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This story is part of Forbes’ coverage of Malaysia’s Richest 2026. See the full list here.

The May 2025 listing of discount store chain Eco-Shop Marketing catapulted cofounder Lee Kar Whatt into the ranks of the country’s richest, where he debuts at No. 18 with a net worth of $1.5 billion. Modeled along the lines of dollar stores, Eco-Shop sells its household and other wares at a fixed price of either 2.6 or 2.8 ringgit through a network of over 400 stores across the country.

The company, built by Lee from a single, small-town outlet, says it aims to open at least 70 new stores every year until 2029, deploying part of the 974 million ringgit ($248 million) proceeds from the IPO to grow both retail and distribution coverage. Lee, who didn’t go to college, worked in building and shipping before starting a small construction company in 1994. In 2002, he jumped into retail with a brother, Lee Tiong Bin, and two other business partners.

Eco-Shop’s shares are up 13% since its IPO, bolstered by improved margins in its business. In the six months ended Nov. 30, net profit climbed 30% to 121 million ringgit on a 3% rise in revenue to 1.4 billion ringgit. Malaysia’s dollar-store segment “remains underpenetrated, offering a long runway for growth,” according to CEO Jessica Ng.