Lee, now 62, ranked sixth on Forbes‘ Malaysia rich list in April with an estimated net worth of $6.7 billion, amassed through his flagship 99 Speedmart, one of the largest mini-mart chains in the country with 3,086 outlets as of March 31, 2026.
The business posted a net profit of RM614.2 million (US$151.4 million) on revenues of RM11.43 billion for the financial year ended Dec. 31, 2025, per its annual report.
But beyond his riches, the entrepreneur is also known in Malaysia as a prominent example of overcoming physical limitations in business.
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Lee Thiam Wah, CEO and executive director of 99 Speedmart. Photo from the company’s website |
Born in 1964 in Klang, a city in Malaysia’s Selangor state, Lee was one of 11 children raised by a construction worker father and a hawker mother.
Lee contracted polio at 8 months old and permanently lost the use of his legs. Because travelling to other schools was too difficult, his parents could only afford to give him six years of primary education.
With his parents occupied with earning a living and little time to look after him, Lee started his first venture, a roadside stall, where he spent his time selling snacks and reading books borrowed from neighbors.
“I have to help myself. Nobody would hire me due to my physical limitation,” he told Forbes in a 2010 interview.
From zero to 99
Living frugally, Lee set aside as much of his earnings from the stall as possible and, at the age of 23, used savings of RM17,000 to open a “mom and pop” sundry shop called Pasar Raya Hiap Hoe in 1987, according to the company’s website.
The venture gave Lee firsthand experience and insight into the sundry retail market through direct interactions with customers and suppliers.
He later sold the store and launched his first mini-mart in 1992, bearing the name Pasar Mini 99, and gradually expanded the business to eight outlets in Klang by 1998.
“For the first mini-mart we sacrificed margins on some products to sell at the lowest price and to gain market share,” Lee recalled in the Forbes interview. “This built our reputation.”
Where the chain could not undercut prices, it offered products in smaller sizes instead.
His wife Ng Lee Tieng joined the company as a purchasing executive in 1997 and has supported the growth of the business since.
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A 99 Speedmart outlet. Photo from the company’s website |
All outlets were later rebranded under the 99 Speedmart brand as part of an intensive expansion drive between 2000 and 2003.
“We chose the number 99 because it implies that even though we are not perfect, we still aim to offer our customers the best services and products we have at a competitive price,” he told The Star in 2017.
The less-than-perfect score, he added, also serves as a reminder that there is always room for improvement.
Meanwhile, the chain’s slogan, “Near n’ Save,” reflects its focus on convenience and easy access for consumers.
99 Speed Mart Retail Holdings went public in 2024, raising RM2.36 billion in what was then Malaysia’s largest IPO in seven years. The listing date, Sept. 9, appeared to be a symbolic reference to the brand name.
Based on the debut price of RM1.65 per share, Lee entered the ranks of billionaires with an estimated net worth of $3.4 billion.
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Lee Thiam Wah (fifth from left) at the public listing of 99 Speedmart in 2024. Photo from LinkedIn |
Lee, however, has downplayed his personal valuation, saying he was more pleased with the chain’s market debut and that he did not expect the listing to grow so quickly.
“I am looking at ways to be involved in other investments, but these investments won’t replace 99 as my primary business,” he told Bloomberg of his future plans shortly after the IPO. “My time and effort, a majority of it, will still go to 99.”
Besides the mini-mart chain, Lee’s investments include fast food chain Burger King’s franchise in Malaysia and Singapore, which was bought for RM74.6 million in 2015 through investment firm Newscape Capital, according to The Edge Malaysia.
He has also invested in Singapore’s U Stars Supermarket chain and diversified into banking, purchasing a stake in Malaysia’s Alliance Bank in 2023.
Lee has credited his paternal grandmother with inspiring him to take the first step into business and teaching him the values of life back when he was young.
“She told me, ‘You are only disabled physically, not mentally. You are smart and can still use your hands to do so much more. You will need to be independent and find a way to live or you will be left behind,’” he shared in the 2017 interview with The Star, adding that her words encouraged him to give his roadside venture a try.
For Lee, success has meant looking beyond the fact that he is in a wheelchair and received only six years of schooling.
“You have to be self-reliant,” he told Forbes in 2010. “Sure, you have to work harder than anyone else, but the knowledge you gained will build up your self-esteem.”
Source:e.vnexpress.net
