99 Speedmart's Lee Thiam Wah Is The Fourth-Richest Billionaire In Malaysia, Forbes Reports
His net worth rose significantly after his mini-market chain went public on 9 September last year.
By Yap Wan Xiang β 03 Apr 2025, 07:52 PM
99 Speedmart founder Lee Thiam Wah is the fourth-richest person in Malaysia, according to the Forbes 2025 Billionaires List
Lee is the latest Malaysian to join the list after his mini-market chain went public on 9 September last year, raising USD532 million (about RM2 billion) for the company in the process.
According to Forbes, the 61-year-old has a net worth of USD3.6 billion (about RM16 billion).
The business magazine reported that 99 Speed Mart Retail Holdings is Malaysia's largest operator of mini-marts by revenue.
Lee first ventured into the retail business in 1987, opening his first shop in Klang.
He later sold the shop and, in 1992, established the Pasar Mini 99 chain. By 2000, he had consolidated his growing network of stores under the 99 Speedmart brand, which has since expanded to nearly 2,700 outlets.
His family is also involved in the business, with his son, Lee Yan Zhong, serving as an alternate director and his wife, Ng Lee Tieng, holding a position on the board.
Robert Kuok remains the richest person in Malaysia on the list
At 101 years old, Robert Kuok boasts a net worth of USD12.1 billion (around RM53 billion), amassed through ventures in hotels, real estate, and commodities.
Following behind Kouk is Tan Sri Quek Leng Chan of Hong Leong Group, with a net worth of USD9.9 billion (about RM44 billion).
Below is the breakdown of the top 10 billionaires in Malaysia:
1. Robert Kuok of Kuok Group: USD12.1 billion
2. Quek Leng Chan of Hong Leong Group: USD9.9 billion
3. Koon Poh Keong of Press Metal: USD4.2 billion
4. Lee Thiam Wah of 99 Speedmart: USD3.7 billion
5. Jeffrey Cheah of Sunway Group: USD3.5 billion
6. Lee Yeow Chor of IOI Group: USD3.1 billion
7. Lee Yeow Seng of IOI Group: USD2.3 billion
8. Syed Mokhtar AlBukhary of DRB-HICOM and MMC: USD2.2 billion
9. Lim Kok Thay of Genting: USD1.8 billion
10. Kie Chie Wong of Fortescue Metals Group (in Australia): USD1.7 billion
