The Five Richest Malaysians In 2020, How Much Are They Worth?
Forbes’ Malaysia’s 50 Richest 2020 is here and it is impressive as always. However, according to Forbes, Malaysia’s slowing economy and the effect of Covid-19 outbreak have put some dent in the numbers.
To be specific, the collective net worth of Malaysia’s wealthiest dropped 7% compared to 2019. But, it is still at a whopping $79 billion.
Here are the two main reasons behind the 7% drop:
- A weaker ringgit
- A nearly 10% decline in the country’s benchmark stock index
This time, we are going to zero in to the profiles of the top 5 wealthiest Malaysians in 2020 and learn one or two things about their business outlook.
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.
Four of them are self-made billionaires and some started at a very junior position in their respective industries. While many of us may not aspire to be billionaires or to make it into the Forbes’ list, financial freedom would definitely be on the list.
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 $11.5 billion net worth, he is also #104 in Forbes’ Billionaires 2019.
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 96-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 $9.7 billion. Apart from being #2 in Forbes’ Malaysia’s 50 Richest 2020, he was also #149 in Forbes’ Billionaires 2019.
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 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 $5.9 billion making him #3 in Forbes’ Malaysia’s 50 Richest 2020 as well as #261 in Forbes’ Billionaires 2019.
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 is known to be a philanthropist and he keeps a low profile at all times.
4. Tan Sri Dr. Chen Lip Keong
“We try not to build monuments: We build jobs and contribute to socioeconomic development. We have contributed to tourism growth, raised the international investment profile, attracted FDI and are the biggest taxpayer in the country.”
Tan Sri Dr. Chen Lip Keong is the CEO of NagaCorp and has a net worth of $5.3 billion. NagaCorp is the parent company of NagaWorld which is a casino resort complex in Phnom Penh. The company is the largest casino resort in IndoChina, and is in the midst of developing a casino resort in Russia.
Apart from casinos, the self-made billionaire also ventures into property and energy sectors making him #4 in Forbes’ Malaysia’s 50 Richest 2020 and #355 in Forbes’ Billionaires 2019.
The 72-year-old businessman started out as a medical doctor after graduating from University Malaya and despite owning casinos, he doesn’t gamble.
5. Tan Sri Dato’ Sri Dr. 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.”
The founder and ex-Chairman of Public Bank Berhad, Tan Sri Dato’ Sri Teh Hong Piow is #5 in Forbes’ Malaysia’s 50 Richest 2020 and #233 in Forbes’ Billionaires 2019.
With a net worth of $4.85 billion, the banker started Public Bank in 1966 when he was 35 years old. He had since retired and is now non-executive chairman of the bank.
The 89-year old started as a clerk at the Oversea-Chinese Banking Corporation Ltd and had worked with Malayan Banking Berhad as a manager.