilfield services provider Bumi Armada, is valued at US$5.8 billion (RM23.9 billion).
5/10Tan Sri Dato’ Sri Dr Teh Hong Piow
Tan Sri Dato’ Sri Dr Teh Hong Piow started Malaysian banking behemoth Public Bank Bhd in 1966 and for decades, he served as the chairman before retiring as non-executive chairman in 2019. Teh, who still has substantial stakes in the bank as well as in the listed insurance business LPI Capital, commands a net worth of US$5.5 billion (RM22.6 billion).
6/10Dato’ Lee Yeow Chor & Lee Yeow Seng
Dato’ Lee Yeow Chor and Lee Yeow Seng, sons of the late Tan Sri Dato’ Lee Shin Cheng, inherited stakes in the IOI group, a palm oil and property empire built by their father. The older Lee is the group managing director and chief executive of IOI Corporation while the younger Lee is the executive vice-chairman of IOI Properties. Together, they’re valued at US$4.9 billion (RM20.2 billion).
7/10Kuan Kam Hon & Family
Kuan Kam Hon is the founder and chairman of Hartalega Holdings Bhd, one of the world’s largest producers of nitrile rubber with an annual production capacity of 40 billion gloves. In 2020, shares of Hartalega more than doubled as demand for protective gear soared during the Covid-19 pandemic. Kuan and his family boast a net worth of US$3.8 billion (RM15.6 billion).
8/10Tan Sri Dr Lim Wee Chai
Tan Sri Dr Lim Wee Chai started Top Glove Corporation Bhd with his wife Puan Sri Tong Siew Bee in 1991 and took the company public in 2001. Today, Top Glove is one of the world’s largest producers of rubber gloves with an annual capacity of 100 billion gloves. The company also controls 26 per cent of the global market share. He’s valued at US$3.5 billion (RM14.42 billion).
9/10Tan Sri Dr Chen Lip Keong
Ninth on the list is NagaCorp Ltd (parent company of NagaWorld casino resort complex in Phnom Penh) founder and CEO Tan Sri Dr Chen Lip Keong, who won Cambodia’s first casino license in 1994. NagaCorp is the first casino company to be listed on the Hong Kong stock exchange and the first to do business principally in Cambodia. Chen is valued at US$3.4 billion (RM14 billion).
10/10Tan Yu Yeh & Yu Wei
Tan Yu Wei gets his wealth from his stake in Mr. D.I.Y, a home improvement retail chain, which his older brother, Tan Yu Yeh founded in 2005. Mr. DIY Group (M) Sdn Bhd was listed on the Malaysian stock exchange in October 2020 making the Tan brothers both billionaires. Their collective net worth is pegged at US$2.7 billion (RM11.1 billion).