SINGAPORE: Malaysia’s top 40 richest are worth US$51 billion, up from US$36 billion a year ago, and higher than the previous record of US$46 billion registered in 2008.
According to Forbes Asia in its Malaysia Rich List 2010 released today, their combined wealth has risen by 42 per cent, spurred by the country’s economic expansion.
The overall increase in wealth was also in line with the 32 per cent rise in the Kuala Lumpur Composite Index, and the Malaysian ringgit’s 11 per cent gain against the US dollar over the past 12 months, Forbes said.
Topping the rich list again is Tan Sri Robert Kuok who has held the pole position since 2006 when Forbes Asia began ranking the 40 richest Malaysians.
Forbes said the biggest gainer in dollar terms this year, the 86-year-old tycoon’s net worth increased to US$12 billion, a gain of US$3 billion over last year.
Top telecommunications tycoon Ananda Krishnan remains in second place with US$8.1 billion, an increase of US$1.1 billion from a year ago.
His Maxis Communications, Malaysia’s largest mobile phone service provider, went public last year and raised US$3.4 billion in the country’s largest-ever IPO.
Unchanged at third position is Tan Sri Lee Shin Cheng with US$4.6 billion, up from US$3.2 billion last year.
The 71-year-old heads IOI Group, one of the world’s leading operators of palm oil refineries. The company is reportedly investing US$300 million to expand.
Forbes said the top three tycoons were not the only ones who saw gains in their wealth, 27 others on the list also registered growth in their net worths, particularly notable is technology tycoon Goh Peng Ooi, ranked No. 16, who enjoyed the biggest percentage jump.
The top 10 richest and billionaires in Malaysia are:
1) Tan Sri Robert Kuok; US$12 billion
2) T. Ananda Krishnan; US$$8.1 billion
3) Tan Sri Lee Shin Cheng; US$4.6 billion
4) Puan Sri Lee Kim Hua; US$3.9 billion
5) Tan Sri Quek Leng Chan; US$3.85 billion
6) Tan Sri Teh Hong Piow; US$3.8 billion
7) Tan Sri Yeoh Tiong Lay; US$2.5 billion
Tan Sri Syed Mokhtar AlBukhary; US$1.7 billion
9) Tan Sri Vincent Tan; US$1.6 billion
10) Tan Sri Tiong Hiew King; US$1.2 billion
The full list of Malaysia’s richest can be found in the June 2010 issue of Forbes Asia, which is available on newsstands now.
– Bernama
Read more: Malaysia’s 40 richest wealth soars 42pc http://www.btimes.com.my/Current_News/BTIMES/articles/20100527151227/Article/index_html#ixzz0p85cPOrw
The fact is…
Crisis continually uplift “the richest” despite common norm believing that economy crisis will drag down their wealth. The “richest” always believe that the market will come back and not continuously sinking as what the middle and lower class perceive. The wealth of the rich grows stronger whenever crisis comes. What about you? Are you wealth still growing whenever crisis happens? I saw a lot of the middle and lower class always expecting a lower prices from the market especially property market. But will that happen? Of course it will but the problem is people surrounding us still expecting more that what the market can give. At the end, they keep waiting hoping for the opportunity which might not turn out. Like I always say waiting is a “cost”. And ‘buy and wait’ is definitely the best strategy in properties knowing the value hardly moving downwards whenever economy crisis happens.
Looking back in 2006 when I purchase my first pieces of land at Kudat from auctions. The land is facing main road and its about 16KM from Kudat town. I bought it for less than RM10K per acres and last week I came to know another owner next to me asking for RM72K per acre!! Yes that is almost 700% higher than my cost. Of course it’s not easy to sale at this price now but what about RM35K per acre? I think it will be grab by investors overnight. Yet I’m still getting 350% return over 5 years. This is what happen within myself (small investor) in property that generates 350% return. Imaging above billionaire’s investment involves billions of dollars and if they can double their money in a year, I think even if you hit jackpot every month also can’t catch them!! But the problem is can you hit jackpot every month consistently? Ask yourself.
At the end of the day, only time will “prove” how good is our decision today. Of course we can improve and minimize our investment risk through better understanding of the market. Again I would like to emphasize that “buy & wait’ is better way to accumulate your wealth. Happy Investing.
You cannot Grow Land… CK Wong & MY DAD
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Hi CK,
During the height of the financial crisis, some of the above top 10 big guns lost their wealth by 50 to 60 % such as Robert Kuok. Not only has he recovered but has make a USD 3 billions (compare to 2009) and USD 2 billions ( if compared to 2008). Infact Ananda Krishnan Came pretty close to the top position during his IPO of Maxis.
Both of them combined account for 44% of the top 40’s wealth.
In their eyes, there’s no bad time to invest. If the market up. They are happy. If the market down , they are even happier!
Cheers !
Azlan
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Wealth is a tricky thing, but the stats are very intriguing. It is interesting to see Malaysia’s rapid growth as a world economy. Thanks for the informative post. Cheers!
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