The Forbes 2026 list of Malaysia’s 50 Richest reveals a significant surge in collective wealth, which jumped nearly 30% to a total of $116 billion. Malaysia’s tycoons had a legendary year. Driven by a 5.2% economic surge and a “beast mode” performance from the Ringgit, the collective wealth of the top 50 soared by nearly 30%. From old-school palm oil to the high-stakes world of AI data centers, here is who is leading the pack.
1. Robert Kuok
Robert Kuok started his career in business trading rice, sugar, and wheat flour in 1949 in Johor and has been a long-time resident of Hong Kong
- Rankings: #1 in Malaysia’s 50 Richest (2026) and #204 in the world’s billionaires list.
- Core Businesses: He owns the Kuok Group, which has massive interests in hotels, real estate and commodities. Notable brands include:
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Shangri-La Hotels and Resorts: Founded by Kuok in Singapore in 1971.
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Wilmar International: A major agribusiness group in which he holds a significant stake.
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Kerry Properties: A prominent Hong Kong-listed property developer.
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Next Generation Leadership:
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Beau Kuok (Eldest Son): Chairman of the Kuok Group.
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Kuok Khoon Hua (Youngest Son): Chairman and CEO of Kerry Properties.
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Kuok Meng Wei (Grandson): Leading the family’s strategic shift into AI data centers through K2 Strategic.
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- Education: Bachelor of Arts/Science, Raffles College
2. Koon Poh Keong & sibling’s Wealth
The five brothers launched the company in a rented factory in Puchong, near Kuala Lumpur.
- Ranking: #2 in Malaysia’s 50 Richest (2026).
- Source of Wealth: Aluminum; founders of Press Metal Aluminium Holdings.
- The Business: Press Metal is Southeast Asia’s largest integrated aluminum producer. It competes globally with giants like Rio Tinto and Aluminum Corp of China.
- Origins: The five brothers (Poh Keong, Poh Ming, Poh Weng, Poh Tat, and Poh Kong) started the company in 1986 in a rented factory in Puchong with just $50,000 during a Malaysian recession.
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Family Roles:
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Koon Poh Keong (Age 64): Group CEO.
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Koon Poh Ming: Executive Vice Chairman.
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Others: Poh Weng, Poh Tat, and Poh Kong serve as Executive Directors.
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Economic Drivers: A 73% surge in Press Metal’s shares was driven by robust aluminum prices, fueled specifically by the Electric Vehicle (EV) industry and AI data center infrastructure.
3. Lee Yeow Chor & Yeow Seng’s Wealth
The late Lee grew up on a rubber plantation where his father ran a Chinese food shop and Lee Yeow Seng is married to Yeo Bee Yin, Malaysia’s former environment minister.
- Ranking: #3 in Malaysia’s 50 Richest (2026).
- Source of Wealth: Palm oil and property; heirs to the IOI Group empire built by their late father, Lee Shin Cheng.
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Business Leadership:
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Lee Yeow Chor (Group Managing Director & CEO of IOI Corporation): He manages the palm oil and plantation side of the business and holds a law degree from King’s College London.
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Lee Yeow Seng (CEO of IOI Properties): He oversees the real estate and property development wing. Like his brother, he also studied law.
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- Wealth Catalyst: Their net worth saw a significant boost following a REIT (Real Estate Investment Trust) listing plan, which added billions to their valuation and propelled them three spots higher on the rich list.
- Personal Connection: Lee Yeow Seng is married to Yeo Bee Yin, who served as Malaysia’s Minister of Energy, Science, Technology, Environment, and Climate Change.
4. Teh Siblings
The siblings still own a sizable portion of Public Bank, which is still a mainstay of the Malaysian banking industry.
Their wealth is directly linked to the bank’s steady performance and substantial dividend payments, which make it one of the most valuable and dependable assets in the nation.
- Ranking: #4 in Malaysia’s 50 Richest (2026).
- Source of Wealth: Finance and Investments; primarily through Public Bank, one of Malaysia’s largest financial institutions.
- Legacy: Their father, Teh Hong Piow, founded Public Bank in 1966 and served as its chairman for several decades before passing away in December 2022 at the age of 92.
- Business Scope: Public Bank is a regional powerhouse, serving millions of customers in Malaysia, Cambodia, China, Hong Kong, Sri Lanka, and Vietnam.
- Recent Developments: In December 2024, Public Bank acquired the stake held by the family members in the investment holding company LPI Capital, signaling a major consolidation of the family’s financial assets.
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Family Members: The fortune is shared among the four siblings:
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William Teh Lee Pang
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Lillian Teh Li Ming
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Lillyn Teh Li Hua
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Diona Teh Li Shian
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5. Quek Leng Chan
Quek is 84 years old and is a British-trained lawyer (LLB from Middle Temple).
- Ranking: #5 in Malaysia’s 50 Richest (2026) and #501 in the world’s billionaires list.
- Source of Wealth: He oversees banking and property interests as the executive chairman of the privately held Hong Leong Co. (Malaysia).
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Business Empire: His conglomerate has significant interests in:
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Finance: Hong Leong Bank and Hong Leong Financial Group.
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Property: GuocoLand, which is highly active in both Malaysia and Singapore.
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Healthcare: Recently expanded through a $1.2 billion acquisition of Ramsay Sime Darby Healthcare in partnership with TPG.
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- Family Heritage: He inherited part of his fortune from his father, who was one of three brothers that started a banking group in the 1920s. His Singaporean cousin, Kwek Leng Beng, is also a billionaire and leads the Hong Leong Group in Singapore.
- Business Strategy: Although he typically operates silently, he has recently dominated the Singapore real estate market by consistently winning bids for prime residential sites.
Source: Forbes, Asia Tech Lens, Bernama, Public Bank Group