Jeffrey Cheah, Quek Leng Chan, and Syed Mokhtar AlBukhary—three Malaysian tycoons in property, finance, and infrastructure—recorded the biggest wealth gains among the country’s richest over the past year, adding a combined US$3.9 billion.
Jeffrey Cheah
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Jeffrey Cheah, chairman of conglomerate Sunway Group. Photo courtesy of the company |
Jeffrey Cheah, chairman of conglomerate Sunway Group, saw the biggest net worth gain in the list of 10 richest Malaysians with a $1.6 billion increase to $3.6 billion as of June 25, according to U.S. magazine
Forbes.
Cheah last year had a net worth of $2 billion, according to
Forbes’
global billionaire list published in April 2024.
The 80-year-old now ranks as the fifth richest person in the nation, and 1,039th globally.
Cheah’s career spans five decades as he grew a small tin-mining company into Sunway Group, a conglomerate with diverse interests in 12 industries including property, healthcare, education, and infrastructure.
The company’s healthcare arm operates three hospitals in Malaysia. Sunway also has stakes in credit reporting agency Credit Bureau Malaysia.
In February this year the group unveiled plans for a US$578 million infrastructure project located near the Singapore border in collaboration with Malaysia’s state-owned commuter rail operator MTR.
Cheah’s net worth has been skyrocketing since 2023 when he was estimated to own US$1.2 billion in wealth.
While Sunway Group shares have remained steady since the beginning of the year, some of its subsidiaries have enjoyed strong gains, including Sunway Construction Group with a 27% rise and Sunway Real Estate Investment Trust with a 16% hike.
Quek Leng Chan
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Quek Leng Chan, co-founder of financial firm Hong Leong Group. Photo by Wikipedia/Encik Tekateki |
Quek Leng Chan,
the second richest man in Malaysia, has seen his net worth rising US$1.3 billion this year to US$10.1 billion.
The 83-year-old chairman of Hong Leong, a privately owned company with investments in finance, food, and property, inherited part of his fortune from his father, who co-founded a banking group in the 1920s.
Quek’s cousin, Kwek Leng Beng, a fellow billionaire, chairs the Hong Leong Group in Singapore.
Among the companies associated with Hong Leong, Hong Leong Bank’s share has risen 3% year-on-year.
Syed Mokhtar AlBukhary
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Photo courtesy of AlBukhary Foundation. |
Syed Mokhtar AlBukhary, an infrastructure tycoon who is the 8th richest in Malaysia, has recorded a wealth increase of US$1 billion since last year to US$2.3 billion.
Syed began his career as a rice trader after leaving high school.
The 73-year-old’s biggest asset comes from MMC Corp, a utility and infrastructure conglomerate which he now owns after delisting and privatizing it in 2021. MMC operates seven ports in Malaysia, all located located along the Straits of Malacca, one of the world’s busiest shipping lanes.
MMC Corp also owns stakes in Malaysia’s largest independent power producer Malakoff Corp, and the country’s only supplier of reticulated natural gas in Peninsular Malaysia, Gas Malaysia, according to
Reuters
.
He also has stakes in DRB-Hicom, an automotive firm with interests in property and services.
Among the remaining billionaires in Malaysia’s top 10, the richest man Robert Kuok saw his net worth rising US$0.8 billion, while third-place Koon Poh Keong added $0.6 billion in wealth.
