Malaysian super-rich's wealth down 10pct as Robert Kuok holds on to long-standing No.1

Malaysian super-rich's wealth down 10pct as Robert Kuok holds on to long-standing No.1

The combined wealth of tycoons on the 2022 Forbes list of Malaysia’s 50 richest falls 10 per cent from a year ago to US$80.5 billion as Kuok group’s legendary founder Robert Kuok held on to his long-standing No.1 spot.

KUALA LUMPUR: The combined wealth of tycoons on the 2022 Forbes list of Malaysia's 50 richest falls 10 per cent from a year ago to US$80.5 billion as Kuok group's legendary founder Robert Kuok held on to his long-standing No.1 spot.

Overall, 30 on the list saw Malaysian super rich's wealth decline amid the stock market dipped slightly in the past 12 months and currency fluctuations saw the ringgit drop 6.0 per cent, according to Forbes.

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

Kuok saw his fortune dropped to US$11 billion from US$12.2 billion last year.

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 US$10.1 billion.

He added US$500 million to his net worth of US$9.6 billion last year.

Tan Sri Koon Poh Keong and his siblings, who control aluminum giant Press Metal Aluminium Bhd remained in third position with US$6.2 billion, nearly flat from a year ago.

Rounding out the Top 5 are Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow (No. 4, US$5.7 billion) and Ananda Krishnan (No. 5, US$5 billion), whose holdings include stakes in telecom outfit Maxis Bhd and oilfield services provider Bumi Armada Bhd.

Malaysia's rubber glove makers, who were among last year's biggest winners, faced a stark reality check.

Demand for personal protective gear deflated as the pandemic abated, knocking down shares of their companies.

The wealth of Kuan Kam Hon of Hartalega Holdings Bhd (No. 11, US$1.9 billion) and Top Glove Corp Bhd's Tan Sri Lim Wee Chai (No. 14, US$1.4 billion) fell the most in dollar terms.

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

The collective wealth of this group of five, which includes Kossan Rubber Industries Bhd's Tan Sri Lim Kuang Sia (No. 24, US$740 million) and Wong Teek Son of Riverstone Holdings (No. 30, US$565 million), was down more than US$5.7 billion.

Forbes said Idonesia'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$1.6 billion) got a boost of more than a third as shares of their company Batu Kawan and its plantation subsidiary soared on rising profits.

Tan Sri Ling Chiong Ho (No. 36, US$425 million), 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$380 million fortune with two siblings, onto 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 Malaysian sovereign wealth fund Khazanah Nasional Bhd, has five dairy farms in Malaysia and one in Australia.

The minimum net worth to make the list was US$255 million, down from US$315 million in  2021.

https://www.nst.com.my/business/2022/06/803449/malaysian-super-richs-wealth-down-10pct-robert-kuok-holds-long-standing-no1%C2%A0