SINGAPORE – The collective wealth of figures on the Malaysia’s 50 Richest list by Forbes for 2023 edged up to US$81.6 billion (RM376.42 billion) from US$80.5 billion last year, despite a stock market dip.
“After rising 8.7% in 2022 on the back of a rebound in domestic consumer spending, Malaysia’s economy is expected to grow at a more moderate pace this year,” said Forbes Asia in a statement issued here today.
“Despite the country’s post-pandemic revival, the stock market fell 8.0% since fortunes were last measured and the ringgit was also down nearly 2.0%.”
In the latest list, business titan Tan Sri Robert Kuok, who will be a centenarian in October, remains Malaysia’s richest person, a position he has held for more than a quarter of a century.
Kuok, the biggest gainer in dollar terms this year, has US$11.8 billion in wealth, one of only two persons on the list worth more than US$10 billion.
The other is Tan Sri Quek Leng Chan, executive chair of the Malaysian arm of the privately held Hong Leong Group, who is at number two with US$10.2 billion.
“Overall, 19 fortunes were up and nearly half were down,” said Forbes Asia.
Despite being in the latter category, metals magnate Tan Sri Koon Poh Keong and his siblings remain third on the list.
Their combined wealth of US$5.8 billion is down nearly 7.0% from $6.2 billion last year, in line with a share-price fall for their company Press Metal Aluminium Holdings – Southeast Asia’s largest integrated aluminium producer – amid higher raw material and freight costs.
Among the big gainers on this year’s list are father-and-son duo Yaw Teck Seng and Chee Ming, who control timber giant Samling.
They surged to number 16 from 32nd last year as their wealth more than doubled to US$1.25 billion, on new information about their private assets.
Former mathematics teacher Chia Song Kun, executive chair of his family’s seafood firm QL Resources, returns to the ranks at 10th place with US$1.8 billion after a seven-year gap, gaining from a nearly 20.0% rise in the company’s shares and the inclusion of his broader family’s stakes.
“Two private equity-backed tycoons got a boost from landmark deals,” said Forbes Asia.
Tan Sri Syed Azman Syed Ibrahim, whose Weststar Aviation Services operates the second-largest offshore services helicopter fleet in Asia-Pacific, bought back investment firm KKR’s 21% stake and is now worth US$825 million, up 27% from last year, to sit 24th on the list.
The wealth of funeral services provider Nirvana Asia’s founder, Tan Sri David Kong – at number 23 with US$860 million – rose on the proposed sale by private equity firm CVC Capital Partners of its stake at an estimated valuation of US$2 billion.
The five new faces this year include property magnates Chiau Beng Teik at number 29 with US$665 million, founder of the Chin Hin Group; and Yu Kuan Chon at 39th with US$430 million, a medical doctor who runs his family’s YNH Property.
The other newcomers are Ong Soon Ho at number 32 with US$630 million, founder of agrochemicals group Hextar; and Goh Nan Kioh at 40th with US$425 million, who owns investment firm Mega First and has a stake in D&O Green Technologies, which makes light-emitting diodes for the automotive sector.
Forbes Asia noted that the minimum net worth to make the list was US$315 million, up from US$255 million last year.
Meanwhile, the list saw Tan Sri Ananda Krishnan of Maxis, whose net worth rose US$400 million to US$5.4 billion, taking fourth spot.
The fortune of Public Bank founder Tan Sri Teh Hong Piow, who died in December, is now listed under his children, the Teh siblings, at number five with US$5.2 billion.
The complete list can be found at www.forbes.com/malaysia, as well as in the June issue of Forbes Asia. – Bernama, June 1, 2023
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