Following a robust 8.7% growth in 2022 attributed to a resurgence in domestic consumer spending, Malaysia's economy is anticipated to experience more moderate expansion in the current year. Despite the nation's post-pandemic recovery, the stock market witnessed an 8% decline since the last assessment of fortunes, and the ringgit depreciated by nearly 2%. Intriguingly, these fluctuations had no discernible impact on the aggregate wealth of Malaysia's 50 wealthiest individuals, which saw a marginal increase to reach $81.6 billion.
In the forthcoming list, we will delve into the details of the top 10 richest individuals in Malaysia for the year 2023, offering insights into their fortunes, business ventures, and the economic dynamics that influence their wealth.
Robert Kuok is the richest man in Malaysia with a net worth of $11.8 Billion.
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Malaysia’s 10 Richest People 2023
The hierarchical structure at the summit remains unaltered from the previous year's standings. Robert Kuok, a stalwart in the business realm who is set to celebrate his centenary in October, continues to hold the distinction of being Malaysia's wealthiest individual—a title he has maintained for over a quarter of a century. Remarkably, Kuok emerges as the most substantial gainer in dollar terms for the current year, boasting one of only two double-digit fortunes on the list, with a commanding wealth of $11.8 billion.
Quek Leng Chan, the executive chairman of the Malaysian division of the privately held Hong Leong Group, secures the second position on the list. Despite a marginal increase in his net worth to $10.2 billion, Quek Leng Chan retains his prominent status, holding one of the two coveted double-digit fortunes alongside Robert Kuok. This steadfast positioning reinforces the enduring influence and financial prowess of these two esteemed figures within the Malaysian business landscape. Here is the complete list:
| RANK | NAME | NET WORTH | INDUSTRY |
| 1 | Robert Kuok | $11.8 B | Diversified |
| 2 | Quek Leng Chan | $10.2 B | Diversified |
| 3 | Koon Poh Keong & siblings | $5.8 B | Manufacturing |
| 4 | Ananda Krishnan | $5.4 B | Telecom |
| 5 | Teh Siblings | $5.2 B | Finance & Investments |
| 6 | Lee Yeow Chor & Yeow Seng | $4.6 B | Food & Beverage |
| 7 | Chen Lip Keong | $2.8 B | Gambling & Casinos |
| 8 | Lim Kok Thay | $2.3 B | Gambling & Casinos |
| 9 | Tan Yu Yeh & Yu Wei & family | $1.9 B | Fashion & Retail |
| 10 | Chia Song Kun & family | $1.8 B | Food & Beverage |
In the broader scope, fortunes experienced a diverse trajectory, with 19 showing an increase while nearly half registered a decline. Notwithstanding a dip in wealth, metals magnate Koon Poh Keong and his siblings managed to retain their hold on the third position. Their collective fortune of $5.8 billion witnessed a decrease of almost 7% from the previous year, reflecting the downturn in shares of Press Metal Aluminium Holdings, Southeast Asia’s largest integrated aluminium producer. This decline can be attributed to heightened raw material and freight costs.
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The compilation of this list is derived from Forbes’ Malaysia’s 50 Richest 2023, drawing upon shareholding and financial information obtained from families and individuals, stock exchanges, annual reports, and analysts. The rankings encompass both individual and family fortunes, including those shared among relatives. Valuation of private companies was conducted based on comparable publicly traded entities. Net worths were determined using stock prices and exchange rates as of the market close on May 12, 2023, ensuring a comprehensive and up-to-date assessment of the wealth landscape.
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