Malaysia’s tycoons just got a little bit poorer

From left: Robert Kuok, Quek Leng Chan, Teh Hong Piow and Ananda Krishnan

The wealth of Malaysia’s richest business tycoons kept falling for a second year in a row in US dollar terms amid a weaker ringgit and a continued decline in the country’s stock market, although there is no cause for concern that they will sink into poverty anytime soon.

According to Forbes Asia, the wealth of Malaysia’s 50 richest on the 2020 Forbes Malaysia Rich List fell seven percent to a collective $79 billion year-on-year.

Robert Kuok, who owns Kuok Group, which has interest in hotels, real estate and commodities, remained at the top spot of the list with a net worth of $11.5 billion. Forbes said the tycoon was among four individuals who saw their fortunes shrink by more than $1 billion in the past year.

Number two on the list was Hong Leong Group’s Quek Leng Chan, who added $300 million to his fortune of $9.7 billion, followed by Maxis Bhd.’s Ananda Krishnan with a net worth of $5.9 billion, down $300 million from the previous year.

Public Bank founder hit by nosediving share price

Hardest hit was Public Bank founder Teh Hong Piow, who slipped two spots from number three last year. His wealth saw a $1.85-billion decline since the previous list amid a 30-per cent drop in the bank’s shares.

Besides Kuok and Teh, Genting Group’s Lim Kok Thay (number seven on the list with $3.2 billion) and Hap Seng Group’s Lau Cho Kun (number ten on the list with $2.3 billion) also saw their wealth decline by more than $1 billion as their fortunes fell by $1.2 billion and $1.1 billion respectively.

AirAsia Group’s Tan Sri Tony Fernandes (number 41) and Datuk Kamarudin Meranun (number 43) saw their wealth decline shrink by a third to $335 million and $315 million, respectively.

“In all, 22 listees suffered a decline in their net worth from a year ago, but an equal number were modestly better off,” Forbes noted.

The ones that were better off include casino mogul 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 six per cent to $5.3 billion.

Hartalega Holdings Bhd’s Kuan Kam Hon took the ninth spot as his net worth grew $400 million to $2.8 billion.

There were five newcomers on the list, including brothers Lee Yeow Chor and Lee Yeow Seng at number six, who share a combined $4.8-billion legacy left by their father the late Lee Shin Cheng, as well as ViTrox Corp Bhd. founder Chu Jenn Weng (number 47, $280 million) and Mi Technovation Bhd.’s Oh Kuang Eng (number 50, $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.

From left: Robert Kuok, Quek Leng Chan, Teh Hong Piow and Ananda Krishnan The wealth of Malaysia’s richest business tycoons kept falling for a second year in a row in US dollar terms amid a weaker ringgit and a continued decline in the country’s stock market, although there is no cause for concern that they will sink into poverty anytime soon. According to Forbes Asia, the wealth of Malaysia’s 50 richest on the 2020 Forbes Malaysia Rich List fell seven percent to a collective $79 billion year-on-year. Robert Kuok, who owns Kuok Group, which has interest in hotels, real estate and commodities, remained...

From left: Robert Kuok, Quek Leng Chan, Teh Hong Piow and Ananda Krishnan

The wealth of Malaysia’s richest business tycoons kept falling for a second year in a row in US dollar terms amid a weaker ringgit and a continued decline in the country’s stock market, although there is no cause for concern that they will sink into poverty anytime soon.

According to Forbes Asia, the wealth of Malaysia’s 50 richest on the 2020 Forbes Malaysia Rich List fell seven percent to a collective $79 billion year-on-year.

Robert Kuok, who owns Kuok Group, which has interest in hotels, real estate and commodities, remained at the top spot of the list with a net worth of $11.5 billion. Forbes said the tycoon was among four individuals who saw their fortunes shrink by more than $1 billion in the past year.

Number two on the list was Hong Leong Group’s Quek Leng Chan, who added $300 million to his fortune of $9.7 billion, followed by Maxis Bhd.’s Ananda Krishnan with a net worth of $5.9 billion, down $300 million from the previous year.

Public Bank founder hit by nosediving share price

Hardest hit was Public Bank founder Teh Hong Piow, who slipped two spots from number three last year. His wealth saw a $1.85-billion decline since the previous list amid a 30-per cent drop in the bank’s shares.

Besides Kuok and Teh, Genting Group’s Lim Kok Thay (number seven on the list with $3.2 billion) and Hap Seng Group’s Lau Cho Kun (number ten on the list with $2.3 billion) also saw their wealth decline by more than $1 billion as their fortunes fell by $1.2 billion and $1.1 billion respectively.

AirAsia Group’s Tan Sri Tony Fernandes (number 41) and Datuk Kamarudin Meranun (number 43) saw their wealth decline shrink by a third to $335 million and $315 million, respectively.

“In all, 22 listees suffered a decline in their net worth from a year ago, but an equal number were modestly better off,” Forbes noted.

The ones that were better off include casino mogul 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 six per cent to $5.3 billion.

Hartalega Holdings Bhd’s Kuan Kam Hon took the ninth spot as his net worth grew $400 million to $2.8 billion.

There were five newcomers on the list, including brothers Lee Yeow Chor and Lee Yeow Seng at number six, who share a combined $4.8-billion legacy left by their father the late Lee Shin Cheng, as well as ViTrox Corp Bhd. founder Chu Jenn Weng (number 47, $280 million) and Mi Technovation Bhd.’s Oh Kuang Eng (number 50, $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.

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