Combined wealth of Malaysia’s 50 riches up 2%

THE combined wealth of Malaysia's 50 wealthiest individuals stands at US$83.4 billion for the year, which is a two per cent increase from the year before.

This year's list, according to reports in Business Times, includes several property tycoons who have amassed fortunes through affordable housing sales and international ventures.

IOI Group's brothers Lee Yeow Chor and Yeow Seng made their debut among the top five wealthiest Malaysians, boasting a combined net worth of US$5.35 billion, as per Forbes. 

Surging seven spots is Tan Sri Francis Yeoh and his siblings, with their combined wealth more than tripled to US$4.7 billion.

Property mogul Tan Sri Jeffrey Cheah, renowned for Sunway Bhd's township developments across Malaysia, has also more than doubled his wealth to US$2.4 billion, claiming the eighth spot in the top 10 for the first time.

Tan Sri Ong Leong Huat, the executive chairman of OSK, has seen a 35 per cent increase in his net worth, now reaching US$560 million, according to Forbes.

Meanwhile, brothers Lim Peng Cheong and Lim Peng Jin, the major shareholders of packaging giant Scientex Bhd, witnessed a 20 per cent surge in their net worth, now standing at US$885 million. 

"The outlook for affordable housing in Malaysia is promising, given the persistent shortage," Scientex chief executive officer Lim Peng Jin told Forbes by email.

In its debut overseas ventures last year, Scientex collaborated with Jakarta-based Mustika Land and Japan's Creed Group to develop 400 affordable homes in West Java, Indonesia, with a gross development value of US$19 million. 

Additionally, it initiated a US$42 million joint venture in Thailand to construct 334 townhomes in Bangkok's Bang Na district alongside Creed and Thailand's Altitude Development.

A surge in home sales propelled Scientex's revenue to RM2.2 billion in the quarter ending January 2024, marking a 2.0 per cent rise.

Forbes reported that three individuals from last year's list did not meet the cutoff, which was slightly raised to US$320 million, including property developer Yu Kuan Chon, as shares of his YNH Property Bhd plummeted amid financial concerns. - The Vibes, April 18, 2024