Forbes Malaysia 50 Rich List 2021: Robert Kuok leads again with 21 other property tycoons

PETALING JAYA (June 3): The 22 property-related players featured in Forbes Malaysia 50 Rich List 2021 has a collective net worth of US$44.47 billion (RM183.4 billion), according to the latest Forbes Malaysia Rich List 2021 which was released today.

Four property developers are on the top ten richest list, with Kuok Group’s owner Tan Sri Robert Kuok (pictured) continuing his reign in the No 1 position with a net worth of US12.2 billion.

The 97-year-old patriarch, who presides over a property and commodities empire, has been the richest man in Malaysia for the past two decades.

The No 2 on the list is Tan Sri Quek Leng Chan with a net worth of US$9.6 billion. Quek is the co-founder of Hong Leong Group Malaysia and is currently the chairman and CEO. Besides the banking industry, Hong Leong Group also ventures into property development under its property arm of GuocoLand (Malaysia) Bhd.

The other two property tycoons in the top ten list are brothers Datuk Lee Yeow Chor and Lee Yeow Seng of IOI Group at sixth place with a net worth of US$4.9 billion.

Yeow Chor and Yeow Seng are the sons of the late Tan Sri Lee Shin Cheng, a business magnate and philanthropist who founded IOI Group - a conglomerate that focuses on palm oil plantation, property, retail and hospitality. Yeow Chor is the group managing director and chief executive of IOI Corp while Yeow Seng is the executive vice chairman of IOI Properties.

Tan Sri Chen Lip Keong, founder of Hong Kong-listed NagaCorp Ltd which owns and manages the largest hotel and gaming resort in IndoChina – NagaWorld takes the ninth place with a net worth of US$3.4 billion.

Collective net worth of Malaysia's richest rebound 14% yoy

Although the Forbes Malaysia Rich List has been declining for the past two years, the 2021 list saw the collective net worth amounting to US$90 billion, a rebound by 14% from US$79 billion in the previous year.

Malaysia wasn’t spared from the Covid-19 pandemic, the country’s economy has contracted 5.6% in 2020. The rising number of daily new cases in recent months and the reinstatement of movement control order (MCO) have added uncertainties to the economic recovery.

Nevertheless, some of the businesses have emerged as winners due to the pandemic, for instance, glove makers. Five of them feature among the 50 richest, with two, Kuan Kam Hon (No 7, US$3.8 billion) of Hartalega Holdings and Tan Sri Lim Wee Chai (No 8, US$3.5 billion) of Top Glove, ranked in the top ten.

Meanwhile, the pandemic took its toll on 19 listees, whose fortunes fell. Among the hardest hit were casino moguls Chen Lip Keong and Lim Kok Thay (No 11, US$2.55 billion). Seven from last year’s list dropped out, notably the AirAsia duo, Tony Fernandes and Kamarudin Meranun, as the ongoing pandemic dimmed hopes of a revival in air travel.