Robert Kuok Retains Top Spot On Malaysia S Rich List Wealth Of Glove Tycoons Plunges
Robert Kuok remains at the top of the list with a fortune of US$11bil, followed by Tan Sri Quek Leng Chan with US$10.1bil.
PETALING JAYA: The combined wealth of tycoons on the 2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago to US$80.5bil.
Overall, 30 tycoons on the list saw their wealth decline, according to a statement from Forbes Asia.
The collective wealth of the country’s five rubber glove tycoons took a nosedive, falling more than US$5.7bil.
Kuok group’s legendary founder Robert Kuok, held on to his long-standing No.1 spot though his fortune dropped to US$11bil from US$12.2bil last year.
Tan Sri Quek Leng Chan, chairman of Hong Leong Company (Malaysia), was the biggest gainer in dollar terms and consolidated his position as Malaysia’s second richest person with US$10.1bil. He added US$500 million to his net worth of US$9.6 billion last year.
Tan Sri Koon Poh Keong and his siblings, who control aluminium giant Press Metal Aluminium Holdings Bhd, remained in the third position with US$6.2bil, nearly flat from a year ago.
Public Bank founder and chairman Teh Hong Piow is at No 4 with a net worth of US$5.7bil and Ananda Krishnan at No 5 with a net worth of US$5bil.
Forbes Asia said Malaysia’s rubber glove makers, who were among last year’s biggest winners, faced a stark reality check.
Demand for personal protective gear deflated as the pandemic abated, knocking down shares of their companies.
The wealth of Kuan Kam Hon of Hartalega Holdings (No. 11, US$1.9bil) and Top Glove Corp Bhd executive chairman Tan Sri Lim Wee Chai (No.14, US$1.4bil) fell the most in dollar terms.
Supermax Corp Bhd Datuk Seri Stanley Thai and how wife Cheryl Tan(No. 45) saw the biggest percentage drop in their wealth, which shrank by more than two-thirds to US$340mil.
The collective wealth of this group of five, which includes Kossan Rubber Industries Bhd founder Tan Sri Lim Kuang Sia (No. 24, US$740mil) and Wong Teek Son of Riverstone Holdings Ltd (No. 30, US$565mil), was down more than US$5.7bil.
Forbes Asia noted that Indonesia’s temporary ban on edible oil exports amid a drop in Malaysia’s palm oil production resulted in windfall gains for tycoons in that sector.
The fortune shared by US-educated brothers Tan Sri Lee Oi Hian and Datuk Lee Hau Hian (No. 12, US$1.6bil) got a boost of more than a third as shares of their company Batu Kawan and its plantation subsidiary soared on rising profits.
Tan Sri Ling Chiong Ho (No. 36, US$425mi), one of two returnees this year, makes his comeback after a four-year gap as shares of Sarawak Oil Palm Bhd, the flagship of his Shin Yang group, rallied.
The March listing of dairy producer Farm Fresh propelled Loi Tuan Ee (No. 43), who shares a US$380mil fortune with two siblings, onto the list for the first time.
The company, which Loi and his brother Tuan Kin started in 2007 and which went on to get the backing of Khazanah Nasional Bhd, has five dairy farms in Malaysia and one in Australia.
The minimum net worth to make the list was US$255mil, down from US$315mil in 2021, Forbes said. The complete list can be found at www.forbes.com/malaysia, as well as in the June issue of Forbes Asia.
The top 10 richest in Malaysia are:
1) Robert Kuok; US$11bil
2) Tan Sri Quek Leng Chan; US$10.1bil
3) Tan Sri Koon Poh Keong & siblings; US$6.2bil
4) Tan Sri Teh Hong Piow; US$5.7bil
5) T. Ananda Krishnan; US$5bil
6) Datuk Lee Yeow Chor & Lee Yeow Seng; US$4.8bil
7) Tan Sri Chen Lip Keong; US$2.7bil
8) Tan Yu Yeh & Tan Yu Wei; US$2.4bil
9) Tan Sri Lim Kok Thay; US$2.35bil
10) Tan Sri Lau Cho Kun; US$2bil
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