Malaysia’s 50 Richest 2022: Combined Wealth Declines To $80.5 Billion

Petronas Twin Towers at sunset, Kuala Lumpur, Malaysia.

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This story is part of Forbes' coverage of Malaysia’s Richest 2022. See the full list here.

Overcoming pandemic pains and the impact of flash floods in December, Malaysia’s economy grew 5% in the first quarter of 2022, buoyed partly by a recovery in domestic demand. While the stock market dipped slightly in the past 12 months, currency fluctuations saw the ringgit drop 6%. The combined wealth of Malaysia’s 50 richest was down 10% from a year ago to $80.5 billion.

Forbes Malaysia's Richest 2022

Forbes

Overall 30 tycoons saw their wealth decline, including Kuok group’s legendary founder Robert Kuok whose fortune fell 10% to $11 billion. Nonetheless the 98-year-old tycoon remained at No. 1, a position he has held for over two decades. There was no change in the top three ranks. With $10.1 billion Quek Leng Chan, Quek Leng Chan, chairman of Hong Leong Company (Malaysia), was the biggest gainer in dollar terms and consolidated his position as Malaysia’s second richest person. Koon Poh Keong and his siblings, who control aluminum giant Press Metal, remained in the third position with $6.2 billion, nearly flat from a year ago.

The country’s rubber glove makers, who were among last year’s biggest winners, faced a stark reality check. Demand for personal protective gear, which had ballooned in 2021, deflated as the pandemic abated, knocking down shares of their companies. Kuan Kam Hon of Hartalega Holdings and Top Glove’s Lim Wee Chai were down the most in dollar terms and slipped in the ranks below the top ten. The net worth of husband and wife Stanley Thai and Cheryl Tan of Supermax was down by more than two-thirds, the most in percentage terms. The collective wealth of this group of five, which includes Kossan Rubber Industries’ Lim Kuang Sia and Wong Teek Son of Riverstone Holdings, shrank more than $5.7 billion.

No. 2 Quek Leng Chang.

Goh Seng Chong, Bloomberg

Indonesia’s temporary ban on edible oil exports amid a drop in Malaysia’s palm oil production resulted in windfall gains for tycoons in that sector. The fortune shared by U.S.-educated brothers Lee Oi Hian and Hau Hian got a boost of more than a third as shares of Batu Kawan and its plantation subsidiary soared on rising profits. Ling Chiong Ho, one of two returnees this year, made a comeback to the list after a four-year gap as shares of Sarawak Oil Palm, the flagship of his Shin Yang group, rallied.

The March listing of dairy producer Farm Fresh propelled Loi Tuan Ee, who shares a $380 million fortune with two siblings, onto the list for the first time, making him this year’s sole newcomer. The company, which Loi and his brother Tuan Kin started in 2007 and which went on to get the backing of Malaysian sovereign wealth fund Khazanah Nasional, has five dairy farms in Malaysia and one in Australia.

The minimum net worth to make the list was $255 million down from $315 million last year. Three from last year dropped off.

Full Coverage of Malaysia’s Richest 2022:

Reporting by Jonathan Burgos, Gloria Haraito, Nicole Lindsay, Anis Shakirah Mohd Muslimin, Anuradha Raghunathan and Jessica Tan.

Methodology:

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Net worths were based on stock prices and exchange rates as of the close of markets on May 20, 2022. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.