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KUALA LUMPUR (March 5): Forbes Asia said the wealth of Malaysia’s 50 richest on the 2020 Forbes Malaysia Rich List fell for the second consecutive year amid a weaker ringgit and the decline in the FBM KLCI.
It said their collective worth of US$79 billion (RM329 billion) was down 7% year-on-year.
Robert Kuok Hock Nien remained at the top spot of the list with a net worth of US$11.5 billion. Forbes said the tycoon was among four individuals who saw their fortunes shrink by more than US$1 billion in the past year.
Number two on the list was Hong Leong Group’s Tan Sri Quek Leng Chan, who added US$300 million to his fortune of US$9.7 billion, followed by Maxis Bhd’s Ananda Krishnan with a net worth of US$5.9 billion, down US$300 million from the previous year.
It said the hardest hit was Public Bank founder Tan Sri Teh Hong Piow, who had slipped two spots from number three last year. His wealth saw a US$1.85 billion decline since the previous list, amid a 30% decline in the bank’s shares.
Besides Kuok and Teh, Genting Group’s Tan Sri Lim Kok Thay (number seven on the list, US$3.2 billion) and Hap Seng Group’s Tan Sri Lau Cho Kun (number 10 on the list, US$2.3 billion) also saw their wealth decline by more than US$1 billion as their fortunes fell by US$1.2 billion and US$1.1 billion respectively.
AirAsia Group’s Tan Sri Tony Fernandes (number 41) and Datuk Kamarudin Meranun (number 43) saw their fortunes shrink by a third to US$335 million and US$315 million respectively.
Both have relinquished their executive positions in the company for two months, starting February, amid a bribery probe in the UK concerning Airbus.
“In all, 22 listees suffered a decline in their net worth from a year ago, but an equal number were modestly better off,” said Forbes.
The ones that were better off include casino mogul Tan Sri Dr Chen Lip Keong, who took the fourth spot, as the booming growth at his NagaWorld casino complex in Cambodia helped push his net worth up 6% to US$5.3 billion.
Hartalega Holdings Bhd’s Kuan Kam Hon took the ninth spot as his net worth grew US$400 million to US$2.8 billion, from US$2.4 billion a year ago.
There were five newcomers on the list, including brothers Datuk Lee Yeow Chor and Lee Yeow Seng at number six, who share a combined US$4.8 billion legacy left by their father Lee Shin Cheng, as well as ViTrox Corp Bhd founder Chu Jenn Weng (number 47, US$280 million) and Mi Technovation Bhd’s Oh Kuang Eng (number 50, US$255 million).
Meanwhile, five individuals had dropped off the list, including Grab co-founder Anthony Tan, who is now a candidate for Singapore’s rich list given that he is a Singapore citizen.
Another person who did not make the cut was Eco World Development Bhd’s Datuk Leong Kok Wah.
