Robert Kuok still Malaysia's richest man

Hong Kong-based Robert Kuok has maintained his position as Malaysia’s richest man with a wealth of RM45.7 billion, despite a 8.0 percent drop in his fortune, followed by T Ananda Krishnan and Public Bank’s Teh Hong Piow.

IOI Corporation Bhd’s Lee Shin Cheng maintained fourth spot while the richest bumiputera entrepreneur in the country is Syed Mokhtar Albukhary who came in fifth, according to Malaysian Business in a report on the 40 richest Malaysians.

Flamboyant AirAsia chief executive officer Tony Fernandes was ranked as the 15th most richest Malaysian with assets of RM1.77 billion.    

Malaysian Businesssaid the wealth of the top 40 richest Malaysians was based on the value of their stake in listed companies as at Jan 20, 2012.

Ananda narrowed the gap with Kuok with assets of RM42.99 billion, but it was down by about 6.0 percent this year, from 2011.

Teh had a fortune that has remained relatively intact at RM12.64 billion, a one percent decline from before.

Despite a 10.8 percent fall in his worth to RM11.36 billion, IOI Corp’s Lee Shin Cheng maintained his fourth position while Syed Mokhtar of the Albukhary Foundation - whose flagship is the DRB-Hicom Group - saw his wealth grow by 8.0 percent to RM9.53 billion.

Combined wealth declined this year

The publication said that the combined wealth of Malaysia’s 40 richest individuals declined this year as the global credit crisis and weak equity markets took a toll on them.

Malaysia’s 40 richest were collectively worth RM193.2 billion as at Jan 20, a decline of 7.0 percent compared with RM206.37 billion a year ago, said Malaysian Business in its Feb 16 issue.

On the bright side, there were 30 billionaires this year - three more than in 2011.

Hong Leong Malaysia’s Quek Leng Chan, unchanged at number six, is valued 25 percent less at RM8 billion.

Genting Group’s Lim Kok Thay slipped two rungs to the seventh perch at RM7.58 billion. His wealth is down by about 30 percent.

His mother, Lee Kim Hua, returns to the number eight spot with a fortune estimated at RM6.58 billion, down by some 11 percent.

Tiong Hiew King of the Rimbunan Hijau Group and Singapore-domiciled tycoon Ong Beng Seng maintained their ninth and tenth spots respectively.

Tiong’s wealth is estimated at RM6.41 billion while Ong’s soared by 23 percent to RM4.92 billion.

There were three newcomers to the list, including AK Nathan of Eversendai Corporation Bhd and Ngau Boon Keat of Dialog Group Bhd, who made it for the first time while Abdul Hamed Sepawi of Ta Ann Holdings Bhd returned after a lapse of four years.

The full list of the 40 tycoons and details of their wealth appears in the magazine. It also presents a list of the 10 richest tycoons on the ACE Market.

- Bernama