Speed Mart boss debuts on Forbes Malaysia’s rich list

Lee Thiam Wah, the boss of 99 Speed Mart, is one of three persons who have made it to Forbes Malaysia’s 50 Richest list for the first time. (File pic)

PETALING JAYA: 

The boss of a retail chain and a former police officer are among three new entrants to Malaysia’s 50 richest list.

With his wealth ballooning to US$3.5 billion (RM15.4 billion) upon the listing of 99 Speed Mart Holdings, founder Lee Thiam Wah debuted at number eight on the Forbes Malaysia’s 50 Richest list for 2025.

The shares of 99 Speed Mart, Malaysia’s largest retail chain by number of stores, made their debut on Bursa Malaysia at RM1.85 apiece on Sept 8, last year.

Another new entrant to the list is former police officer Tan Boon Hock, whose eye-watering wealth of US$490 million (RM2.16 billion) puts him at number 40 on the list.

Tan Boon Hock.

Tan’s portfolio includes a chain of laser eye surgery clinics and a company specialising in AI-powered traffic management systems, according to Forbes.

Also taking their spot on the list for the first time are the heirs of Ananda Krishnan. The reclusive Ananda, a frequent entrant on the list until his death in November last year at the age of 86, headed a telecom-to-energy empire, including payTV provider Astro, telecommunications giant Maxis and oilfield services provider Bumi Armada, among others.

His heirs, beneficiaries of his US$5.3 billion (RM23.3 billion) wealth, have made the list at number five.

Robert Kuok.

Head of an agribusiness-to-hotels empire Robert Kuok, who has a net worth of US$11.4 billion (RM50.3 billion), remains at number one on the list.

At 101, he is also the oldest person on the list, but age has not slowed him down. The Hong Kong-based tycoon already has plans for an ambitious data centre buildout in Johor, the Forbes statement said.

At number two is Quek Leng Chan, the man behind the Hong Leong banking, manufacturing, distribution, property and infrastructure development conglomerate.

His net worth rose US$1 billion (RM4.41 billion) from last year to US$11.4 billion (RM43.2 billion), thanks to robust sales at his family’s finance-to-food business.

The children of Public Bank founder Teh Hong Piow also saw their net worth rise, by 9% to US$5.9 billion (RM26 billion), helping them to retain their position at number three on the list.

Rounding up the top five are Koon Poh Keong, CEO of aluminium company Press Metal, and his siblings, who boosted their collective net worth to US$5.4 billion (RM23.8 billion), and Ananda Krishnan’s family.

The total wealth of Malaysia’s 50 richest rose to US$90 billion (RM397.1 billion) from US$83.4 billion (RM368 billion) last year.

Jeffrey Cheah, who heads the property and construction group Sunway, is one of 30 individuals who have increased their wealth in the past year.

Cheah, who makes the list at number nine, now has a net worth of US$3 billion (RM13.2 billion), up US$600 million (RM2.6 billion) thanks to rising share price of Sunway, which is planning to list its healthcare unit next year.

Pavilion Mall owner Desmond Lim, who had earlier dropped out, returned to the list this year with a net worth of US$420 million (RM1.8 billion), as Pavilion REIT reaps the benefit of higher rental.

He is at number 44 on the Forbes Malaysia 50 Richest list. - FMT