40 richest Malaysians worth RM236 bil

By Khairul Khalid

A list of Malaysia’s 40 richest individuals reveals a combined wealth of RM236 billion, according to a survey by Malaysian Business magazine.

The top five richest individuals in the list are Robert Kuok with an estimated wealth of RM41.3 billion, Ananda Krishnan (RM35.5 billion), Lim Kok Thay (RM25.3 billion), Quek Leng Chan (RM20.4 billion) and Teh Hong Piow (RM18.1 billion).

“Sugar King” Kuok has been at the top spot of the magazine’s 40 richest Malaysians list for the past 14 years, except in 2003 when he lost out to telecommunications magnate Ananda Krishnan.

The Malaysian Business top 40 richest Malaysians list is based on the value of the individuals’ stakes in listed companies as at January 16, 2015 and the latest combined wealth has increased 6.2% year-on-year (y-o-y).

Malaysian Business magazine attributes these individuals’ financial standing to the steady economic growth in the first three quarters of 2014.

However, the magazine adds that this year could be a test of the tycoons’ sustaining power given global and local economic uncertainties such as the slumping oil market.

The top ten is rounded up by Lee Shin Cheng with an estimated wealth of RM13.4 billion, Ong Beng Seng (RM6.6 billion), Syed Mokhtar Albukhary (RM5.2 billion), Tiong Hiew King (RM5.1 billion) and Lau Cho Kun (RM4.8 billion).

Tiong, Ong and Lau are newcomers to the top ten.

Sabah-born Ong Beng Seng, who is founder of Singapore’s Hotel Properties, leapfrogs from twelfth place last year. Rimbunan Hijau’s Tiong and Hap Seng’s Lau were eleventh and fourteenth respectively last year.

Syed Mokhtar Albukhary, who has taken five of his companies private in the past twelve months, retains his spot as the richest Bumiputera on the list despite his estimated wealth declining almost 50% to RM5.2 billion.

Five names who returned to the magazine’s top 40 richest Malaysians list this year are Sapura Group’s Shamsuddin Abdul Kadir, Tropicana Corporation’s Danny Tan, Pavilion REIT’s Desmond Lim and YTL Corporation’s Yeoh Soo Keng and Yeoh Soo Min.