Forbes 50 Richest: Weak ringgit drags down Malaysian billionaires' wealth as IOI brothers go into top five for first time

Malay Mail
Malay Mail

KUALA LUMPUR, April 16 — The collective wealth of the 50 richest men in Malaysia rose by a mere 2 per cent to US$83.4 billion (RM398 billion) this year as a weak ringgit offset their local stock market fortunes, according to this year's list by business magazine Forbes.

Forbes Malaysia's 50 Richest 2024 released today showed that brothers Lee Yeow Chor and Yeow Seng from the IOI conglomerate went into the top five for the first time with a wealth of US$5.35 billion (RM25.5 billion).

Older brother Yeow Chor runs the family’s palm oil company IOI Corporation Bhd, while the younger Yeow Seng oversees IOI Properties Group Bhd.

Business mogul Tan Sri Robert Kuok, who turned 100 last October, continued to rank first with a net worth of US$11.5 billion (RM56 billion). Second on the list with US$8.8 billion (RM43 billion) was Tan Sri Quek Leng Chan, the executive chairman of the Hong Leong Group.