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Rolling In The Dough: Richest People In Malaysia 2020

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Rolling In The Dough: Richest People In Malaysia 2020

The coronavirus outbreak, which hit hard on Malaysia’s already slowing economy, has taken a toll on its tycoons. The wealth of the countries 50 richest on the 2020 Forbes Malaysia Rich List fell for a second straight year. Thanks to a weaker Ringgit and an almost 10% decline within the country’s benchmark stock market index. Their collective net worth of US$79 billion is down 7% from a year ago. Here are the richest people in Malaysia 2020.

Richest people in Malaysia 2020

Here is the descending list of the richest people in Malaysia 2020. All information is provided by Forbes.

Richest people in Malaysia: Robert Kuok

1. Robert Kuok; $11.5 billion

Nonagenarian business legend Robert Kuok takes the top spot again with a net worth of $11.5 billion, a position he has held for over two decades. Kuok is among four listees whose wealth shrank by more than $1 billion in the past year.

Richest people in Malaysia: Quek Leng Chan

2. Quek Leng Chan; $9.7 billion

Retaining his spot on the list at No. 2 is Quek Leng Chan of Hong Leong group, who added $300 million to his fortune of $9.7 billion.

Richest people in Malaysia: Ananda Krishnan

3. Ananda Krishnan; $5.9 billion

Ananda Krishnan of Maxis takes the third spot with a net worth of $5.9 billion, down $300 million from the year before.

Richest people in Malaysia: Chen Lip Keong

4. Chen Lip Keong; $5.3 billion

Tan Sri Dr. Chen Lip Keong is an ethnic Chinese Malaysian businessman who is currently the 4th most richest person in the whole country of Malaysia. He is also the CEO of NagaCorp, which is the parent company of NagaWorld casino resort complex in Phnom Penh. The share price of Chen’s NagaCorp has nearly doubled since November 2017 when the Naga2 extension opened in Phnom Penh.

Richest men in Malaysia: Teh Hong Piow

5. Teh Hong Piow; $4.85 billion

The hardest-hit in dollar terms was banking tycoon Teh Hong Piow (No. 5, $4.85 billion). The founder of Public Bank saw his fortune buffeted by headwinds in Malaysia’s banking industry, slipping two spots from No. 3 last year. Teh saw $1.85 billion shaved off his wealth since the last list as shares in Public Bank, the country’s second-largest bank by market value, declined roughly 30%.

Richest men in Malaysia: Lee yeow chor and yeow seng

 

6. Lee Yeow Chor & Yeow Seng; $4.8 billion

Debuting at No. 6 are brothers Lee Yeow Chor and Lee Yeow Seng, who share a combined $4.8 billion legacy left by their father Lee Shin Cheng, the architect of the IOI palm oil and property empire, who passed away last June. They are one of the 5 newcomers on the Top 10 list of the richest people in Malaysia.

Lim Kok Thay

7. Lim Kok Thay; $3.2 billion

Tan Sri Lim Kok Thay is a Malaysian Chinese billionaire businessman. He is the chairman of Genting Group, a casinos, resorts and palm oil conglomerate with a market capitalization of almost US$40 billion, and the second son of fellow billionaire Lim Goh Tong, the company’s founder. His wealth this year fell by $1.2 billion this year due to the pandemic.

Richest men in Malaysia: Koon Poh Keong, Poh Ming & Poh Weng

8. Koon Poh Keong, Poh Ming & Poh Weng; $3 billion

Poh Keong is group CEO of aluminum company Press Metal while his brother Poh Ming is the executive vice chairman. He founded the company with his brothers by renting a factory in Puchong, Selangor, a state on the west coast of Peninsular Malaysia. Press Metal is Southeast Asia’s largest integrated aluminum producer. It competes with the likes of Rio Tinto and China’s Aluminum Corp.

Kuan Kam Hon

9. Kuan Kam Hon; $2.8 billion

Another notable gainer was Kuan Kam Hon (No. 9), who controls Hartalega Holdings, the world’s largest maker of nitrile gloves. His net worth grew $400 million to $2.8 billion, from $2.4 billion a year ago.

Lau Cho Kun

10. Lau Cho Kun; $2.3 billion

Lau Cho Kun is the largest shareholder in Hap Seng Consolidated, through holding company Gek Poh and investment arm Lei Shing Hong. The diversified firm has interests in real estate, plantations, credit financing, automotive, fertilizers trading and building material. Its plantation division is the largest producer of palm oil in Sabah, East Malaysia. His net worth plummeted a whopping amount of $1.1 billion this year.

Missing faces

Five from last year’s list are missing this year, most notably Grab co-founder Anthony Tan. With a lofty valuation of $14 billion, the ride-hailing decacorn has grown from its Malaysian roots to become a regional player headquartered in Singapore. Tan, a Singapore citizen, will therefore be a candidate for that country’s rich list. The four others who did not make the cut this year include Leong Kok Wah of property developer Eco World Development, who was affected by a glut of new property that depressed prices and market sentiment.

 

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