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Wednesday, April 17, 2024

The Yeoh are the top gainers on Forbes 2024 list of the richest Malaysians.

Forbes 2024 Malaysians Richest List: Tan Sri Francis Yeoh

The Yeoh are the top gainers on Forbes 2024 list of the richest Malaysians

Tan Sri Francis Yeoh and his siblings witnessed the largest growth in their personal fortunes, with a combined net worth that more than tripled to US$4.7bil over the last year, according to global media group Forbes' annual wealth rankings.

Following a deal with US tech giant Nvidia to create AI infrastructure at its data center park in Johor, shares of YTL Corp Bhd skyrocketed, propelling the Yeoh family to the seventh position on Forbes 2024 list of Malaysia's 50 Richest.

According to Refinitiv statistics, the Yeoh flagship company's share price has been climbing since late March 2023, increasing by almost 300% during that time for a market capitalization of RM28.73bil.

Forbes reported that Tan Sri Jeffrey Cheah of Sunway has more than doubled his wealth to US$2.4 billion, placing him in the Top 10 of the 2024 list.

In the real estate space, Lee Yeow Chor and Lee Yeow Seng of the IOI Group moved up to the fourth spot on the list with US$5.35bil in 2023 from US$4.6bil.

In the banking sector, the heirs of the late Tan Sri Teh Hong Piow, the renowned Public Bank executive, witnessed a minor increase in their total wealth, which now stands at US$5.4bil from US$5.3bil the year before.

The Teh siblings surpassed Tan Sri Koon Poh Keong and his siblings of Press Metal Aluminium, who were demoted to No. 5 with a net worth of US$5.3bil, down from US$5.8bil in 2023, due to decreased metal prices and demand.

Even if his wealth dropped by a pitiful US$300 million to US$11.5 billion in the last year, centenarian Robert Kuok managed to hold the title of richest businessman in Malaysia for a another year.

Tan Sri Quek Leng Chan (No. 2, US$8.8bil), Tan Sri Ananda Krishnan (No. 6, US$4.8bil), Tan Sri Lim Kok Thay (No. 9, US$2.2bil), and Chia Song Kun and family (No. 10, US$.18bil) completed the Forbes list of the top ten.

Regarding newcomers to the list, the Gnanalingam family debuted at No. 12 with US$1.6bil after the death of ports magnate Tan Sri G. Gnanalingam last July, while the Chen family debuted at No. 18 with US$1.1bil after inheriting the wealth of casino mogul Tan Sri Chen Lip Keong, who passed away in December.

According to Forbes, the combined wealth of Malaysia's 50 richest tycoons in 2024 increased by a meager 2% to US$83.4bil. The wealth is expressed in US dollars.

"A declining ringgit offset a 9% rise in Malaysia’s stock market since the fortunes of Malaysia’s richest tycoons were last measured," it stated in a statement.

The full list is available in the Forbes Asia April/May edition as well as at

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