Wealth of Malaysia’s richest grew 11.7%

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Robert Kuok
Robert Kuok

The combined wealth of Malaysia’s 40 richest individuals surged to 217.82 billion ringgit ($66 billion) as of January 18, 2014 or 11.73 per cent, says Malaysian Business in its February 16 issue, adding that when it first started computing the wealth of Malaysia’s 40 richest individuals in 2002, their combined assets stood at 41.7 billion ringgit ($12.6 billion) and Robert Kuok Hock Nien came out on top.

Since then, 81 tycoons have joined the 40 Richest Malaysians list and 15 have managed to remain on it continuously.

“Overall, the steady increase of their wealth can be attributed to share market performance and price inflation, given that their wealth is largely based on their shareholdings. It is also reflective of the performance of their companies and Malaysia’s positive economic growth over the past 12 years,” Malaysian Business said.

This year, there are 33 billionaires, two more than last year, and 29 of the 40 in the list see their assets increasing from last year. Hong Kong-based Kuok tops the list again with 54.48 billion ringgit ($16.5 billion), an increase from last year’s 46.1 billion ringgit ($14 billion).

Ananda Krishnan maintains his second position where he has been since 2004, and his assets, held via Usaha Tegas Sdn Bhd, are worth 33.19 billion ringgit ($10 billion, an increase of 0.88 per cent from last year. Banker Tan Sri Teh Hong Piow of Public Bank keeps his third spot, which he has held for the past four years, with assets worth 18.07 billion ringgit ($5.5 billion)

Fourth on the list is Tan Sri Quek Leng Chan whose wealth, through his flagship Hong Leong Group and Guoco Group, is valued at 14.11 billion ringgit ($4.3 billion) this year.

At number five is Tan Sri Lee Shin Cheng of IOI Group who jumps from sixth position last year, replacing Tan Sri Syed Mokhtar Albukhary who falls to sixth. Lee’s wealth this year is 13.12 billion ringgit ($4 billion).

Genting Group’s chief Tan Sri Lim Kok Thay and his mother, Puan Sri Lee Kim Hua, maintain their seventh and eighth positions, respectively. Datuk Mokhzani Mahathir, through his vehicle SapuraKenchana Petroleum, is in ninth place. Rounding up the Top 10 list is prominent banker Tan Sri Azman Hashim, via Arab-Malaysian Corporation.

As in previous years, the wealth of the Top 40 was assessed based on the value of their stakes in listed companies as of January 18, 2014.

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Reading Time: 2 minutes

Robert Kuok

The combined wealth of Malaysia’s 40 richest individuals surged to 217.82 billion ringgit ($66 billion) as of January 18, 2014 or 11.73 per cent, says Malaysian Business in its February 16 issue, adding that when it first started computing the wealth of Malaysia’s 40 richest individuals in 2002, their combined assets stood at 41.7 billion ringgit ($12.6 billion) and Robert Kuok Hock Nien came out on top.

Reading Time: 2 minutes

Robert Kuok
Robert Kuok

The combined wealth of Malaysia’s 40 richest individuals surged to 217.82 billion ringgit ($66 billion) as of January 18, 2014 or 11.73 per cent, says Malaysian Business in its February 16 issue, adding that when it first started computing the wealth of Malaysia’s 40 richest individuals in 2002, their combined assets stood at 41.7 billion ringgit ($12.6 billion) and Robert Kuok Hock Nien came out on top.

Since then, 81 tycoons have joined the 40 Richest Malaysians list and 15 have managed to remain on it continuously.

“Overall, the steady increase of their wealth can be attributed to share market performance and price inflation, given that their wealth is largely based on their shareholdings. It is also reflective of the performance of their companies and Malaysia’s positive economic growth over the past 12 years,” Malaysian Business said.

This year, there are 33 billionaires, two more than last year, and 29 of the 40 in the list see their assets increasing from last year. Hong Kong-based Kuok tops the list again with 54.48 billion ringgit ($16.5 billion), an increase from last year’s 46.1 billion ringgit ($14 billion).

Ananda Krishnan maintains his second position where he has been since 2004, and his assets, held via Usaha Tegas Sdn Bhd, are worth 33.19 billion ringgit ($10 billion, an increase of 0.88 per cent from last year. Banker Tan Sri Teh Hong Piow of Public Bank keeps his third spot, which he has held for the past four years, with assets worth 18.07 billion ringgit ($5.5 billion)

Fourth on the list is Tan Sri Quek Leng Chan whose wealth, through his flagship Hong Leong Group and Guoco Group, is valued at 14.11 billion ringgit ($4.3 billion) this year.

At number five is Tan Sri Lee Shin Cheng of IOI Group who jumps from sixth position last year, replacing Tan Sri Syed Mokhtar Albukhary who falls to sixth. Lee’s wealth this year is 13.12 billion ringgit ($4 billion).

Genting Group’s chief Tan Sri Lim Kok Thay and his mother, Puan Sri Lee Kim Hua, maintain their seventh and eighth positions, respectively. Datuk Mokhzani Mahathir, through his vehicle SapuraKenchana Petroleum, is in ninth place. Rounding up the Top 10 list is prominent banker Tan Sri Azman Hashim, via Arab-Malaysian Corporation.

As in previous years, the wealth of the Top 40 was assessed based on the value of their stakes in listed companies as of January 18, 2014.

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