Forbes: Rich Malaysians get richer

  • Nation
  • Thursday, 03 Mar 2011

SINGAPORE: The 40 wealthiest Malaysians are worth US$62.1bil (RM186.3bil), up by US$11.1bil (RM33.3bil) compared with last year, according to the latest rich list published by Forbes Asia.

In a statement Thursday, Forbes Asia said the combined wealth was almost 22 percent more than the list in 2010.

“The better coffers come on the back of the country’s healthy economy which grew 7.2 per cent last year, the highest rate since 2000,” it said.

The first two spots were still occupied by Robert Kuok Hock Nien and Ananda Krishnan, respectively.

Kuok, 87, has held the pole position since 2006 when Forbes Asia began ranking the 40 richest Malaysians.

He is worth US$12.5bil, up by half a billion from last year.

His biggest source of wealth is his stake in Wilmar International, the world’s largest listed palm oil company.

Ananda, 72, is at No. 2 with US$9.5bil, up from US$8.1bil last year.

His Maxis Communications Bhd is Malaysia’s biggest cellphone service provider.

Recently he took three of his companies private: satellite broadcaster Astro All Asia Networks plc, power and gambling company Tanjong plc, and satellite operator Measat Global Bhd.

At No. 3 is this year’s biggest gainer in dollar terms, Puan Sri Lee Kim Hua.

The 81-year-old widow of casino magnate Tan Sri Lim Goh Tong, she is one of three women on the list this year.

Her Genting shares took off when the company’s Singapore operations on Sentosa Island opened, boosting the family’s net worth by US$2.7bil to $6.6bil from a year ago.

Tan Sri Lee Shin Cheng, who built IOI Group into one of the world’s biggest palm oil producers, is down one spot at No. 4 with a net worth of $5bil, up by US$400mil from last year.

AirAsia Bhd’s Datuk Seri Tony Fernandes, budget airline pioneer and Forbes Asia’s 2010 Businessman of the Year, is ranked No. 20 this year, down one spot from last year despite his wealth increasing to US$470mil from $330mil last year.

The only newcomer this year is Chia Song Kun at No. 24 with US$400mil.

The share price of his QL Resources Bhd, the seafood, egg production and palm oil company, has doubled since last year. Datuk Tony Tiah Thee Kian at No. 35 is the only returnee to the list after a year’s absence as stocks in his TA Enterprise Bhd has recovered. He is worth $170mil.

Not all did well as there were three this year who saw their wealth reduced, led by Tan Sri Vincent Tan Chee Yioun at No. 9.

The self-made entrepreneur, who runs Berjaya Group, saw his wealth decline to $1.25bil from $1.6bil last year.

Timber tycoon Tan Sri Tiong Hiew King was the only person who did not see any change to his wealth. He is still worth $1.2 billion and is ranked No. 10 on the list.

This year, a minimum net worth of US$125mil was needed to qualify for the list, up from $110mil last year. The number of billionaires on the list remains unchanged from last year at 10. There are six octogenarians on the list this year.

The oldest, at 88, is widow Puan Sri Chong Chook Yew who comes in at No. 29 with a wealth of US$300mil.

Stocks in her company, Selangor Properties Bhd, hit a three-year high in January this year on news of a possible mass transit development near one of the company’s land banks.

This pushed her wealth up by US$70mil from last year.

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