The 10 richest people in Malaysia in 2023

Malaysia is a Southeast Asian nation with a diverse and dynamic economy, which has been recovering from the impact of the Covid-19 pandemic. The country’s gross domestic product (GDP) grew by 8.7% in 2022, driven by a rebound in domestic consumer spending, but is expected to slow down to 5.5% in 2023, according to the World Bank1. Despite the economic revival, the stock market fell 8% and the ringgit depreciated nearly 2% since the last measurement of fortunes in May 2022.

However, this did not affect the collective wealth of Malaysia’s 50 richest, which edged up to $81.6 billion in 2023, according to Forbes. The rich list is dominated by entrepreneurs, investors, and heirs from various sectors, such as manufacturing, real estate, finance, and gambling. Here are the top 10 richest people in Malaysia in 2023, based on their net worth as of September 6, 2023:

Robert Kuok ($11.8 billion): 

The founder and chairman of Kuok Group, a conglomerate with interests in commodities, property, hospitality, media, and shipping, Robert Kuok is the richest person in Malaysia, with a net worth of $11.8 billion. He is also the 146th richest person in the world, according to Forbes. The 98-year-old tycoon, who lives in Hong Kong, has been expanding his business empire in China and Southeast Asia.

Quek Leng Chan ($10.2 billion): 

The co-founder and chairman of Hong Leong Group, a conglomerate with interests in banking, property, manufacturing, and hospitality, Quek Leng Chan is the second richest person in Malaysia, with a net worth of $10.2 billion. He is also the 173rd richest person in the world, according to Forbes. The 80-year-old businessman, who holds dual citizenship of Malaysia and Singapore, has been diversifying his portfolio in various markets and sectors.

Koon Poh Keong and siblings ($5.8 billion): 

The co-founders and owners of Press Metal Aluminium Holdings, the largest aluminum producer in Southeast Asia, Koon Poh Keong and his six siblings are the third richest people in Malaysia, with a combined net worth of $5.8 billion. They are also among the 1,000 richest people in the world, according to Forbes. The Koon brothers, who started the business in 1986, have been benefiting from the rising demand and prices of aluminum, especially from China.

Ananda Krishnan ($5.4 billion):

 The founder and chairman of Usaha Tegas, a holding company with interests in telecom, media, oil and gas, and power generation, Ananda Krishnan is the fourth richest person in Malaysia, with a net worth of $5.4 billion. He is also among the 1,000 richest people in the world, according to Forbes. The 83-year-old tycoon, who has a degree in electrical engineering from the University of Melbourne, has been facing legal challenges in India and Indonesia over his telecom ventures.

Teh siblings ($5.2 billion): 

The heirs and co-owners of Public Bank, the third largest bank in Malaysia by assets, Teh siblings are the fifth richest people in Malaysia, with a combined net worth of $5.2 billion. They are also among the 1,000 richest people in the world, according to Forbes. The Teh family, who inherited the bank from their father, Teh Hong Piow, who died in 2021, have been maintaining the bank’s profitability and stability amid the pandemic.

Lim Kok Thay ($4.9 billion):

 The chairman and CEO of Genting Group, a conglomerate with interests in gaming, leisure, hospitality, plantations, and biotechnology, Lim Kok Thay is the sixth richest person in Malaysia, with a net worth of $4.9 billion. He is also among the 1,000 richest people in the world, according to Forbes. The 70-year-old businessman, who took over the group from his father, Lim Goh Tong, who died in 2007, has been expanding his global footprint in the US, Japan, and Singapore.

Lee Shin Cheng and family ($4.5 billion): 

The founder and chairman of IOI Group, a palm oil and property conglomerate, Lee Shin Cheng and his family are the seventh richest people in Malaysia, with a net worth of $4.5 billion. They are also among the 1,000 richest people in the world, according to Forbes. The 83-year-old tycoon, who started his career as a rubber tapper, has been grooming his sons, Lee Yeow Chor and Lee Yeow Seng, to take over the business.

Chen Lip Keong ($4.4 billion): 

The founder and CEO of NagaCorp, a casino operator in Cambodia, Chen Lip Keong is the eighth richest person in Malaysia, with a net worth of $4.4 billion. He is also among the 1,000 richest people in the world, according to Forbes. The 74-year-old entrepreneur, who has a degree in medicine from the University of Malaya, has been investing in other sectors, such as energy, aviation, and property.

Syed Mokhtar Albukhary ($3.5 billion): 

The founder and chairman of Albukhary Group, a diversified conglomerate with interests in transportation, logistics, plantations, power generation, and defense, Syed Mokhtar Albukhary is the ninth richest person in Malaysia, with a net worth of $3.5 billion. He is also among the 1,000 richest people in the world, according to Forbes. The 70-year-old businessman, who is of Yemeni descent, is also known for his philanthropic activities, especially in education and healthcare.

Lau Cho Kun ($3.4 billion):

 The founder and chairman of Hap Seng Consolidated, a conglomerate with interests in plantations, property, automotive, credit financing, and trading, Lau Cho Kun is the 10th richest person in Malaysia, with a net worth of $3.4 billion. He is also among the 1,000 richest people in the world, according to Forbes. The 87-year-old tycoon, who is of Chinese descent, has been diversifying his business portfolio in Malaysia and abroad.

These are the 10 richest people in Malaysia in 2023, according to Forbes. They represent the success and resilience of the Malaysian economy, which has been facing various challenges and opportunities in the post-pandemic era.