Forbes billionaires 2023: Here's Malaysia's top 5

KUALA LUMPUR: The collective wealth of tycoons on the 2023 Forbes list of Malaysia’s 50 Richest edged up to US$81.6 billion from US$80.5 billion last year.

This report is according to Forbes Asia, the Asian edition of international business magazine, recently unveiled its annual list of Malaysia's billionaires, shedding light on the remarkable wealth amassed by these individuals and their influential role in shaping the nation's economy.

With several notable names maintaining their positions and new entrants making a strong impact, Malaysia's billionaires continue to make headlines.

The combined net worth of the top 50 richest individuals in the country reached an astounding $123 billion, a substantial increase from the previous year.

Here are the top 5.

1. Tan Sri Robert Kuok

At the pinnacle of Malaysia's billionaire list stands Tan Sri Robert Kuok, with a remarkable net worth of US$11.8 billion (RM54.4 billion), as reported by Forbes.

Aged 99, he has secured his position as the country's wealthiest individual for the seventh consecutive year.

His success can be attributed, in large part, to his ventures in various industries, including palm oil, shipping and property.

As the founder-owner of the Kuok Group, he also holds the distinction of being the world's 155th richest person, as stated on the Forbes website.

2. Tan Sri Quek Leng Chan

Another prominent figure on the list is Tan Sri Quek Leng Chan, the executive chairman of the Hong Leong Group, with a net worth of US$10.2 billion (RM47 billion).

He received a portion of his wealth as an inheritance from his father, who was one of three brothers that established a banking group during the 1920s.

Ranked as the world's 179th richest person, Quek has amassed his wealth through his involvement in banking and property.

3. Tan Sri Koon Poh Keong

In third place is Tan Sri Koon Poh Keong, who shares a metals fortune with his four siblings.

Despite a 7% decrease in their combined fortune, now valued at US$6.2 billion (RM28.6 billion), due to a decline in shares of their company Press Metal Aluminium Holdings, their success story remains inspiring.

It all started when the brothers pooled $50,000 to establish an aluminum-extruding company during Malaysia's recession.

Today, Press Metal is Southeast Asia's largest integrated aluminum producer and competes with industry giants such as Rio Tinto and China's Aluminum Corp.

4. Tan Sri T. Ananda Krishnan

Tan Sri T. Ananda Krishnan, an esteemed Harvard Business School graduate and former oil trader, has claimed the fourth spot on the list with a notable increase in his fortune.

His net worth has risen by US$400 million (RM1.8 billion) to reach an impressive US$5.4 billion (RM24.9 billion).

The 85-year-old tycoon 's diverse portfolio includes substantial stakes in prominent companies such as telecom giant Maxis, media firm Astro Malaysia Holdings and oilfield services-provider Bumi Armada.

Ranked as the world's 511th richest person, he has accumulated his vast fortune through his involvement in multiple industries, notably telecoms, media, and oil services.

5. Teh siblings

Meanwhile, the revered founder of Public Bank Bhd, the late veteran banker Tan Sri Teh Hong Piow, has left behind a lasting legacy.

His fortune, now entrusted to his children, the Teh siblings, has secured them the fifth

spot on the prestigious Forbes Asia list, with a remarkable net worth of US$5.2 billion. (RM24.06 billion)

This marks the Teh siblings' maiden appearance on the Forbes Asia list, signifying their impressive entry into the realm of Malaysia's wealthiest individuals.

Diana Teh Li Shing, William Teh Lee Pang, Lillian Teh Li Ming, and Lillyn Teh Li Hua have stepped into their father's footsteps, building upon his successful ventures.

Public Bank Bhd, the institution founded by Tan Sri Teh Hong Piow, serves millions of customers not only in Malaysia but also across Cambodia, China, Hong Kong, Sri Lanka, and Vietnam.

The Teh siblings also hold a significant minority stake in the listed insurance business, LPI Capital.

As Malaysia continues its journey towards becoming a high-income nation, the remarkable achievements of its billionaires serve as a testament to the country's economic potential.

The complete list can be found at www.forbes.com/malaysia, as well as in the June issue of Forbes Asia.

The top 20 richest in Malaysia are:

1) Robert Kuok - RM54.4 billion

2) Tan Sri Quek Leng Chan - RM47 billion

3) Koon Poh Keong & siblings - RM28.6 billion

4) Ananda Krishnan - RM24.9 billion

5) Teh siblings - RM24.06 billion

6) Lee Yeow Chor & Yeow Seng - RM21.2 billion

7) Dr Chen Lip Keong - RM12.9 billion

8) Tan Sri Lim Kok Thay - RM10.6 billion

9) Tan Yu Yeh & Yu Wei - RM8.7 billion

10) Chia Song Kun - RM8.7 billion

11) Syed Mokthar AlBukhary – RM7.3 billion

12) Lau Cho Kun – RM6.9 billion

13) G. Gnanalingam – RM6.6 billion

14) Francis Yeoh & siblings – RM6.6 billion

15) Lee Oi Hean & Hau Hian – RM6.2 billion

16) Yaw Teck Seng & Chee Ming – RM5.7 billion

17) Kuan Kam Hon & family – RM5.5 billion

18) Jeffrey Cheah – RM5.3 billion

19) Lim Wee Chai – RM5 billion

20) Surin Upatkoon – RM450 million