News: Robert Kuok retains top spot among 40 richest Malaysians
Robert Kuok retains top spot among 40 richest Malaysians
The Business Times. Published February 21, 2014
[KUALA LUMPUR] Robert Kuok, the Hong Kong- based Malaysian tycoon, has retained the top spot in a list of Malaysia’s richest, with a wealth of RM54.48 billion (S$20.8 billion), up from last year’s RM46.1 billion.
He was followed by businessman T Ananda Krishnan and Public Bank’s Teh Hong Piow, Bernama reported, citing a Malaysian Business report.
Mr Krishnan has been maintaining his second position since 2004, and his assets, held via Usaha Tegas Sdn Bhd, are worth RM33.19 billion, an increase of 0.88 per cent from last year’s RM32.90 billion.
Mr Teh kept his place for the third year running, with assets worth RM18.07 billion.
The combined wealth of Malaysia’s 40 richest individuals rose to RM217.82 billion as at Jan 18, 2014 or 11.73 per cent from RM194.86 billion a year ago, Malaysian Business said.
Fourth on the list is Quek Leng Chan, whose wealth, through his flagship Hong Leong Group and Guoco Group, is valued at RM14.11 billion this year.
At No 5 is Lee Shin Cheng of IOI Group who jumped from sixth position last year, overtaking Syed Mokhtar Albukhary who fell to sixth.
Mr Lee’s wealth this year is RM13.12 billion, up from RM10.56 billion a year ago.
Mr Syed Mokhtar has to contend with the sixth spot despite his wealth growing by 4.43 per cent to RM11.07 billion from RM10.6 billion last year.
Genting Group chief Lim Kok Thay and his mother, Lee Kim Hua, retained their seventh and eighth positions, respectively.
Mr Lim’s wealth rose 16.18 per cent to RM9.43 billion while Ms Lee’s increased by 3.2 per cent to RM7.47 billion.
Mokhzani Mahathir, through his vehicle, SapuraKenchana Petroleum, is in ninth place, with assets worth RM4.22 billion.
Rounding up the Top 10 list is prominent banker Azman Hashim, via Arab-Malaysian Corporation, with assets worth RM4.11 billion this year.
Malaysian Business said that since 2002, 81 tycoons have joined the 40 Richest Malaysians list and 15 have managed to remain on it continuously.
Overall, the steady increase of their wealth can be attributed to share market performance and price inflation, given that their wealth is largely based on their shareholdings.
It is also reflective of the performance of their companies and Malaysia’s positive economic growth over the past 12 years.
As for this year, there are 33 billionaires, two more than last year, and 29 of the 40 in the list have seen their assets increasing from 2013.
Out of those, 20 registered growth of more than 10 per cent in their asset valuation.
As in previous years, the wealth of the Top 40 was assessed based on the value of their stakes in listed companies as at Jan 18, 2014.