[UPDATED] Cumulative wealth of M’sia’s 50 richest people fell 10%: Forbes

KUALA LUMPUR – The cumulative wealth of Malaysia’s 50 richest people on the 2022 Forbes list fell 10% from a year ago to US$80.5 billion (est. RM354 billion). 

In a statement today, Forbes said that 30 tycoons on the list saw their wealth decline, adding that the minimum net worth to earn a spot on the list was US$255 million, down from the US$315 million requirement last year. 

It noted that despite a drop in fortune from US$11 billion from US$12.2 billion last year, Kuok Group founder Tan Sri Robert Kuok managed to hang on to his long-standing spot at the top of the list. 

Behind him is Hong Leong Company (Malaysia) chairman Tan Sri Quek Leng Chan, who secured his position as the second richest Malaysian with US$10.1 billion and was the biggest profitter in dollar terms. 

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

Tan Sri Koon Poh Keong, who controls Press Metal Aluminium Holdings with his siblings, remained in third, with US$6.2 billion, nearly unvarying from a year ago.

Public Bank founder and chairman Tan Sri Teh Hong Piow (US$5.7 billion) and Tan Sri Ananda Krishnan (US$5 billion), whose stocks include shares in telecom company Maxis and oilfield services provider Bumi Armada, round up the top five individuals on the list. 

The top 10 richest in Malaysia are: 

Tan Sri Robert Kuok: US$11 billion

Tan Sri Quek Leng Chan: US$10.1 billion

Tan Sri Koon Poh Keong & siblings: US$6.2 billion

Tan Sri Teh Hong Piow: US$5.7 billion

Tan Sri Ananda Krishnan: US$5 billion

Datuk Lee Yeow Chor & Yeow Seng: US$4.8 billion

Tan Sri Chen Lip Keong: US$2.7 billion

Tan Yu Yeh & Yu Wei: US$2.4 billion

Tan Sri Lim Kok Thay: US$2.35 billion

Tan Sri Lau Cho Kun: US$2 billion

Besides that, Forbes said that Malaysia’s rubber glove makers, who were among last year’s biggest winners, “faced a stark reality check” as demand for personal protective equipment plummeted as the pandemic subsided.

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

Shrinking by more than two-thirds to US$340 million, husband and wife duo Stanley Thai and Cheryl Tan of Supermax (No.45) saw the biggest percentage drop in their wealth.

“The collective wealth of this group of five, including Kossan Rubber Industries’ Tan Sri Datuk 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,” it said.

On the flip side, it reported that Indonesia’s temporary ban on edible oil exports amid a decline in Malaysia’s palm oil production led to windfall gains for giants in the industry. 

The shared fortune between brothers Tan Sri Lee Oi Hian and Hau Hian (No.12, US$1.6 billion) got a boost of over a third as shares of their company Batu Kawan and its plantation subsidiary escalated on increasing profits. 

Shing Yang Group founder Tan Sri Datuk Ling Chiong Ho, one of the two returnees this year, made his comeback at No.36, with US$425 million after a four-year gap, thanks to a rise in shares of flagship Sarawak Oil Palm. 

The March profits of dairy producer Farm Fresh thrust Loi Tuan Ee, who shares a US$380 million fortune with two siblings, onto the list for the first time at No.43. 

Forbes also noted that the recovery of domestic demand saw the growth of Malaysia’s economy by 5% in the first quarter of 2022, in the face of struggles brought about by the Covid-19 pandemic and flash floods in December. 

“While the stock market dipped slightly in the past 12 months, currency fluctuations saw the ringgit drop 6%,” it said. 

It added that the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. 

“The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded,” it said, noting that net worth was based on stock prices and exchange rates as of the close of markets on May 20 this year. – The Vibes, June 9, 2022