Robert Kuok
Robert Kuok, owner of conglomerate Kuok Group, remains the richest man in Malaysia with a net worth of $14.1 billion, up $2 billion from March when Forbes compiled its annual list of the world’s top billionaires this year.
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Malaysian tycoon Robert Kuok attends a meeting in Fuzhou, Fujian province, China April, 18, 2005. Photo by China Daily via Reuters |
This means Kuok is now 5% away from returning to his peak wealth of $14.8 billion in 2018.
His wealth has been hovering around $11-12 billion for the last four years.
The 102-year-old has been the richest man in Malaysia for more than a fifth of his life.
Born in 1923 in Johor, Malaysia’s southernmost state, Kuok was the youngest of three brothers. His father, originally from China’s Fujian province, worked as a trader in agricultural commodities.
He inherited the family’s rice distribution business in 1948 along with his brothers and later diversified into commodities such as sugar and wheat flour after establishing the Kuok Group.
His business grew rapidly and he was said to have once commanded roughly 10% of the global sugar market, earning him the nickname of “Sugar King of Asia.”
The Kuok Group also includes Wilmar International, the world’s largest palm oil refiner, and the Shangri-La hotel chain. Kuok’s fortune is further supported by assets held through a network of companies, including Kuok (Singapore), Kuok Brothers in Malaysia and the Hong Kong-based Kerry Group.
Quek Leng Chan
In the second place is Quek Leng Chan with a net worth of $10.5 billion, up $600 million from March.
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Quek Leng Chan, co-founder of financial firm Hong Leong Group. Photo by Wikipedia/Encik Tekateki |
The 83-year-old chairman of Hong Leong Co., which has interests in finance, food and property, needs another $100 million to return to his peak wealth of $10.6 billion in 2022.
He inherited part of his fortune from his father, who co-founded a banking group in the 1920s.
Quek’s cousin, Kwek Leng Beng, a fellow billionaire, chairs the Hong Leong Group in Singapore.
Lee Thiam Wah
Retail tycoon Lee Thiam Wah, 61, who became a billionaire last year, has seen his wealth surging since March with $3.5 billion added, bringing the total to $7 billion.
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Lee Thiam Wah, founder and CEO, 99 Speedmart Retail Holdings. Photo courtesy of the company |
He is the founder and CEO of 99 Speed Mart Retail Holdings, Malaysia’s largest operator of mini-marts by number of stores.
The company went public on Bursa Malaysia in 2024, raising $532 million.
Lee opened his first shop in the port city of Klang in 1987, before selling it and founding the Pasar Mini 99 chain in 1992.
In 2000, he brought his expanding network of stores under the 99 Speedmart brand, which has since grown to nearly 2,700 outlets.
His son, Lee Yan Zhong, serves as his alternate director, while his wife, Ng Lee Tieng, is also a board member.
