The aggregate of a slowing economy, Covid-19 coronavirus, weak ringgit and 10% slide in the FBM KLCI took a toll on Malaysia’s 50 richest, according to Forbes 50 Malaysia’s Richest list.
“Their collective net really worth is US$79bil, down 7% from a yr ago. (The shock resignation of Prime Minister Mahathir in late February took the index down further after we had locked in net worths.), ” it said in its March edition.
Forbes stated nonagenarian business legend Robert Kuok, with a internet really worth of US$11.5bil, stays at No. 1, a position he has held for over two decades.
Kuok is among four list participants whose wealth shrank by means of extra than US$1bil in the past year.
The hardest-hit in dollar phrases was banking magnate Tan Sri Teh Hong Piow, the founder of Public Bank, who slipped to No. 5 from No. 3 final year.
AIRASIA’s Tan Sri Tony Fernandes and Datuk Kamarudin Meranun saw greater than a 0.33 of their respective fortunes vanish.
Aside from the coronavirus onset curtailing air travel, any other blow to their fortunes got here in early February after a UK court ruling implicated AirAsia and unnamed executives in an Airbus bribery case. AirAsia has denied all allegations of wrongdoing and stated it is investigating the matter.
“In all, 22 listees saw their internet really worth decline from a year ago, but an equal number were modestly better off, ” it said.
The Forbes report stated amongst the latter crew used to be casino wealthy person Tan Sri Chen Lip Keong, who moved into the pinnacle 5 for the first time; he’s at No. 4 with US$5.3bil.
Another gainer is Kuan Kam Hon, who controls Hartalega Holdings, the world’s biggest maker of nitrile gloves.
Five freshmen enter the ranks this year, the richest of whom are a pair of inheritors. Brothers Lee Yeow Chor and Lee Yeow Seng share a US$4.8bil legacy left via their father Tan Sri Lee Shin Cheng, the architect of a palm oil and property empire, who died ultimate June.
“This year’s new faces consist of two tech entrepreneurs: Chu Jenn Weng, founder of electronics maker ViTrox; and former Hewlett-Packard engineer Oh Kuang Eng, whose Mi Technovation makes semiconductor equipment, ” the document said.
Tan Sri Vincent Tan’s flagship Berjaya Corp. has no longer escaped the Malaysian stockmarket’s universal decline. Berjaya’s stock fell about 14% in the previous 12 months, while Tan’s fortune is down 2.6% to US$750mil.
