Meet Malaysia’s Top 15 Wealth Magnates of 2024

As Malaysia positions itself for a brighter economic future, with a World Bank report predicting a GDP growth of up to 4.3% in 2024, the resilience and prosperity of its wealthiest individuals and families offer a glimpse into the country’s economic vitality. Despite a modest GDP growth rate of 2.9% in the last quarter of 2023, these economic titans have not only preserved their wealth but continue to influence Malaysia’s industrial landscape significantly. Here’s an introduction to the top 15 magnates and their contributions across various sectors.

1. Robert Kuok remains Malaysia’s richest, with a diversified portfolio including agribusiness, real estate, and the iconic Shangri-La Hotels, earning him the moniker “Sugar King.”
2. Quek Leng Chan, the powerhouse behind the Hong Leong Group, has made his mark in banking, property, and food sectors, expanding his influence across Asia.
3. Koon Poh Keong & siblings have led Press Metal Aluminium Holdings to become Southeast Asia’s largest aluminum smelter, highlighting Malaysia’s manufacturing prowess on the global stage.
4. The Teh siblings have fortified Public Bank as one of Malaysia’s cornerstone financial institutions, contributing significantly to the nation’s economic stability.
5. Ananda Krishnan‘s ventures in telecommunications through Maxis Communications have positioned him as a key player in the industry, driving innovation and connectivity.
6. Lee Yeow Chor & Yeow Seng oversee IOI Corporation, a leading global palm oil producer, with impactful contributions to agriculture and real estate.
7. Chen Lip Keong has carved a niche in the gaming industry with NagaCorp, becoming a prominent figure in Asia’s casino and entertainment sector.
8. Lim Kok Thay of Genting Group has built an international leisure and hospitality empire, continuing his father’s legacy in creating world-class resorts and casinos.
9. Tan Yu Yeh & Yu Wei revolutionized the retail sector with Mr. DIY, Malaysia’s largest home improvement retailer, demonstrating the potential of Southeast Asian markets.
10. Chia Song Kun leads QL Resources in diversifying into marine products, integrated livestock farming, and palm oil, showcasing Malaysia’s agricultural diversity.
11. Lau Cho Kun is known for his ventures in palm oil and real estate through Hap Seng Consolidated, contributing to Malaysia’s growth in these sectors.
12. G. Gnanalingam has transformed Westports Malaysia into a key player in global shipping, enhancing Malaysia’s role in international logistics.
13. Francis Yeoh & siblings, through YTL Corporation, have ventured into utilities, construction, and technology, with a focus on sustainability and innovation.
14. Lee Oi Hian & Hau Hian of Kuala Lumpur Kepong Berhad emphasize sustainability in palm oil and property, leading the agribusiness sector towards innovative practices.
15. Syed Mokhtar AlBukhary‘s diversified interests in logistics, real estate, and agriculture through MMC Corporation and DRB-HICOM, mark him as a significant contributor to Malaysia’s economic landscape.

These 15 individuals and families not only symbolize financial success but also embody the entrepreneurial spirit and dynamic nature of Malaysia’s economy. Their achievements across gambling, food & beverage, telecommunications, and retail sectors are milestones that underscore the nation’s economic prosperity and potential for future growth.