KUALA LUMPUR, April 16 — The collective wealth of Malaysia’s 50 richest individuals has surged by nearly 30 per cent over the past year, reaching a staggering US$116 billion (RM458 billion) as a buoyant economy and a flurry of stock market debuts bolstered the fortunes of the nation’s business elite.
According to the 2026 Forbes list of Malaysia’s 50 Richest, the total net worth of the group rose from US$90 billion last year, underpinned by a 5.2 per cent GDP expansion in 2025 and a strengthening ringgit.
The momentum was further fuelled by a vibrant IPO market that saw 60 new listings last year, creating significant value for founders and investors alike.
Business legend Robert Kuok, now 102, retains his long-standing position at the top of the list. His Kuok Group, which spans agribusiness, hospitality, and data centres, saw its valuation rise by 19 per cent to US$13.6 billion.
However, the most dramatic shifts occurred just below the top spot.
Koon Poh Keong and his siblings climbed to No. 2 for the first time, emerging as the year's biggest gainers in dollar terms. Their fortune soared 80 per cent to US$9.7 billion, driven by a 73 per cent jump in the share price of Press Metal Aluminium Holdings, Southeast Asia’s largest integrated aluminium smelter, following a global surge in metal prices.
The list also highlights the massive growth of Malaysia's retail sector. Lee Thiam Wah, the founder of the ubiquitous 99 Speed Mart minimart chain, saw his fortune nearly double to US$6.7 billion, placing him at No 6. His empire now exceeds 3,000 stores nationwide after adding 259 outlets in 2025 alone.
This retail boom was further evidenced by the debut of newcomer Lee Kar Whatt at No 18. The co-founder of the popular "dollar store" chain Eco-Shop Marketing entered the ranks with a net worth of US$1.5 billion following a successful public listing in May 2025.
Property and healthcare also played a pivotal role in the year’s wealth creation. Sunway Group founder Jeffrey Cheah saw his wealth balloon by 76 per cent to US5.3 biillion (No 8)) This growth was largely attributed to the spin-off of Sunway Healthcare in March 2026, which raised US$732 million in what was Malaysia’s largest IPO in nearly a decade.
The tech sector contributed to the list through returnee Chu Jenn Weng (No. 47), co-founder of ViTrox. His net worth reached US$565 million as shares of the automated inspection equipment maker rallied 84 per cent, riding the global wave of demand for AI-related semiconductor products.
The threshold for entry into this exclusive club has also risen significantly, with the minimum net worth required to make the top 50 now standing at US$422 million, up from US$335 million a year ago.
Malaysia’s top 10 richest
- Robert Kuok; US$13.6 billion
- Koon Poh Keong & siblings; US$9.7 billion
- Lee Yeow Chor & Yeow Seng; US$8.5 billion
- Teh siblings; US$7.7 billion
- Quek Leng Chan; US$7.5 billion
- Lee Thiam Wah; US$6.7 billion
- Krishnan family; US$6.5 billion
- Jeffrey Cheah; US$5.3 billion
- Francis Yeoh & siblings; US$4.1 billion
- Syed Mokhtar Albukhary; US$3.5 billion
