This is despite a dip in the stock market and the depreciation of the ringgit, Forbes said in a statement today.
Robert Kuok, founder of the Kuok group, held on to his long-standing No 1 spot with a fortune of US$11.8 billion.
Quek Leng Chan, chairman of Hong Leong Company (Malaysia), consolidated his position as the second richest Malaysian with US$10.2 billion.
Despite a drop in their fortune, Koon Poh Keong and his siblings, who control aluminium giant Press Metal, remained in third position with a combined wealth of US$5.8 billion, down from US$6.2 billion last year.
The net worth of Ananda Krishnan, whose holdings include stakes in telecommunications firm Maxis and oilfield services provider Bumi Armada, rose to US$5.4 billion to claim the fourth spot.
The children of Public Bank founder and chairman Teh Hong Piow, who died in December, rounded off the top five with US$5.2 billion.
The top 10 richest in Malaysia are:
- Robert Kuok (US$11.8 billion)
- Quek Leng Chan (US$10.2 billion)
- Koon Poh Keong & siblings (US$5.8 billion)
- Ananda Krishnan (US$5.4 billion)
- Teh siblings (US$5.2 billion)
- Lee Yeow Chor & Yeow Seng (US$4.6 billion)
- Chen Lip Keong (US$2.8 billion)
- Lim Kok Thay (US$2.3 billion)
- Tan Yu Yeh & Yu Wei (US$1.9 billion)
- Chia Song Kun (US$1.8 billion)
Forbes noted that after rising 8.7% last year on the back of a rebound in domestic consumer spending, Malaysia’s economy is expected to grow at a more moderate pace this year.
Despite a post-pandemic revival, the stock market fell 8% in the past 12 months while the ringgit dropped by nearly 2%.
Father-and-son duo Yaw Teck Seng and Che Ming, who control timber giant Samling, were among the big gainers in the past year. They jumped from No 32 to No 16 as their wealth more than doubled to US$1.25 billion.
Seafood firm QL Resources’ Chia Song Kun returned to the top 10 after a seven-year absence with a fortune of US$1.8 billion.
The wealth of Weststar Aviation Services’ Syed Azman Syed Ibrahim (No 24, US$825 million) and Nirvana Asia’s founder David Kong (No 23, US$860 million) experienced a major boost from landmark deals.
There were five new faces in the list – Chin Hin Group’s founder Chiau Beng Teik (No 29, US$662 million), YNH Property’s Yu Kuan Chon (No 39, US$430 million), Hextar’s founder Ong Soon Ho (No 32, US$630 million), Mega First’s Goh Nan Kioh (No 40, US$425 million), and the Teh siblings (No 5, US$5.2 billion) who are considered a new addition as the wealth of their father is now listed under them after his death.
Forbes said the 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, with net worth based on stock prices and exchange rates as of the close of markets on May 12.