Robert Kuok Retains No. 1 Spot On 2025 Forbes List of Malaysia's 50 Richest

Forbes

17-04-2025

SINGAPORE (April 17, 2025) – Malaysia's buoyant IPO market saw 55 listings in 2024, however the benchmark stock index remained sluggish and was pushed down further after the U.S. tariff shock. But a stronger ringgit, up more than 5% in the past 12 months, helped to lift the collective wealth of tycoons on the 2025 Forbes list of Malaysia's 50 Richest to US$90 billion, from $83.4 billion last year. The complete list can be found here, as well as in the April/May issue of Forbes Asia.
The ranks of the three richest Malaysians were unchanged from a year ago. Business legend Robert Kuok remained unshak­able at the top at age 101, with a net worth of $11.4 billion. The agribusiness-to-hotels empire under his Kuok Group has plans for an ambitious data center buildout in Malaysia's Johor state.
Hong Leong group patriarch Quek Leng Chan strengthened his position as the second-richest per­son with a $1 billion jump in his net worth to $9.8 billion, buoyed by robust sales at his family's finance-to-food conglomerate. The Teh siblings, heirs to the Public Bank fortune, retained the third spot with their wealth rising 9% to $5.9 bil­lion. Aluminium magnates Koon Poh Keong & siblings moved up one spot to No. 4 after a modest boost took their net worth to $5.4 billion.
Overall, 30 people are better off from a year ago. Another gainer was Jeffrey Cheah (No. 9), who added $600 million to take his net worth tally to $3 billion on rising shares of his property conglomerate Sunway, which is planning to list its healthcare unit next year.
There are three new entrants to the ranks. Debuting on the list at No. 5 with $5.3 billion is the Krishnan family, heirs of a telecom-to-energy empire built by reclusive billionaire Ananda Krishnan, who died in November at age 86. Also new to the list is Lee Thiam Wah (No. 8, $3.5 billion), founder of 99 Speed Mart Retail Holdings, the country's largest minimart chain by number of stores. Lee became a billionaire after taking his company public in September, raising $532 million in the country's biggest IPO in seven years. Another fresh face is that of former police officer Tan Boon Hock (No. 40, $490 million), whose portfolio includes a chain of laser eye surgery clinics and a company specializing in AI-powered traffic management systems.
The sole returnee is mall magnate Desmond Lim Siew Choon (No. 44, $420 million), whose Pavilion Reit has benefited from higher rentals.
The minimum net worth to make the list rose slightly to $335 million from $320 million.
The top 10 richest in Malaysia are:
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports, analysts, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on April 7, 2025, and private companies were valued based on similar companies that are publicly traded. Real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives and may differ from the World's Billionaires List, which includes individual fortunes with net worths as of March 7. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/malaysia
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