Malaysia's richest get richer, Forbes reveals

Billionaire Robert Kuok controls PPB, which is buying the stake in developer Hillcrest Gardens.

KUALA LUMPUR: Forbes' 2018 Malaysia Rich List showed the wealth of tycoons soar over the last year with 34 listees seeing an increase in their fortunes and six seeing a decline.

Forbes attributes the overall increase in wealth to a 6.6% rise in the Kuala Lumpur Composite Index over the past year and a 13.1% appreciation in the ringgit's value against the dollar. 

Robert Kuok remains Malaysia's richest man with a net worth of US$14.8bil. He was also the biggest dollar gainer, adding US$3.4bil to his wealth.

Quek Leng Chan comes in at second place with US$7.2bil, followed closely by Ananda Krishnan with US$7.1bil.

Gaming tycoon Chen Lip Keong, chief executive and majority shareholder of NagaCorp, came in at seventh place after seeing his fortunes double to US$3.3bil amid the rising tide of tourists to Cambodia, the country's low labour costs and Chen's tight controls on capital expenditures.

Forbes also noted that brothers Koon Poh Keong and Poh Ming at No 8 with a combined wealth of US$3bil are the year's biggest percentage gainers with a 186% jump from US$1.05bil in the previous year. 

AirAsia's Tony Fernandes (US$745mil) and Kamarudin Meranun (US$735mil) are also notable gainers on this year's list at No 30 and 31 respectively, with net worths that more than doubled.

Yong Pang Chaun, managing director of Padini Holdings (No. 39, US$430 mil), is among the eight newcomers this year.. The only woman to make the list this year is Norraesah Mohamad (No. 49, US$305mil) of My E.G. Services.