Malaysia - Poorer rich Malaysians--no thanks to global crisis

The combined wealth of Malaysia’s 40 richest individuals declined this year as the global credit crisis and weak equity markets took a toll on them.

Malaysia’s 40 richest were collectively worth 193.2 billion ringgit (US$63 billion) as at Jan 20, 2012, a decrease of 7 per cent compared to 206.37 billion ringgit ($67 billion) a year ago, said Malaysian Business in its February 16 issue.

The local stock market remained lacklustre on the back of worries that the US economy may be heading for a double-dip recession and China for a hard landing as a result of the euro debt crisis, Malaysian Business said in a news release yesterday.

On the bright side, there were 30 billionaires this year – three more than last year.

Based on the value of stakes in listed companies as at January 20, Hong Kong-based Robert Kuok still tops the list at 45.7 billion ringgit ($14 billion) despite an 8-per cent drop in his fortunes.

T. Ananda Krishnan remains at second, narrowing the gap, however, with 42.99 billion ringgit ($14 billion). The tycoon’s wealth is down by about 6 per cent this year.

Public Bank’s Tan Sri Teh Hong Piow remains third with a fortune that has remained relatively intact at 12.64 billion ringgit ($4 billion), a 1-per cent decline from before.

Despite a 10.8-per cent drop in his worth to 11.36 billion ringgit ($3.7 billion), IOI Corporation Bhd’s Tan Sri Lee Shin Cheng maintains his fourth spot.

At fifth spot is bumiputra entrepreneur Tan Sri Syed Mokhtar Albukhary of the Albukhary Foundation, whose flagship is the DRB-Hicom Group. He saw his wealth grow by 8 per cent to 9.53 billion ringgit ($3.1 billion).

Hong Leong Malaysia’s Tan Sri Quek Leng Chan, who remains unchanged at number six, is valued 25 per cent less at 8 billion ringgit ($2.6 billion).

Genting Group’s Tan Sri Lim Kok Thay slips two rungs down to the seventh spot at 7.58 billion ringgit ($2.4 billion). His wealth is down by about 30 per cent.

His mother Puan Sri Lee Kim Hua, widow of Tan Sri Lim Goh Tong, returns to the number eight spot with a fortune estimated at 6.58 billion ringgit ($2.1 billion), down by some 11 per cent.

Tan Sri Tiong Hiew King of the Rimbunan Hijau Group and Singapore-domiciled tycoon Datuk Ong Beng Seng maintain their ninth and 10th spots, respectively.

Tiong’s wealth is estimated at 6.41 billion ringgit ($2.1 billion) while Ong’s soared by 23 per cent to 4.92 billion ringgit ($1.6 billion).

The three newcomers are Datuk A.K. Nathan of Eversendai Cor­poration Bhd and Ngau Boon Keat of Dialog Group Bhd, who both made it into the list for the first time, while Datuk Abdul Hamed Sepawi of Ta Ann Holdings Bhd returned after a lapse of four years.

Business Desk

The Star

Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.