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.

Ranking

Name

Company

Sector

Net worth (US$, billion)

1

Tan Sri Robert Kuok

Kuok Group

Palm oil plantation, shipping and property

12.2

2

Tan Sri Quek Leng Chan

Hong Leong Co (Malaysia)

banking, property

9.6

6

Datuk Lee Yeow Chor & Lee Yeow Seng

IOI Group

property

4.9

9

Tan Sri Chen Lip Keong

NagaCorp

casinos, property, energy

3.4

12

Lau Cho Jun

Hap Seng Consolidated

palm oil, property

2.2

15

Tan Sri Dr. Jeffrey Cheah

Sunway Group

property

1.35

16

Tan Sri Datuk Tiong Hiew King & family

Oregon Group, Media Chinese International and Rimbunan Hijau Group

Property development, media and forestry concessions

1.3

17

Tan Sri Datuk (Dr) Francis Yeoh & siblings

YTL Corp

construction, power, real estate

1.25

19

Tan Sri Lee Oi Hian & Datuk Lee Hau Hian

Batu Kawan Berhad

palm oil, chemicals, property

1.15

23

Lim Peng Cheong & Peng Jin

Scientex Berhad

packaging, property

0.94

24

Tan Sri Vincent Tan

Berjaya Corporation Berhad

retail, gaming, property

0.91

25

Tan Sri Ninian Mogan Lourdenadin

MBf Holdings

property, retail financial services

0.9

27

Tan Sri Lim Kang Hoo

Iskandar Waterfront Holdings, Ekovest

property

0.75

30

Tan Sri Danny Tan Chee Sing

Tropicana Corporation Berhad

property

0.6

33

Wen Chiu Chi

Selangor Properties Sdn Bhd

property

0.47

36

Kong Chong Soon

United Overseas Australia Ltd

property

0.45

43

Datuk Loh Kian Chong

Oriental Holdings

motor, vehicles, palm oil, property

0.37

44

Tan Sri Ong Leong Huat

OSK Property Holdings

property, construction, financial services

0.37

46

Tan Sri Yaw Tech Seng & Yaw Chee Ming

Samling Strategic Corporation

forestry, palm oil, property

0.36

47

Tan Sri Desmond Lim Siew Choon

Khuan Choo Group

property

0.35

48

Gooi Seong Lim

Crescendo Corporation Berhad

Property

0.34

50

Kong Pak Lim

United Overseas Australia Ltd

property

0.31

Click here for the detailed list of Forbes Malaysia Rich List 2021.

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