Total Wealth of M’sia’s Wealthiest Drops by 10%, Here’s How The Country’s Richest Are Impacted

The total wealth of the richest people listed as Malaysia’s 50 wealthiest individuals in 2022 by Forbes has fallen by 10%, to US$80.5 billion (RM355 billion) over the past year.

All in all, the 30 billionaires on the latest list saw the value of their wealth decline, based on a report by Forbes Asia.

Maintaining his top spot as wealthiest man in Malaysia, Kuok Group founder, Tan Sri Robert Kuok’s riches faltered to US$11 billion (RM48 billion) from US$12.2 billion (RM53.6 billion) since last year.

On the other hand, Hong Leong chairman Tan Sri Quek Chan, recorded the largest increase in wealth which strengthened his position as second richest in Malaysia, with US$10.1 billion (RM44.4 billion). He gained US$ 500 million (RM2.2 billion) over the past year, from US$9.6 billion (RM42.2 billion).

Tan Sri Koon Poh Keong and his siblings, who run the aluminium company, Press Metal Bhd, remained in third place with US$6.2 billion (RM27.2 billion), almost unchanged from a year ago.

At fourth place is Public Bank Founder and Chairman, Tan Sri Teh Hong Piow with his fortune of US$ 5.7 billion (RM25 billion). And at fifth is Ananda Krishnan, who has interests in telecommunications company, Maxis Bhd; and oilfield services provider, Bumi Armada Bhd, with US$5 billion (RM22 billion).

On the other hand, some of the tycoons that were hit the hardest were last year’s winners from the rubber industry as although the demand for protected gear soared in 2021, it deflated soon after.

Hartalega Holdings’ Kuan Kam Hon and Top Glove’s Lim Wee Chai saw the largest drop in terms of dollars and fell below the top 10 list.

Supermax Husband and wife duo, Stanley Thai and Cheryl Tan percentages dwindled by more than two-thirds and the combined wealth of the group of 5 rubber industry corporations, including Lim Kuang Sia of Kossan Rubber Industries and Wong Teek Son of Riverstone Holdings, plummeted by more than US$5.7 billion (RM25 billion).

For everyone else, while there were some things to smile about, it’s safe to say that it’s been gloomy

“Overcoming pandemic pains and the impact of flash floods in December, Malaysia’s economy grew 5% in the first quarter of 2022, bouyed partly by a recovery in domestic demand. While the stock market dipped slightly in the past 12 months, currency fluctuations saw the Ringgit drop 6%,” Forbes Asia explained.

Malaysia’s top 10 wealthiest individuals in 2022

Following the recent report by Forbes Asia, according to Berita Harian, here’s the latest list of Malaysia’s top 10 wealthiest individuals in 2022:

1. Tan Sri Robert Kuok (RM48 billion)
2. Tan Sri Quek Leng Chan (RM44.4 billion)
3. Tan Sri Koon Poh Keong and siblings (RM27.2 billion)
4. Tan Sri Teh Hong Piow (RM25 billion)
5. Ananda Krishnan (RM22 billion)
6. Datuk Lee Yeow Chor & Lee Yeow Seng (RM21 billion)
7. Tan Sri Chen Lip Keong (RM11.8 billion)
8. Tan Yu Yeh & Tan Yu Wei (RM10.5 billion)
9. Tan Sri Lim Kok Thay (RM10.3 billion)
10. Tan Sri Lau Cho Kun (RM8.8 billion)

What do you think about this? Let us know in the comments section.

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