Malaysia’s 5 richest billionaires see combined net worth rise to nearly $39B

While the benchmark Bursa Malaysia has remained mostly unchanged over a 12-month period, the stronger ringgit has risen 5%, which helped nudge up the wealth of the country’s top billionaires, with the ranking of the three wealthiest individuals unchanged from 2024, according to Forbes’ World’s Billionaire List.

Robert Kuok

Malaysian tycoon Robert Kuok attends a meeting in Fuzhou, Fujian province, China April, 18, 2005. Photo by China Daily via Reuters

Robert Kuok, the 101-year-old owner of hotel operator and real estate developer Kuok Group, remains strong as the richest Malaysian with $12.1 billion in net worth, up 6% from a year ago.

Most of Kuok's wealth comes from assets he manages via a web of closely held entities, such as Kuok (Singapore), Kuok Brothers in Malaysia, and Kerry Group in Hong Kong.

Corporate records show up to a hundred shareholders within this network. As individual shares cannot be pinpointed, the wealth is treated as a family fortune and fully attributed to the billionaire, who is the founder and patriarch.

Via these holding companies, the family holds a 51% stake in PPB Group, a conglomerate with interests spanning agriculture to real estate, as per its 2023 annual report.

The family also owns 60% of Hong Kong-listed real estate developer Kerry Properties, and 53% of Shangri-La Asia.

Quek Leng Chan

Quek Leng Chan, co-founder of financial firm Hong Leong Group. Photo by Wikipedia/Encik Tekateki

The second position was also unchanged with Quek Leng Chan, 83, boasting $9.9 billion in wealth, up 12.5%.

Quek, executive chairman of the privately held Hong Leong Co., oversees a company with investments in finance, food, and property.

He inherited a portion of his wealth from his father, one of three brothers who established a banking group in the 1920s. His cousin, Kwek Leng Beng, a fellow billionaire, chairs the Hong Leong Group in Singapore.

Teh siblings

Teh Hong Piow. Photo courtesy of Public Bank Berhad

The wealth shared by the Teh siblings, heirs to the Public Bank fortune, rose 9% to $5.9 billion, keeping them at the third place.

The siblings inherited their wealth from their late father, banker Teh Hong Piow, who led Malaysia's Public Bank as chairman for decades.

Teh Hong Piow established the bank in 1966 and passed away in December 2022 at 92.

Beyond Malaysia, Public Bank serves millions in Cambodia, China, Hong Kong, Sri Lanka, and Vietnam.

In December 2024, Public Bank acquired the stake held by the late Teh Hong Piow's family in LPI Capital, an investment holding company.

Koon Poh Keong & siblings

Koon Poh Keong. Photo courtesy of Press Metal

The fourth place was occupied by Koon Poh Keong and his four brothers, who collectively share a wealth of $5.4 billion, up nearly 2% from last year.

Koon Poh Keong and his four brothers founded Press Metal Aluminium Holdings in 1986. They collectively invested $50,000 to launch the aluminum-extruding business during Malaysia's recession.

Now, Press Metal is Southeast Asia's largest integrated aluminum producer, rivaling companies like Rio Tinto and China's Aluminum Corp. Poh Keong serves as group CEO, Poh Ming is executive vice chairman, and Poh Weng, Poh Tat, and Poh Kong are executive directors.

Krishnan family

Businessman Ananda Krishnan leaves for lunch at the annual Allen and Co. conference at the Sun Valley, Idaho Resort July 11, 2013. Photo by Reuters/Rick Wilkin

The heirs of Ananda Krishnan rounded up the list with a net worth of $5.3 billion, up 10%.

Ananda, a former oil trader who built a multi-billion dollar empire from the ground up, passed away in November 2024 at 86.

Their key assets include stakes in telecom company Maxis, media group Astro Malaysia Holdings, and oilfield services provider Bumi Armada.

The late patriarch also owned Kia Ora Stud farm in New South Wales, which merged with Vinery Stud in 2023 to form one of Australia’s largest thoroughbred operations. Krishnan’s only son is a Buddhist monk in Thailand.