Tycoons Get A Wealth Boost Despite Market Mayhem. Robert Kuok Remains Country’s Richest.

This story is part of Forbes’ coverage of Malaysia’s Richest 2025. See the full list here.

Despite Malaysia’s buoyant IPO market with 55 listings in 2024, the benchmark stock index remained sluggish and was pushed further down after the U.S. tariff shock. But a stronger ringgit, up more than 5% in the past 12 months, helped to lift collective wealth to $90 billion.

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, though his fortune was a tad lower at $11.4 billion from last year. 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 wealth shared by the Teh siblings, heirs to the Public Bank fortune, rose 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 were better off from a year ago. Another gainer was Jeffrey Cheah, 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 at No. 8 with a fortune of $3.5 billion is Lee Thiam Wah, the 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 what was the country’s biggest IPO in seven years. Another fresh face is that of former police officer Tan Boon Hock, whose portfolio includes a chain of laser eye surgery clinics and a company specializing in AI-powered traffic management systems. Also new to the list and appearing at No. 5: the Krishnan family, heirs of a telecom-to-energy empire built by reclusive billionaire Ananda Krishnan, who died in November at age 86.

The sole returnee this year is mall magnate Desmond Lim Siew Choon, whose Pavilion Reit has benefited from higher rentals. Three from last year dropped off, including property developer Lim Kang Hoo as shares of his Iskandar Waterfront City fell amid a delay in filing its long-awaited financial restructuring plan. The minimum net worth rose slightly to $335 million from $320 million.

Full Coverage of Malaysia’s Richest 2025:

Reporting by Jonathan Burgos, Gloria Haraito, Anis Shakirah Mohd Muslimin, Phisanu Phromchanya and Jessica Tan.

Methodology:

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. The editors reserve the right to amend any information or remove any listees in light of new information.