SINGAPORE (June 3, 2021) – Tycoons on the 2021 Forbes Malaysia Rich List saw a rebound in their collective wealth as it rose 14% to nearly US$90 billion this year, after declining for two years. The complete list can be found here, as well as in the latest issue of Forbes Asia, available on newsstands now.
Malaysia’s pandemic-hit economy, which contracted 5.6% in 2020, was expected to get back on track this year. But the country is now grappling with a surge of Covid-19 cases. While the benchmark stock index was up a modest 2.5% since fortunes were last measured 15 months ago, the nation’s 50 richest saw their combined wealth increase to nearly US$90 billion, up from $79 billion a year ago.
This reversal of fortune can partly be attributed to the country’s dominant position as the medical glove maker to the world. In a pandemic year, as global demand for such protective gear increased significantly, Malaysian exports of rubber gloves doubled, boosting the wealth of the nation’s largest producers. Five of them feature among the 50 richest, with two, Kuan Kam Hon (No. 7, $3.8 billion) of Hartalega Holdings and Lim Wee Chai (No. 8, $3.5 billion) of Top Glove, ranked in the top ten.
Robert Kuok continues to top the list. The patriarch, who presides over a property and commodities empire, has a fortune of $12.2 billion and at age 97 is the oldest member of the list. Quek Leng Chan, second-generation head of the privately held Hong Leong group, remains at No. 2 with $9.6 billion.
Koon Poh Keong, who shares a metals fortune with four siblings, was this year’s biggest dollar gainer. Shares of their Press Metal Aluminium Holdings were up as the metal’s prices recovered, adding $3.4 billion to their wealth and propelling Koon and his brothers to third place with a net worth of $6.4 billion.
Returning to the list are Lim Kuang Sia (No. 14, $1.4 billion), who controls Kossan Rubber Industries with his siblings, and Stanley Thai (No. 20, $1.1 billion) who cofounded and runs Supermax Corp. with his wife Cheryl Tan.
There are five newcomers on this year’s list. Among them are brothers Tan Yu Yeh and Yu Wei of Mr D.I.Y. Group, a listed home improvement chain, who are the richest newcomers at No. 10 with $2.7 billion.
The other four new entrants are all based in Penang, a busy tech hub, which benefited from U.S.-China trade tensions as global companies sought to diversify supply chains. They are Tan Eng Kee (No. 22, $965 million), cofounder of Greatech Technology, a maker of factory automation equipment; Ng Chai Eng (No. 37, $450 million) and Lau Chee Kheong (No. 38, $445 million), cofounders of engineering services firm UWC and Steven Siaw Kok Teng (No. 49, $325 million), cofounder of ViTrox, a maker of high-precision machine inspection systems.
However, the pandemic took its toll on 19 listees, whose fortunes fell. Among the hardest hit were casino moguls Chen Lip Keong (No. 9, $3.4 billion) and Lim Kok Thay (No. 11, $2.55 billion). Seven from last year’s list dropped out, notably the AirAsia duo, Tony Fernandes and Kamarudin Meranun, as the ongoing pandemic dimmed hopes of a revival in travel.
The minimum net worth to make the list this year was $315 million, up from $255 million last year.
The top 10 richest in Malaysia are:
- Robert Kuok; US$12.2 billion
- Quek Leng Chan; $9.6 billion
- Koon Poh Keong & siblings; $6.4 billion
- Ananda Krishnan; $5.8 billion
- Teh Hong Piow; $5.5 billion
- Lee Yeow Chor & Yeow Seng; $4.9 billion
- Kuan Kam Hon; $3.8 billion
- Lim Wee Chai; $3.5 billion
- Chen Lip Keong; $3.4 billion
- Tan Yu Yeh & Yu Wei; $2.7 billion
The list was compiled using information from analysts, government agencies, the individuals, private databases, stock exchanges and other sources. Net worth estimates are based on stock prices and exchange rates as of the close of markets on May 17. Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies. Fortunes often include assets owned by other family members. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/malaysia .
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