Wealth of Malaysia’s richest persons jumps 14pct in 2020
Despite Malaysia’s economy contracting 5.6 percent in 2020, the country’s richest persons saw a significant increase in their wealth after declining for two years.
Forbes Asia reported today that the collective wealth of the country’s top 50 richest people jumped 14 percent to US$90 billion (RM370 billion) in 2020 from US$79 billion (RM325 billion) in 2019.
Tycoon Robert Kuok (above) continued to top the list with a fortune worth US$12.2 billion (RM52.26 billion) followed by Hong Leong Bank...
Despite Malaysia’s economy contracting 5.6 percent in 2020, the country’s richest persons saw a significant increase in their wealth after declining for two years.
Forbes Asia reported today that the collective wealth of the country’s top 50 richest people jumped 14 percent to US$90 billion (RM370 billion) in 2020 from US$79 billion (RM325 billion) in 2019.
Tycoon Robert Kuok (above) continued to top the list with a fortune worth US$12.2 billion (RM52.26 billion) followed by Hong Leong Bank chairperson Quek Leng Chan at US$9.6 billion (RM39.55 billion).
Forbes Asia said Press Metal Aluminium Holding’s Koon Poh Keong, who shares a metals fortune with four siblings, was this year’s biggest dollar gainer.
The company’s shares were up as metal prices recovered, adding US$3.4 billion (RM14.01 billion) to their wealth and propelling Koon and his brothers to third place with a net worth of US$6.4 billion (RM26.37 billion).
Global demand for rubber gloves due to the Covid-19 pandemic has resulted in Hartlega founder and chairperson Kuan Kam Hon (US$3.8/RM15.66 billion) and Top Glove founder and executive chairperson Lim Wee Chai (US$3.5/RM14.42 billion) being listed in the top 10 richest at number seven and eight, respectively.
Brothers Tan Yu Yeh and Yu Wei of the home improvement chain, Mr DIY Group, are the richest newcomers, coming in at number 10 with US$2.7 billion (RM11.12 billion).
However, some have been adversely affected by the pandemic. Seven from last year’s list dropped out, including AirAsia’s Tony Fernandes and Kamarudin Meranun.
Casino mogul Chen Lip Keong fell from number six to number nine as his net worth declined from US$5 billion (RM20.6 billion) to US$3.4 billion (RM14.01 billion).
Genting Group’s Lim Kok Thay ranked 11th this year (US$2.55 billion/RM10.51 billion) compared to 2019 rank at number seven (US$4.4 billion/RM18.13 billion).
Forbes Asia said the minimum net worth to make the list this year was US$315 million (RM1.3 billion), up from US$255 million last year (RM1.05 billion).
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