2018 Forbes Malaysia top 10 rich list: Kuok's wealth soars to US$14.8b

2018 Forbes Malaysia top 10 rich list: Kuok's wealth soars to US$14.8b
PHOTO: The Star/Asia News Network

PETALING JAYA - Robert Kuok has once again topped the Forbes 2018 Malaysia Rich List with his wealth soaring by US$3.4 billion (S$4.5 billion) to US$14.8 billion (S$19.5 billion) from US$11.4 billion (S$15 billion) a year ago.

Kuok, 94, is also the world's 96th richest man, according to the Forbes' 2018 Billionaires List.

Several other Malaysian tycoons saw their overall fortunes soaring, which was led by a 6.6 per cent rise in the Kuala Lumpur Composite Index over the past year and a 13.1 per cent appreciation in the ringgit's value against the US dollar. Forbes said 34 listees saw their wealth increase, while only six experienced a decline.

Forbes set the minimum net worth to make the list this year at US$300 million, up from US$210 million.

Hong Leong group supremo, Tan Sri Quek Leng Chan, 76, was the second-richest man with a fortune amounting to US$7.2 billion. A notch lower was T Ananda Krishnan, 79, with US$7.1 billion.

Quek has substantial stakes in arguably the most number of listed companies, with 16 spread through jurisdictions in Malaysia, Singapore and Hong Kong, while Ananda holds stakes in Maxis Bhd, Astro Malaysia Holdings Bhd and Bumi Armada Bhd.

However, in India, his majority owned-Aircel is filing for bankruptcy protection against its creditors.

A notable change in fortunes was recorded by gaming tycoon Tan Sri Chen Lip Keong, who added US$1.7 billion to his fortune, doubling it to US$3.3 billion.

This was led by the rising tide of tourists to Cambodia, the country's low labour costs and Chen's tight controls on capital expenditure.

Chen, a medical doctor by training, made his fortune through the gaming and tourism business. He is chief executive and majority shareholder of NagaCorp holding a 65.4 per cent stake, Karambunai Corp Bhd (73.4 per cent), FACB Industries Incorporated Bhd (29.7 per cent) and Petaling Tin Bhd (82.9 per cent). NagaCorp is the largest hotel, gaming and leisure operator in Cambodia.

Brothers Tan Sri Koon Poh Keong (group CEO) and Poh Ming of Press Metal Aluminium Holdings Bhd at No 8, with a combined wealth of US$3 billion, are the year's biggest percentage gainers with a 186 per cent jump from US$1.05 billion in the previous year.

A cutback in aluminium smelting in China for environmental reasons boosted demand for the aluminium produced by Press Metal and it was Poh Keong who came up with the idea for the company and owns 80 per cent of the US$3 billion wealth. That makes him a new billionaire in his own right.

Two other new billionaires were Sunway conglomerate's chief Tan Sri Jeffrey Cheah (No. 13, US$1.3 billion) and rubber-glove mogul Tan Sri Lim Wee Chai (No. 14, US$1.2 billion). Cheah's wealth rose US$330 million from US$970 million last year, while Lim's wealth increased by US$560 million from US$640 million previously.

The other notable gainers whose net worth more than doubled were AirAsia Group co-founders, Tan Sri Tony Fernandes (No. 30, US$745 million) and Datuk Kamarudin Meranun (No. 31, US$735 million).

Among the eight newcomers this year were Padini Holdings Bhd managing director Yong Pang Chaun (No. 39, US$430 million), and the only woman to make it to the list this year Datuk Norraesah Mohamad (No. 49, US$305 million), the executive chairman of MyEG Services Bhd.

The youngest tycoon on the list is GrabCar co-founder Anthony Tan with US$300 million in wealth.

Tan Sri Francis Yeoh and his six siblings (No. 11, US$2.4bil) take the place of their father Tan Sri Yeoh Tiong Lay, the founder of YTL Corp Bhd, who passed away last October at the age of 87.

Francis has been running the family's property, manufacturing and utilities conglomerate for more than two decades.

The other newcomers to the list are Eco World Development Group Bhd deputy chairman Datuk Leong Kok Wah (No. 36, US$480 million); Datuk Seri Cheah Cheng Hye of Value Partners (No. 38, US$435 million); and Datuk Mohd Abdul Karim Abdullah (No. 48, US$310 million) of Serba Dinamik Holdings Bhd.

20 richest people in the world, according to Forbes 2018 billionaires list

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