6. Teh Hong Piow – 3.5 billion
Teh Hong Piow Is the founder and Chairman of Public Bank Berhad in Malaysia. Teh is one of three individuals in Malaysia who are permitted to hold a stake of more than 10% in a domestic financial institution.
He began his banking career in 1950 as a Bank Clerk in Overseas-Chinese Banking Corporation Ltd and rose in rank to officer within five years. He joined Malayan Banking Berhad as Manager in 1960. Later in 1964, he was promoted to the position of General Manager at the young age of 34, then Founded Public Bank Berhad in 1965 and commencement of business operation in 1966. He has since overseen its evolution into a modern and integrated financial institution with a wide network of 259 domestic and two overseas branches.
One of Malaysia’s wealthiest businessmen, Piow obtained three degrees at the unaccredited Pacific Western University and two PhDs at Clayton University (also unaccredited) and University Malaya. His net worth is estimated by Forbes to be US$4.7 billion, making him the 223rd richest person in the world and the 5th richest in Malaysia.
Tan Sri Teh is currently the Chairman of Public Bank Group. He also holds leading positions in various organisations such as Public Foundation, Malaysia and LPI Capital Berhad, Malaysia (Group). On 1 January 2019, he had retired as a chairman but would continue to stay on as adviser to provide guidance and support the continued growth of Public Bank and the Public Bank group. Teh, who is also the non-executive chairman of the units – Public Islamic Bank Bhd (PIBB) and Public Investment Bank Bhd (PIVB) has retire as chairman on Jan 1, 2018. However, he will stay on as non-executive director.
Teh has been awarded around 45 awards during his career, including the award for ‘Greatest Malaysian Banker of All Time’ by the Asia Pacific Brands Foundation.