The Five Richest Malaysians In 2023, How Much Have Their Wealth Increased?

The Five Richest Malaysians In 2023, How Much Have Their Wealth Increased?

Forbes’ Malaysia’s 50 Richest 2023 was released earlier last month and it is impressive as always.

According to Forbes, despite the stock market dropping over 8% and the ringgit on a downward slide, these adverse market conditions had no impact on the combined wealth of Malaysia’s richest.

In fact, the collective wealth of the 50 richest Malaysians increased to US$81.6 billion (≈RM379.3 billion)

Who came out on the top five spots this year? And how much billions have they gained or lost? Let’s have a look.

What’s the secret to their success?

These billionaires have carefully laid out strategies and adhered to strict principles when they started out and even after they achieve great success.

While some are self-made billionaires, there are also those that inherited their immense fortunes but keeping and growing their fortunes is not a job for the faint-hearted.  There is no escaping outstanding work ethics and remarkable business principles when we take a closer look at Malaysia’s richest and how they got there.

Perhaps we can all learn something from their work ethics and strategies to make career and business plans.

Here’s the full list of Forbes’ Malaysia’s 50 Richest!

1. Robert Kuok

“There are risks in every business, if you are not brave enough to grab on the first or next opportunities then you shall be a poor person forever.”

Robert Kuok is the richest man in Malaysia and he has been topping the list for nearly two decades now. With $11.8 billion net worth, he is also #146 in Forbes’ Billionaires 2023.

He owns Kuok Group and his business ventures range from sugarcane plantations, sugar refineries, flour milling, animal feed, oil, mining, finance, hotel (Shangri-La Hotels and Resorts), property, trading, freight and publishing.

The 99-year-old self-made billionaire has a Bachelor of Arts/Science from Raffles College and started his journey in business as an office boy.

2. Tan Sri Quek Leng Chan

“In other words, you must fall in love with the subject. But that is still not enough. You must have a vision and big dreams. You may not achieve the dreams to the degree you want, but if you keep at it, you will achieve a part of it.”

Tan Sri Quek Leng Chan is the executive chairman of Hong Leong Co. (Malaysia) which is involved in finance, property, food, and manufacturing.

Inheriting a part of his fortune, his net worth stands at $10.2 billion. Apart from being #2 in Forbes’ Malaysia’s 50 Richest 2023, he was also #194 in Forbes’ Billionaires 2023.

The 78-year old is a qualified barrister-at-law from Middle Temple, UK and is known to run a tight ship when it comes to his business.

3. Tan Sri Koon Poh Keong & siblings

“Basically, we had to roll up our sleeves and always be there to operate equipment and all that. That was how we started. We learnt from scratch.”

Together with his siblings, their net worth totals $5.8 billion.

In an interview with The Edge, the billionaire said he literally started from zero knowledge in the aluminum business

30 years on, he controls Southeast Asia’s largest integrated aluminum producer together with his brothers. Today, Press Metal Aluminum Holdings Bhd competes on a global scale with the likes of Rio Tinto and China’s Aluminum Corp.

While he leads the billion dollar company in operations as the group chief executive, his brothers Poh Ming and Poh Weng are the executive vice chairman and executive director respectively.

4. Tan Sri Ananda Krishnan

“I have heard some people say I have a low profile. Why should somebody be high profile, anyway? I am just doing my job.”

Known for his infallible sense of market timing, Tan Sri Ananda Krishan’s net worth is $5.4 billion making him #4 in Forbes’ Malaysia’s 50 Richest 2023 as well as #553 in Forbes’ Billionaires 2023.

His business ventures span across industries such as entertainment, sports, media, marketing, advertising and telecommunications. He is the chairman of Usaha Tegas Sdn Bhd and a stakeholder in Maxis and Bumi Armada.

The 81-year old Harvard Business School graduate was born in Brickfields, Kuala Lumpur and is known to be a philanthropist. It goes without saying he keeps a low profile at all times.

5. Children of the late Tan Sri Teh Hong Piow

“In any business, there should be no compromise on integrity and honesty as the success of any business depends largely on public confidence and trust.” – Teh Hong Piow

The fortune of Public Bank founder Tan Sri Teh Hong Piow, who died in December 2022, is now listed under his children.

Their combined fortunes made the number five spot with a net worth of $5.2 billion.

Along with Robert Kuok, the late Tan Sri Teh was a regular feature on the annual Forbes Billionaires list of top ten richest Malaysians. The legendary banker had started Public Bank in 1966 when he was 35 years old.

He started his banking career as a clerk at the Oversea-Chinese Banking Corporation Ltd and had worked with Malayan Banking Berhad as a manager.

This article was first published in March 2020 and has been updated for freshness, accuracy and comprehensiveness.

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.
newsletter image