Forbes Malaysia’s 50 Richest 2024: Who popped off, who dropped off?
Forbes released its inaugural “Malaysia’s 50 Richest” list on April 16, revealing that the combined wealth of the nation’s 50 richest was up by a modest 2% this year.
Most are familiar faces, but four newbies have joined the list this year. There are also some missing names which had made the cut last year.
Familiar faces
Some familiar faces didn’t budge at all from their positions on the previous year’s Forbes Malaysia’s 50 Richest list.
100-year-old business tycoon Robert Kuok continues to rank No.1 on the list with a net worth of US$11.5 billion.
Kuok, one of the world’s oldest billionaires, founded the Kuok Group 75 years ago in Johor Bahru as a modest business trading sugar, rice, and wheat flour, and built it into a thriving conglomerate.
He is also best known for founding the Shangri-La Hotels and Resorts chain in 1971.
Remaining at No.2 with US$8.8 billion is Quek Leng Chan, executive chairman of Hong Leong Group, who retained his ranking despite a dip in his net worth from US$10.2 billion last year.
He inherited part of his fortune from his father, one of three brothers who started a banking group in the 1920s.
Who popped off
According to Forbes, Francis Yeoh and his siblings saw the biggest increase in their personal fortunes among the 22 fortunes that were up this year.
They more than tripled their combined fortune to US$4.7 billion and jumped seven spots on the list to No.7.
Shares of their flagship YTL Corp Bhd, which partnered with US tech giant Nvidia to build AI infrastructure at its data centre park in Johor, have been on a roll.
Another notable gainer is property magnate Jeffrey Cheah, whose Sunway Group is betting on healthcare for future growth.
Cheah more than doubled his wealth to US$2.4 billion to enter the top 10 for the first time, sitting at No.8.
Other fortunes in the top five saw a reshuffle with the Teh siblings.
In banking, the heirs of the late Teh Hong Piow of Public Bank fame saw a slight gain in their combined wealth to US$5.4 billion from US$5.3 billion in the previous year. This puts them at No.3 in the list.
The Teh siblings overtook Press Metal Aluminium’s Koon Poh Keongand his siblings, who were bumped to No.5 with a net worth of US$5.3billion, down from US$5.8billion in 2023, amid weaker demand and prices for the metal.
In the property sector, IOI Group’s brothers Lee Yeow Chor and Lee Yeow Seng rose to fourth place on the list with US$5.35 billion from US$4.6 billion in 2023. This is the first time they made it into the top five.
Under the leadership of younger sibling Yeow Seng, IOI Properties has quietly built up its Singapore portfolio, Forbes shared. It’s now preparing to open a multibillion-dollar office complex in the city’s central business district.
There are also four newcomers in this year’s list, among them are two sets of heirs.
The Chen family came in at No.18 with US$1.1 billion after inheriting the wealth of casino tycoon Chen Lip Keong, who passed away in December.
The late Chen founded NagaWorld, which holds a casino licence in the Cambodian capital Phnom Penh running to 2065, with a guaranteed monopoly until 2035.
The other newcomer coming in at No.12 with US$1.6 billion is the heir of the Gnanalingam family, following the death of ports magnate G. Gnanalingam last July.
The Gnanalingam family gets the bulk of their wealth from a stake in Westports Holdings, one of three main port operators in the Strait of Malacca.
Lim Siow Jin, founder and executive chairman of DXN Holdings, a maker of traditional medicines and herbal products that he set up in 1995 in Malaysia, is also another new face in the list.
DXN manufactures its products in 10 factories across Malaysia, China, India, Indonesia, and Mexico.
Lim listed DXN in 2003 but took it private in 2011. In 2023, he relisted the company on Bursa Malaysia.
Co-founder of the NationGate Holdings, Ooi Eng Leong, is the final newcomer in this year’s list.
NationGate Holdings raised US$35 million from an IPO in 2023.
Dropped off
The minimum net worth to qualify for the list was US$320 million, up from US$315 million in 2023.
Three names from last year did not meet the cutoff, including property developer Yu Kuan Chon as shares of his YNH Property plummeted amid financial concerns.
Another missing name is Kong Choon Soon, who is the co-founder and managing director of United Overseas Australia (UOA).
He co-founded the company in 1971 and spearheaded its rapid growth in Malaysia and Vietnam through developing and running residential and commercial properties. UOA also operates hotels and restaurants.
The last person not making it to Forbes Malaysia’s 50 richest 2024 list is Steven Siaw Kok Tong who co-founded the electronics company ViTrox in 2000 with his former colleague at HP Malaysia.
ViTrox manufactures automated vision inspection equipment for the semiconductor and electronic packaging industries. Its net profit was up 18% and revenue rose to 10% in 2022 despite challenges in the global semiconductor industry.
- Read the complete list of Malaysia’s 50 Richest by Forbes here.
- Read other articles we’ve written about billionaires here.
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Featured Image Credit: Kuok Group, Sunway Group, and YTL Corporation / Robert Kuok, Jeffrey Cheah, and Francis Yeoh
They found accidental success making cake-shaped soaps, clients include S’porean gov
You’ve likely seen those “is it cake” challenges where bakers make hyper-realistic cakes. Now, here’s a Singaporean business that makes cake-looking items that aren’t cakes, but rather, soap.
Called Clean Folks Club, it was founded by friends Rebecca and Siyan. Bonding over a shared passion for business and creative endeavours, the two launched a fashion label straight out of university.
Unfortunately, the pandemic forced them to shutter their retail store. But rather than see this as a setback, the two considered it to be an opportune time to try something different.
“After years in the fashion industry, we were looking to pivot to something more sustainable and environmentally friendly,” they shared with Vulcan Post.
From that vision, the duo would end up finding their calling in solid soaps.
As someone with sensitive skin, Rebecca has long been restricted to using specialised body washes. However, these products often lack in scent and appeal, and sometimes even texture.
“This inspired us to explore the possibility of crafting an enjoyable product that is gentle on the skin and also able to enhance the shower experience,” the two shared.
They landed on solid soaps as a solution, as they are one of the easiest eco-friendly switch consumers can make.
With no experience making solid soaps, Rebecca and Siyan spent over a year doing intense R&D. During this time, they learnt about how soaps were made, how to formulate their own soap recipe, and how to tweak it to enhance different attributes of the soap.
After perfecting a soap recipe, they launched Clean Folks Club mid-2021.
Starting out, they focused on solid soaps as the main products, alongside a line of sugar body scrubs and body lotions that were also formulated in-house.
An accidental success
Initially, Rebecca and Siyan focused on art soap bars with arches and sunset designs, as well as basic bars tailored to specific skin needs. Wanting them to be recognisable, they didn’t veer too far from the standard shape and look of soap bars.
At the last minute, though, they decided to add two cake soaps to the line-up, a strawberry shortcake soap and a lavender mango soap.
“It was just supposed to be a fun thing created out of our love for desserts, and we thought why not include them,” the co-founders recalled. “We definitely did not expect them to completely sell out quickly and every time we restocked them.”
Recognising the potential, the duo decided to pivot in April 2023, scrapping the original range to fully embrace dessert-themed soaps.
With that, they launched a full line of six new cake soaps as well as a mix-and-match macaron soap set.
To celebrate National Day, Clean Folks Club also collaborated with a local perfumer to create limited-edition ice cream wafer soaps as well as Ang Ku Kueh soaps, complete with “authentic fillings” also made from soap.
These were well received, so much so that they added the Ang Ku Kueh soap to their permanent collection.
Another unique soap design are the Mahjong soaps, first launched two Lunar New Years ago. Siyan and Rebecca revealed that they didn’t have many expectations because they didn’t think people would want to gift soaps for the occasion.
“To our surprise, they sold out really quickly and we had to make a lot more than we expected to keep up with the demand,” they said.
With these successes, Clean Folks Club aims to expand their collection of heritage soaps. They’re already working on more local delicacies (perhaps a pandan waffle or tutu kueh) and are developing a technique to create a peranakan house soap bar.
Functional gifts
With how beautiful the soaps are, it’s no surprise that they’re primarily bought as gifts.
“When we meet people at fair/events in person, the general consensus is that they can’t bear to use it themselves but find them delightful gifts,” Rebecca and Siyan mused.
However, the duo does try encourage customers to use their soaps, highlighting the value of “creating small luxuries for oneself”.
“We would like to think we have convinced quite a few people to do that as we do have returning customers who purchase the soaps for themselves,” they said.
Aside from their usual offerings, custom orders are also a big part of Clean Folks Club’s business. This may be for personal events like parties and weddings, or corporate orders for door gifts or PR packages.
Some notable companies that Clean Folks Club has worked with include Uniqlo, Magnum, Discovery, Adobe, Lenskart, and homegrown brands such as Cheak and Lemuel Chocolate.
Last year, they even got an opportunity from a government agency to produce 1,000 pieces of their Ang Ku Kueh soaps.
“These soaps were selected to be included in a curated gift set representing Singapore, which was sent to countries all around the world, so that was very exciting and humbling to be part of,” they expressed.
A sustainable business in all aspects
When asked about the financial performance of their business, Rebecca and Siyan shared, “If you asked us this question in the first year, we would have told you that selling solid soaps is an uphill task and we’re unsure of the long-term financial viability.”
However, they now see the business more positively. Over the past year, they’ve been able to identify areas with potential for growth. The duo also said that they’ve had healthy profit margins, despite the increase in raw material costs.
For now, Clean Folks Club only has two staff members—Rebecca and Siyan themselves. Being a lean team, things can get overwhelming at times, especially during peak gifting seasons.
“During those periods, we often find ourselves putting in 12-hour days back-to-back and enlisting the help of friends and loved ones to manage the workload,” they said. “So we’re definitely hoping to expand our team this year to alleviate this.”
In any case, it’s not like the duo plans to turn their business into some highly corporatised business.
“We think CFC ultimately, being born out of the uncertainty of the pandemic and the burnout of hustle culture, was always meant to be a reminder for us to take things slow and is created out of a want to change things for the better, to embrace the small ordinary moments in life,” they explained.
“Our unofficial motto is ‘discover joy in the everyday’. So big ambitious plans like opening multiple chain stores or global expansion was never seen as an end goal.”
Rather, success for the two would be to balance supporting themselves in a sustainable way while continuing to mindfully create things and experiences that are delightful.
Also Read: Here’s how OCBC Business is making it easy for M’sian SMEs to offer cross-border QR payments
Featured Image Credit: Clean Folks Club
This doctor’s Cyberjaya clinic is also a preschool, here’s why this unique combo works
Working in the healthcare sector, Dr Rafiq has become all too familiar with stories of parents having to leave work as soon as their children catch a cold at their nursery or school.
“It’s a pity that some bosses may have bad impression on these parents,” Dr Rafiq pointed out.
This may be especially concerning because kids do not get ill just once or twice, but multiple times, during their toddler days.
“We think that this can be avoided by treating the child first (of course with the parents’ consent) without having the parent rush from work, disrupting their performance at work,” the doctor said.
That’s why Dr Rafiq and his business partner, Dr Qayyum, came together to start ORION Clinic, Preschool and Childcare Centre (Orion).
A concept that combines a healthcare clinic, a preschool, and a childcare centre under one roof, here’s how Orion works.
A three-in-one solution
Led by Dr Rafiq, Orion Clinic is the flagship healthcare facility that underpins the business. It offers a range of medical services, from routine check-ups to acute treatments.
Then there’s Orion Preschool, which is a licensed school under the Department of Social Welfare. It follows the structure of the National Syllabus, designed to promote children’s learning, development, engagement, and safety.
Following a Montessori-styled approach, the preschool also offers physical fitness, Mandarin, and Iqra’ classes to ensure holistic development.
Last but definitely not least is Orion Childcare Centre, which is a licensed childcare centre under the Department of Social Welfare.
Part of this is the nursery, which cares for infants as young as 12 weeks old.
But the main draw of the childcare centre and the pre-school is the fact that there are in-house doctors available. Specifically, Dr Qayyum is the in-house doctor cum principal who can immediately attend to students if they fall ill.
“By bringing together healthcare, preschool, and childcare services in one convenient location, Orion saves families valuable time and energy,” Dr Rafiq explained. “No more juggling multiple appointments and drop-offs.”
Balancing education and healthcare
Graduating in 2011, Dr Rafiq started his career as a doctor in Hospital Queen Elizabeth in Kota Kinabalu, Sabah. After that, he got transferred to a few other hospitals, and lastly, to Hospital Serdang.
In 2019, though, he decided to resign from government service to start his own practice.
“After almost nine years serving the government and harvesting knowledge and experience from the job, I think I was well-equipped enough to have my own private practice,” he said.
He decided to set up shop in Cyberjaya, which he felt didn’t have many clinics still at the time.
Together with Dr Qayyum, he came up with the idea to create a system where parents feel assured about their children’s safety and health.
Believing in his vision, Dr Rafiq borrowed money from his family as well as applied for a loan from Perbadanan Usahawan Nasional Berhad (PUNB). With about RM400k, he and Dr Qayyum started the clinic and the childcare centre.
The two of them, who both got their medical degrees from Moscow, Russia, are the only medical doctors in the establishment.
Joining them is a total of 15 teachers, who altogether cater to 59 students currently. The teacher-to-student ratio is as such:
- Infants: 1 to 2.25
- Toddlers: 1 to 4
- Preschool: 1 to 5
All school teachers and carers possess experience as an educator, Dr Rafiq assured.
While the school is Dr Qayyum’s domain, Dr Rafiq mans the clinic alongside six other staff members.
“They shouldn’t be worried about the kids being exposed to illnesses from the clinic as the clinic and the school are not interconnected,” Dr Rafiq clarified.
This is as the clinic is located on the ground floor while the school side of things is on the first floor. Kids who are unwell and need urgent medical attention will be brought to the clinic by the teachers to be examined and treated by the doctor.
A unique edge
The main money maker for Orion is the clinic, with 70% of the revenue coming from there, while the remainder is generated by the school.
For the preschool and childcare centre side of things, the pricing starts from RM1,200 per month.
This fee is inclusive of monthly check-ups in the school and gives parents 10% off for every treatment in the clinic. The child’s immediate family members also can enjoy the discount at the clinic.
Believing in the potential of their concept, Dr Rafiq shared that they do have ambitions to expand into other areas, particularly those with a population similar to Cyberjaya.
When I first heard about Orion, I was sceptical about whether they were able to properly balance healthcare and childcare.
Nowadays, young parents seem to care more than ever about early childhood development to ensure they’re setting their kids up for success.
As an example, in the same vicinity as Orion is HEI Schools Cyberjaya, which we visited earlier this year. Specialising in Finnish education, I’d say the University of Helsinki-backed pedagogy there is pretty attractive for parents.
However, Orion was founded by doctors, not educators. Are they truly equipped to teach children?
To that, they explained that Dr Qayyum, who is the principal, is focused on managing the school rather than teaching the children. The teaching and caregiving are left to the experts who do have the necessary qualifications and knowledge.
Where Dr Rafiq and Dr Qayyum shine is in the business and medical side of things, offering parents ease of mind with their wealth of medical expertise.
- Learn more about Orion Clinic, Preschool and Childcare Centre here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: Here’s how OCBC Business is making it easy for M’sian SMEs to offer cross-border QR payments
Featured Image Credit: Orion Clinic, Preschool and Childcare Centre
