Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#347 Quek Leng Chan $5.37B

Random fact: Ex-bodyguard awarded 50-times his salary for wrongful dismissal.

Overview

Quek controls Hong Leong Group Malaysia, a Kuala Lumpur-based conglomerate with interests in financial services, manufacturing, real estate and hotels. It has stakes in almost a dozen publicly traded companies, including property manager Guoco Group, insurer Hong Leong Financial and manufacturer Hong Leong Industries.

As of Oct. 17, 2017:
Last change +$18.0M (+0.3%)
YTD change +$1.22B (+29.6%)
Industry Diversified
Biggest asset 53 HK Equity
Citizenship Malaysia
Age 74
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Quek Leng Chan's net worth of $5.37B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Quek's fortune is derived from assets he controls through Kuala Lumpur, Malaysia-based Hong Leong Company (Malaysia). He owns almost half of the closely held holding company, according to an April 2014 filing made to Malaysia's company and accounting regulator. His billionaire cousin, Kwek Leng Beng, runs the group's operations in Singapore. 

Hong Leong Group's most valuable assets are a 36 percent stake in publicly traded Guoco Group and a 26 percent stake in Hong Leong Financial. Other stakes held through the Malaysian holding company include Southern Steel, investment company Hong Leong Industries, and cooking oil and flour maker Lam Soon Hong Kong.

The billionaire has a stake of about 5 percent in closely held Hong Leong Investment Holdings, through which he owns shares in the group's Singapore businesses run by his cousin, according to a December 2014 filing with Singapore's company and accounting regulator. Through Singapore-based Hong Leong Investment Holdings, Quek also owns City Developments, the city-state's second-largest developer, and Hong Leong Finance.

Quek has stakes in closely held real estate companies Hong Leong Holdings and Hong Realty, according to company filings. The valuations of those businesses are based on the average price-to-book value multiple of five publicly traded peer companies: City Developments, Bukit Sembawang Estates, Wing Tai Holdings, OUE and CapitaLand.

The value of his cash investments is based on an analysis of dividends, market performance, taxes and charitable contributions.

His spokeswoman Norlina Yunus said Quek declined to comment on his net worth.

Biography

Birthdate: 8/12/1943
Family: Unmarried, 3 children
Education: 11/1964, Victoria School, LLB

Quek's uncle, the late Kwek Hong Png, founded Hong Leong Group in Singapore in 1941. His uncle sent Quek, qualified as a barrister in England, to run Hong Leong's hardware-trading business in Malaysia in the early 1960s. He started building business and political alliances following Malaysia's separation from Singapore in 1965.

Quek bought Hong Kong-based Dao Heng Bank through the investment company Guoco Group in 1982. He sold the bank almost two decades later to Singapore's DBS Group Holdings for $5.4 billion. Former Finance Minister Anwar Ibrahim allowed Quek in 1993 to buy MUI Bank, which the billionaire then renamed Hong Leong Bank. He listed the company the following year. When Malaysia announced a plan to consolidate its 54 banks in 1999, it excluded Hong Leong from the original list of six "anchor banks" that would lead the new formation. Quek lobbied for his bank to spearhead a banking group instead of being swallowed by other rivals. He succeeded after former Prime Minister Mahathir Mohamad expanded the list of anchor banks to 10 from six, just before Malaysia's general election that year.

The cigar-smoking billionaire, who indulges in high-stakes gambling to unwind, gained control of Maidenhead, England-based gaming company Rank Group in 2011 through Guoco. Rank subsequently became Britain's biggest casino operator after it acquired 19 casinos from rival Gala Coral in 2013. Quek has failed in attempts to take Hong Kong-listed Guoco private, even after increasing an offer for the company in April 2013. Guoco controls Singapore-listed property developer Guocoland and GuocoLeisure, which owns hotels in the U.K., and has a 15 percent stake in Bank of East Asia, Hong Kong's largest family-run lender. His attempt to privatize investment bank Hong Leong Capital also proved unsuccessful in 2013, as shareholders chose to hold out for a better price.

Kok Sean, the billionaire's youngest son, was appointed to the board of Hong Leong Bank in 2006 as a non-executive director. He is the only one of Quek's three children to follow the billionaire into banking.

Milestones
  • 1965 Takes charge of Hong Leong's operations in Malaysia.
  • 1993 Acquires MUI Bank and renames it Hong Leong Bank.
  • 1994 Hong Leong Bank starts trading on the Kuala Lumpur stock exchange.
  • 2001 Guoco sells Dao Heng Bank to Singapore's DBS.
  • 2006 Youngest son, Quek Kon Sean, joins board of Hong Leong Bank.
  • 2011 Guoco gains control of gaming company Rank Group.
  • 2011 Hong Leong acquires EON Capital after court dismisses lawsuit blocking deal.
  • 2016 Steps down from position as chairman of Guoco Group