PETALING JAYA: Tan Sri Robert Kuok remains the richest man in Malaysia with a net worth of US$12.8 billion (RM52.2 billion) despite a fall in his wealth by US$2 billion, according to Forbes Asia.
Overall, 30 tycoons on the 2019 Forbes Malaysia Rich List saw their wealth shrink while only 11 enjoyed gains.
Tan Sri Quek Leng Chan of Hong Leong (Malaysia) added US$2.2 billion to his wealth and remains at the second spot with a net worth of US$9.4 billion.
Tan Sri Teh Hong Piow of Public Bank Bhd gained US$700 million, rising one spot to No. 3 this year with a net worth of US$6.7 billion.
Ananda Krishnan, who comes in at at No. 4 with US$6.2 billion, saw his net worth down by US$900 million after shares in Bumi Armada Bhd fell 78% in the year to March 1.
Tan Sri Lee Shin Cheng of IOI Corp Bhd and IOI Properties Bhd takes the fifth spot on the list, as his wealth fell US$200 million to US$5.4 billion.
Wong Thean Soon (No. 48) suffered the biggest loss on the list in percentage terms as his net worth plunged 63% to US$280 million as shares of his company MyEG Services Bhd, which provides online access to government services, were hit after last year’s general election on the perception that it was linked too closely to the outgoing government.
Other tycoons who saw their wealth fall include Tan Sri Syed Mokhtar AlBukhary who maintains his ranking at No. 12 despite a US$200 million decline in wealth to US$1.7 billion. Shares of his infrastructure-linked firms fell amid an ongoing review of Malaysia’s mega infrastructure projects.
Another tycoon who suffered a setback was Genting Bhd chairman Tan Sri Lim Kok Thay (No. 7, US$4.4 billion) as his fortune fell US$300 million.
Worth noting is that Serba Dinamik Holdings Bhd director Abdul Kadier Sahib enters the list for the first time at No. 49 with a net worth of US$275 million.
The minimum net worth to make the list this year is US$250 million, down from US$300 million last year.