1-6-2023 (KUALA LUMPUR) The fortunes of Malaysia’s wealthiest individuals on the 2023 Forbes list have seen a collective increase, reaching US$81.6 billion, up from $80.5 billion last year, despite a dip in the stock market. The complete list can be accessed here, and it will also be featured in the June issue of Forbes Asia.
After experiencing an 8.7% growth in 2022 due to a rebound in domestic consumer spending, Malaysia’s economy is expected to expand at a more moderate pace this year. However, despite the country’s post-pandemic revival, the stock market has witnessed an 8% decline since the last measurement, and the value of the ringgit has also dropped by nearly 2%.
Topping the list once again is business titan Robert Kuok, who will celebrate his centenary in October. Kuok, Malaysia’s richest person for over 25 years, has seen the biggest increase in dollar terms this year. With a fortune of $11.8 billion, he is one of only two individuals on the list with a double-digit wealth. Quek Leng Chan, the executive chairman of the Malaysian branch of the privately held Hong Leong Group, follows closely in second place with $10.2 billion.
Out of the 50 individuals, 19 have seen an increase in their fortunes, while nearly half have experienced a decline. Despite being in the latter category, metals magnate Koon Poh Keong and his siblings maintain their position in third place. Their combined wealth of $5.8 billion has decreased by almost 7% compared to last year, reflecting the decline in shares of their company, Press Metal Aluminium Holdings. The fall is attributed to higher costs of raw materials and freight. Ananda Krishnan of Maxis secures the fourth spot, with his net worth rising by $400 million to $5.4 billion.
This year’s list features several notable gainers, including father-and-son duo Yaw Teck Seng and Chee Ming, who control the timber giant Samling. Their wealth has more than doubled to $1.25 billion, propelling them from No. 32 to No. 16 on the list. The increase is attributed to newly revealed information about their private assets. Former math teacher Chia Song Kun makes a comeback to the rankings after a seven-year absence, securing the 10th position with a net worth of $1.8 billion. Chia is the executive chairman of QL Resources, his family’s seafood firm, and his return is fueled by a nearly 20% rise in the company’s shares and the inclusion of his broader family’s stakes.
Two tycoons backed by private equity have also experienced a boost in their wealth due to significant deals. Syed Azman Syed Ibrahim, whose Weststar Aviation Services operates the second-largest offshore services helicopter fleet in the Asia-Pacific region, bought back investment firm KKR’s 21% stake. As a result, his net worth increased by 27% to $825 million. The founder of funeral services provider Nirvana Asia, David Kong, saw his wealth rise to $860 million. This surge is attributed to the proposed sale by private equity firm CVC Capital Partners of its stake, estimated to be valued at $2 billion.
The list welcomes five new faces this year, including property magnates Chiau Beng Teik and Yu Kuan Chon. Chiau Beng Teik, founder of the Chin Hin Group, enters the list at No. 29 with a fortune of $665 million, while Yu Kuan Chon, a medical doctor overseeing his family’s YNH Property, takes the No. 39 spot with $430 million. The other newcomers are Ong Soon Ho, founder of agrochemicals group Hextar (No. 32, $630 million), and Goh Nan Kioh, the owner of investment firm Mega First, who also holds a stake in D&O Green Technologies, an automotive sector LED manufacturer (No. 40, $425 million). The wealth of veteran banker Teh Hong Piow, the founder of Public Bank who passed away in December, is now listed under his children, the Teh siblings, at No. 5 with a fortune of $5.2 billion.
The top 10 richest in Malaysia are:
- Robert Kuok; US$11.8 billion
- Quek Leng Chan; $10.2 billion
- Koon Poh Keong & siblings; $5.8 billion
- Ananda Krishnan; $5.4 billion
- Teh siblings; $5.2 billion
- Lee Yeow Chor & Yeow Seng; $4.6 billion
- Chen Lip Keong; $2.8 billion
- Lim Kok Thay; $2.3 billion
- Tan Yu Yeh & Yu Wei; $1.9 billion
- Chia Song Kun; $1.8 billion
