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WEDNESDAY, October 05, 2022
nationthailand
Combined riches of Malaysian tycoons down 10%

Combined riches of Malaysian tycoons down 10%

FRIDAY, June 10, 2022

The combined wealth of tycoons on the 2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago to US$80.5bil (RM353.7bil)

Overall, the 30 tycoons on the list saw their wealth decline, according to a statement from Forbes Asia.

The collective wealth of the country’s five rubber glove tycoons took a nosedive, falling more than US$5.7bil (RM25.04bil) as the share prices of glove stocks return to pre-pandemic levels.

The Kuok Group founder Robert Kuok held on to his long-standing top spot in the richest list even though his fortune dropped to US$11bil (RM48.3bil) from US$12.2bil (RM53.6bil) last year.

Tan Sri Quek Leng Chan, chairman of Hong Leong Group, was the biggest gainer in dollar terms and consolidated his position as Malaysia’s second-richest person with a wealth of US$10.1bil (RM44.4bil).

He added US$500mil (RM2.2bil) to his net worth of US$9.6bil (RM42.2bil) last year.

Tan Sri Koon Poh Keong and his siblings, who control aluminium giant Press Metal Aluminium Holdings Bhd, remained in the third position with US$6.2bil (RM27.2bil), nearly flat from a year ago.

Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow is at No. 4 with a net worth of US$5.7bil (RM25.04bil) and Ananda Krishnan at fifth with a net worth of US$5bil (RM21.9bil).

Forbes Asia said Malaysia’s rubber glove makers, who were among last year’s biggest winners, faced a stark reality check.

The demand for personal protective gear sank as the pandemic abated, knocking down shares of their companies.

The wealth of Kuan Kam Hon of Hartalega Holdings Bhd (No. 11, US$1.9bil or RM8.3bil) and Top Glove Corp Bhd executive chairman Tan Sri Lim Wee Chai (No.14, US$1.4bil or RM6.2bil) fell the most in US dollar terms.

Supermax Corp Bhd Datuk Seri Stanley Thai and his wife Datin Seri Cheryl Tan (No. 45) saw the biggest percentage drop in their wealth, which shrank by more than two-thirds to US$340mil (RM1.5bil).

The collective wealth of this group of five, which includes Kossan Rubber Industries Bhd founder Tan Sri Lim Kuang Sia (No. 24, US$740mil or RM3.3bil) and Wong Teek Son of Riverstone Holdings Ltd (No. 30, US$565mil or RM2.5bil), dropped more than US$5.7bil (RM25.04bil).

Forbes Asia also noted that Indonesia’s temporary ban on edible oil exports amid a drop in Malaysia’s palm oil production had resulted in windfall gains for tycoons in that sector.

The fortune shared by US-educated brothers Tan Sri Lee Oi Hian and Datuk Lee Hau Hian (No. 12, US$1.6bil or RM7.03bil) got a boost of more than a third as shares of their company Batu Kawan Bhd and its plantation subsidiary Kuala Lumpur Kepong Bhd soared on rising profits.

Tan Sri Ling Chiong Ho (No. 36, US$425mil or RM1.9bil), one of two returnees this year, makes his comeback after a four-year gap as shares of Sarawak Oil Palm Bhd, the flagship of his Shin Yang group, rallied.

The March listing of dairy producer Farm Fresh propelled Loi Tuan Ee (No. 43), who shares a US$380mil (RM1.7bil) fortune with two siblings, into the list for the first time.

The company, which Loi and his brother Tuan Kin started in 2007 and which went on to get the backing of Khazanah Nasional Bhd, has five dairy farms in Malaysia and one in Australia.

The minimum net worth to make the list was US$255mil (RM1.12bil), down from US$315mil (RM1.4bil) in 2021, Forbes said.

The complete list can be found at www.forbes.com/malaysia as well as in the June issue of Forbes Asia.

The top 10 richest in Malaysia are:

1. Robert Kuok; US$11bil (RM48.3bil)

2. Tan Sri Quek Leng Chan; US$10.1bil (RM44.4bil)

3. Tan Sri Koon Poh Keong and siblings; US$6.2bil (RM27.3bil)

4. Tan Sri Teh Hong Piow; US$5.7bil (RM25.06bil)

5. T. Ananda Krishnan; US$5bil (RM21.9bil)

6. Datuk Lee Yeow Chor and Lee Yeow Seng; US$4.8bil (RM21.1bil)

7. Tan Sri Chen Lip Keong; US$2.7bil (RM11.9bil)

8. Tan Yu Yeh and Tan Yu Wei; US$2.4bil (RM10.6bil)

9. Tan Sri Lim Kok Thay; US$2.35bil (RM10.3bil)

10. Tan Sri Lau Cho Kun; US$2bil (RM8.8bil).

The Star

Asia News Network: The Nation (Thailand), The Korea Herald, The Straits Times (Singapore), China Daily, Jakarta Post, The Star and Sin Chew Daily (Malaysia), The Statesman (India), Philippine Daily Inquirer, Yomiuri Shimbun and The Japan News, Gogo Mongolia, Dawn (Pakistan), The Island (Sri Lanka), Kuensel (Bhutan), Kathmandu Post (Nepal), Daily Star (Bangladesh), Eleven Media (Myanmar), the Phnom Penh Post and Rasmei Kampuchea (Cambodia), The Borneo Bulletin (Brunei), Vietnam News, and Vientiane Times (Laos).

Combined riches of Malaysian tycoons down 10%