Lee Thiam Wah, founder of the popular 99 Speedmart chain, has become one of Malaysia's wealthiest individuals with an estimated net worth of RM17.6 billion. This achievement places him among the country's prominent business leaders.
Lee Thiam Wah , the founder of Malaysia 's successful 99 Speedmart chain, has become one of the country's wealthiest individuals. According to the Nanyang Rich List, Lee ranks seventh with an estimated net worth of RM17.6 billion. This remarkable achievement places him among Malaysia 's prominent business leaders, comparable to Tan Sri Dr Jeffrey Cheah, the founder and chairman of Sunway Group, and Tan Sri Lim Kok Thay, the owner of Genting Bhd.
Lee's wealth surge is attributed to the initial public offering (IPO) of 99 Speedmart last year, in which he holds an 83% stake. His journey to success began humbly. Born in 1962, Lee contracted polio at the age of eight months, leaving him unable to walk and reliant on a wheelchair. Despite these challenges, his entrepreneurial spirit flourished. He started selling snacks outside his home in Jalan Kampar, Klang, and cultivated a passion for business fueled by reading books and magazines. Encouraged by his grandmother, he dreamt of helping his family and opening a retail store.In 1987, at 23 years old, Lee invested RM17,000 from his snack-selling ventures to establish his first retail store, Pasar Raya Hiap Hoe. Later, he sold the business for RM88,000 and ventured into a new mini-market called 'Pasar Mini 99'. The choice of '99' wasn't a pursuit of perfection but rather a reflection of his desire to provide the best service possible to everyone. Lee's business acumen extends beyond 99 Speedmart. He holds investments in various companies, including Burger King franchises in Malaysia, and is a significant individual shareholder in Alliance Bank Malaysia with a stake of around 5%. Today, 99 Speedmart boasts over 2,000 branches across Malaysia, employing over 10,000 people. In 2014, the company achieved a revenue of RM2.1 billion, solidifying its position as a retail powerhouse. The brand has garnered numerous awards and continues to be a prominent force in Malaysia's retail landscape
99 Speedmart Lee Thiam Wah Malaysia Wealthiest IPO Retail Business Success
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