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Saturday, February 18, 2012

Poorer rich Malaysians — no thanks to global crisis

KUALA LUMPUR: The combined wealth of Malaysia’s 40 richest individuals declined this year as the global credit crisis and weak equity markets took a toll on them.

Malaysia’s 40 richest were collectively worth RM193.2bil as at Jan 20, 2012, a decrease of 7% compared to RM206.37bil a year ago, said Malaysian Business in its Feb 16 issue.

The local stock market remained lacklustre on the back of worries that the US economy may be heading for a double-dip recession and China for a hard landing as a result of the euro debt crisis, Malaysian Business said in a news release yesterday.

On the bright side, there were 30 billionaires this year – three more than last year.

Based on the value of stakes in listed companies as at Jan 20, Hong Kong-based Robert Kuok still tops the list at RM45.7bil despite an 8% drop in his fortunes.

T. Ananda Krishnan remains at second, narrowing the gap, however, with RM42.99bil. The tycoon’s wealth is down by about 6% this year.

Public Bank’s Tan Sri Teh Hong Piow remains third with a fortune that has remained relatively intact at RM12.64bil, a 1% decline from before.

Despite a 10.8% drop in his worth to RM11.36bil, IOI Corporation Bhd’s Tan Sri Lee Shin Cheng maintains his fourth spot.

At fifth spot is bumiputra entrepreneur Tan Sri Syed Mokhtar Albukhary of the Albukhary Foundation, whose flagship is the DRB-Hicom Group. He saw his wealth grow by 8% to RM9.53bil.

Hong Leong Malaysia’s Tan Sri Quek Leng Chan, who remains unchanged at number six, is valued 25% less at RM8bil.

Genting Group’s Tan Sri Lim Kok Thay slips two rungs down to the seventh spot at RM7.58bil. His wealth is down by about 30%.

His mother Puan Sri Lee Kim Hua, widow of Tan Sri Lim Goh Tong, returns to the number eight spot with a fortune estimated at RM6.58bil, down by some 11%.

Tan Sri Tiong Hiew King of the Rimbunan Hijau Group and Singapore-domiciled tycoon Datuk Ong Beng Seng maintain their ninth and 10th spots, respectively.

Tiong’s wealth is estimated at RM6.41bil while Ong’s soared by 23% to RM4.92bil.

The three newcomers are Datuk A.K. Nathan of Eversendai Cor­poration Bhd and Ngau Boon Keat of Dialog Group Bhd, who both made it into the list for the first time, while Datuk Abdul Hamed Sepawi of Ta Ann Holdings Bhd returned after a lapse of four years.

Source: The Star

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