Rich Malaysians Are Getting Richer Despite Economic Woes

Looks like they are doing really well.

Cover image via Forbes/SCMP

Most people may agree that the past year has been tough as the economy hit tumultuous times.

But it appears that most Malaysians tycoons have little to worry as they seemed unaffected by the economic turmoil and just got wealthier.

Image via NST Online

A Forbes report revealed that the richest people in Malaysia saw their fortunes rise despite tough times.

Robert Kuok, who is dubbed as the 'Sugar King of Asia', secured the top spot on the Forbes' Malaysia's 50 Richest list for the 12th consecutive year with a net worth of USD11.4 billion (RM50.7 billion). His net worth has gone up by USD1.4 billion, up from USD10 billion previously.

Next in the list is Tan Sri Quek Leng Chan with a net worth of USD6.8 billion (RM30.3 billion), up from USD5.3 billion last year.

The co-founder of the Hong Leong Group Malaysia grabbed the second spot from Tan Sri Ananda Krishnan.

Ananda dropped to the third rank as his wealth declined 12.2% to USD6.5 billion in the midst of uncertainties around his debt-laden Indian telecom firm Aircel and falling shares of his telecom outfit Maxis and oilfield-services-provider Bumi Armada.

Malaysia's Top 10 Richest People on Forbes list.

Image via Forbes

Who are the big winners?

How much did he gain? By 158% to USD1.6 billion net worth.
How did he do it? His expanding Cambodian casino builds links to China's tourism sector.

How much did he gain? By 145% to USD600 million net worth.
How did he do it? Firmer oil prices helped his business chartering helicopters to the oil-and-gas sector.

3. DAVID KONG a.k.a Kong Hon Kong (RANK No. 24)
How much did he gain? 10 spots up to USD700 million net worth.
How did he do it? He took his company private with a USD1.1 billion deal.

How much did he gain? From USD905million to USD1 billion net worth.
How did he do it? 10.5% gain in investor.

Who are the biggest losers?

Loh Kian Chong's (Rank No. 50) net worth fell by 24% and almost knocked him off the list.

Two other businessmen were relegated from the top 50 list namely palm oil tycoon, Freddy Lim Nyuk Sang, and 'Condom King', Goh Siang.

It is noted that the minimum net worth to make it on the list this year is USD210 million, an increase from last year's USD195 million

According to Forbes, the list was "compiled using information from the individuals, stock exchanges, analysts, private data bases, government agencies and other sources."

It is said that the net worths were based on stock prices and exchange rates as of the close of markets on 17 February.

Forbes also explained that private companies were valued by using financial ratios and other comparisons with similar publicly traded companies.

Visit Forbes' website for the full Malaysia's 50 Richest list.

Do you think it's surprising that most Malaysian tycoons are getting richer? Let us know your thoughts in the comment section below.

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