Vincent Tan joins billionaires’ club, net worth US$1.3bil

KUALA LUMPUR: Berjaya Corporation Bhd chairman and chief executive officerTan Sri Vincent Tan Chee Yioun has joined Malaysia’s billionaires’ club with a net worth of nearly US$1.3bil (RM4.17bil), according to the latest ranking by Forbes Asia.

It said in a statement Thursday that Tan’s net worth of US$1.3bil, up nearly US$1bil from last year, which saw him moving up the billionaire’s list from 14th spot to ninth position.

“Tan’s company, Berjaya Corp, has bucked the trend with its stock price up nearly three-fold over the past 12 months,” it said.

Tan reigns over US$4bil combined sales network of enterprises spanning industries from gaming, to media, telecommunications, consumer products and retail, as well as real estate.

Forbes Asia said Malaysian tycoon Tan Sri Robert Kuok topped Malaysia’s rich list again as his net worth rose US$2.4bil over last year to US$10bil.

Kuok, 84, is involved in many businesses including Hong Kong property, media and palm oil giant Wilmar.

In second place was T. Ananda Krishnan, who heads Maxis Communications Bhd. His wealth declined by US$200mil to US$7.2bil.

IOI Corporation Bhd group executive chairman Tan Sri Lee Shin Cheng was in fourth place, with his wealth increasing US$1.6bil to US$5.5bil as share prices in IOI Corp and Wilmar soared.

“A net worth of only US$100mil was needed to make the list this year, down from US$127mil, despite that the ringgit gained 7% against the US dollar,” said Forbes Asia. The Kuala Lumpur Composite Index was off 5% in the past year, but had fallen 15% since mid-January.

Forbes Asia said the collective wealth of the top 40 was US$46bil, up US$3bil from last year. However, Kuok, Lee and Tan accounted for US$4.9bil collectively.