Forbes pins his net worth at US$2.4 billion, the bulk of which stems from his stakes in DRB-Hicom and flagship firm MMC Corporation. It ranked him as Malaysia’s 11th richest billionaire earlier this year.
Through those two firms and private investment company Puncak Semangat, the tycoon has control over several major firms in Malaysia, such as national automaker Proton, utility provider Gas Malaysia, and Bernas—the country’s sole licensed rice importer.
Another major firm is MMC Ports, Malaysia’s largest port operator with five ports strategically positioned along the Straits of Malacca, one of the world’s busiest maritime trade routes, according to Reuters. MMC Ports is planning to go public in Malaysia, a listing that could value the firm at up to $7 billion, according to a Bloomberg report last month.
Beyond that, his empire also stretches into defense, telecommunications, real estate, construction, banking and the media.
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Syed Mokhtar Albukhary. Photo courtesy of Albukhary Foundation |
The breadth of Syed Mokhtar’s business interests today stands in stark contrast to his humble beginnings. Born in 1951 in the Malaysian state of Kedah, he grew up in a modest household that struggled to make ends meet, according to Wealth and Society.
As a boy, he helped his father run a small cattle business, an experience that gave him an early taste of entrepreneurship. To help support his family, he left school early and started out by trading rice and providing logistics services.
But his breakthrough did not come until the 1990s, when he capitalized on Malaysia’s booming stock market by flipping stakes in listed companies. Those gains would eventually fund his first major venture: acquiring the Johor port from the state government.
He then secured federal approval to overhaul the port in 1996, pledging to turn it into a competitor to Singapore’s port. The port, called Tanjung Pelepas, was running by 2000, The Wall Street Journal reported. From there, he steadily built his empire into what it is today.
Reflecting on his journey, Syed Mokhtar once noted that while a high level of education is not a requirement for success, perseverance, discipline and hard work are.
The tycoon is known to have a straightforward approach to business, as he put it: “If I want to do something, I do it first and talk about it later.”
Part of Syed Mokhtar’s enduring success lies in his ability to forge and maintain longstanding ties with those in high places, such as former prime ministers Mahathir Mohamad and Muhyiddin Yassin, according to The Business Times.
He is also skilled at navigating and aligning with Malaysia’s shifting power dynamics over the decades. For instance, when Bernas came under fire in 2022 from Prime Minister Anwar Ibrahim over its rice import monopoly and its effect on padi farmers, the criticism was quelled after Syed Mokhtar pledged RM90 million (US$21.2 million) from the firm’s profits to support farmers. The move preserved his business position while appeasing government demands.
This knack has consistently helped him secure crucial concessions and stay dominant across sectors.
“He is keen to grow, others are not so keen. Sometimes, where other people do not want to go in (to a business venture), he is willing to go in,” Mahathir said of Syed Mokhtar in 2015.
Unlike many tycoons who embrace media attention and display their wealth, Syed Mokhtar keeps a notably low profile. He is known to rarely agree to interviews and avoid being photographed, as reported by the South China Morning Post.
When he was awarded the “Tan Sri” honorific by Malaysia’s king in 2000, he instructed his employees and associates not to publish customary congratulatory messages in local newspapers.
He also has a different taste than other high-flying tycoons, favoring simple open-collared shirts and tea with condensed milk at roadside cafés.
Syed Mokhtar is married to Sharifah Zarah, whose father, Syed Kechik, was a prominent political strategist in Malaysia’s Sabah state during the 1960s and 70s.
A gradual passing of the torch appears to be underway, as two of their children, Sharifah Sofia and Syed Danial, have recently taken on more prominent roles in the business empire.
Beyond his business empire, Syed Mokhtar has also made a name for himself through philanthropy.
Drawing from his own experience of growing up in hardship and leaving school early, he launched the Albukhary Scholarship Programme to help underprivileged Malaysian and international students access higher education free of charge.
He also established the Albukhary Foundation, a major non-profit organization that focuses on education, culture and social development. Among its key projects is Albukhary International University, a private non-profit institution founded in 2010 to give students from disadvantaged backgrounds access to tertiary education.
At the university’s first graduation ceremony in 2022, he encouraged scholarship recipients to extend the same generosity to others, Tatler Asia reported.
Citing his mother, he said: “Nothing is yours until you have given it away with all your heart in the hope that it will make someone’s life easier.”
