Slower economy, Covid-19 take toll on Malaysia’s 50 richest

Forbes said nonagenarian business legend Robert Kuok, with a net worth of US$11.5bil, remains at No. 1, a position he has held for over two decades.

KUALA LUMPUR: The combination of a slowing economy, Covid-19 coronavirus, weak ringgit and 10% slide in the FBM KLCI took a toll on Malaysia’s 50 richest, according to Forbes 50 Malaysia’s Richest list.

“Their collective net worth is US$79bil, down 7% from a year ago. (The surprise resignation of Prime Minister Mahathir in late February took the index down further after we had locked in net worths.), ” it said in its March edition.