Numerous studies have discussed the political and economic history of Malaya with an emphasis on British economic exploitation, but with little focus on the economic exploitation of Malay rulers before the colonial era. This paper is a qualitative study exploring the economic exploitation of Malay rulers before the arrival of the British using content analysis of secondary data. The study finds that the exploitation of Malays started during the time of the Malay Sultanates when Arabs, Indians and Chinese arrived as traders and middlemen. The rulers of the pre-colonial era gave preference to foreigners over locals, and this practice confined locals to low-wage activities. The economic isolation was magnified during British rule and economic policy. After independence, the Malay economy improved due to the efforts of the nationalist political parties in implementing the New Economic Policy.