LAST_UPDATESun, 27 May 2018 11am

These Are The 10 Richest People In Malaysia

On Forbes’ annual listing of billionaires, for three consecutive years, Bill Gates is still the richest man in the world with a net worth of $75 billion among 1,810 billionaires in the world – and among them were some Malaysians too.

Malaysia now boasts 18 billionaires, up from 14 the previous year. Here’s the top 10 richest people in Malaysia, according to Forbes.(read here for latest 2017 update)

1. Robert Kuok

While he sits on the 103rd spot in the world’s richest list, 92-year-old Kuok is still the richest man in Malaysia with a net worth $10.3 billion. In December last year, the tycoon sold Hong Kong's South China Morning Post to Alibaba for $265 million. His wealth is attributed to his stake in palm-oil-giant Wilmar International that is run by nephew Kuok Khoon Hong, a Singapore billionaire. Kuok Group also dominates high-end hotel chain Shangri-La, Kerry Properties and commodities trader Wilmar.

2. Ananda Krishnan

This Malaysian businessman and philanthropist is 158th richest in the world, a drop from his 129th spot last year, and settles for second richest in the country after a drop in his fortune last year in his Maxis shares. The Brickfields-born had relisted his pay-TV company, Astro Holdings Malaysia Bhd, in a deal worth $1.5 billion, valuing the whole company at some RM15.6 billion in 2012, but now its stock takes a hit after Netflix entered the country in earlier this year. Now, Ananda’s net worth is estimated at $7.4 billion.

3. Quek Leng Chan

The 74-year-old whose source of wealth is from banking, real estate, and chairs Hong Leong Co has a net worth of $5.3 billion. He inherited part of his fortune from his father, one of 3 brothers who started a banking group in the 1920s. Quek managed to add $1.6 billion to his funds this year which pumped up his net worth by a third, and made him the country’s fourth-richest person, up from fifth last year.

4. Teh Hong Piow

With a net worth of $4.65 billion, Teh who is a banker by profession gets the bulk of his wealth from his 24% stake in Public Bank, Malaysia's third-largest banking group by assets. The 85-year-old is the Chairman of Public Bank Bhd, and his directorships in other companies are as Chairman of Public Investment Bank Bhd, Public Mutual Bhd, Public Islamic Bank Bhd, Public Financial Holdings Ltd, Public Bank (Hong Kong) Ltd and Cambodian Public Bank Plc, and several other subsidiaries of Public Bank Bhd.

5. Lee Shin Cheng

Heading IOI Corporation Berhad (or IOI Group), the world leader in oleochemicals and one of the largest palm-oil-plantation companies in Malaysia, Lee’s net worth is estimated at $4.6 billion. The growing success of IOI in the last decade has to date propelled Lee to be Malaysia's fifth richest and the 352nd richest person in the world.

6. Lim Kok Thay

Lim who is the second son of Tan Sri Lim Goh Tong, the founder of the Genting Group has a net worth of $4.55 billion. He is chairman and Chief Executive of Genting Berhad, and continued the expansion of Genting Group in the gambling sector, rejuvenated its cruise business and entered the ultraluxury-travel industry. The group’s upcoming plan includes a 20th Century Fox movie-inspired theme park outside of Kuala Lumpur next year.

7. Yeoh Tiong Lay

Despite his revenue at YTL Corp. taking a slump when it dropped 13% to $4.2 billion last year, Yeoh still has a net worth of $2.25 billion. YTL has extensive operations in Asia, Australia and the United Kingdom, where it owns the utility Wessex Water, and also owns PowerSeraya, Singapore's second-largest power plant, as well as co-owns the Eastern & Oriental Express, the luxury train that runs from Singapore to Thailand.

8. Lau Cho Kun

The Sabah native's source of wealth is attributed to palm oil and real estate as he holds the largest stake in Hap Seng after his late uncle, its founder Lau Gek Poh left the business to him. The 80-year-old’s wealth jumped as new property projects throughout the country helped boost the share price of his Hap Seng Consolidated, and now he has a net worth of $1.55 billion.

9. Syed Mokhtar AlBukhary

This man born in Alor Setar, Kedah is the richest Bumiputra figure in the country, with a net worth of $1.45 billion. His involvement in diversified business areas include transportation and logistics, plantations, property development, defense and armory as well as engineering and power generation. The tycoon’s flagship is MMC Corp, a company his private vehicle Impian Teladan Sdn Bhd acquired 19.9% of in 2000, forking out RM499.18 million or RM3 per MMC share.

10. Surin Upatkoon

Although born in Thailand, Surin has lived in Malaysia since 1965, when he arrived in Penang for school and stayed to work. With a net worth of $1.15 billion, more than 60% of his wealth comes from the 10% stake in Thai telecom InTouch he sold in 2013. He also has interests in gambling company Magnum and his biggest break came about in the acquisition of a major stake in Multi-Purpose Holdings Bhd., which he later split into MPHB Capital, an insurance and real estate outfit.

The Forbes list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts, private data bases, the Companies Commission of Malaysia and other sources. Net worth figures are based on stock prices and exchange rates as of the close of markets on Feb. 12. Private companies are valued by using financial ratios and other comparisons with similar companies that are publicly traded.

See the full list of Malaysia’s 50 Richest here