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.
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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.
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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