Due to last year’s tough economic situation, especially the slump in oil prices and the weaker ringgit, the net worth of Malaysia’s four wealthiest individuals declined collectively by US$3.6 billion (RM13 billion) in February 2015, according to Forbes’ latest rich list.
Business mogul Robert Kuok, who controls a conglomerate with interest in hotels, media, palm oil, shipping and property development, retained the top spot for 10 consecutive years with an estimated net worth of US$11.3 billion (RM40.81 billion), down US$200 million (RM722.26 million) from 2013.
Telecommunications Tycoon T. Ananda Krishnan clinched the second place, but his wealth dropped by US$1.6 billion (RM5.78 billion) to US$9.7 billion (RM35.03 billion). Similarly, property magnate and Hong Leong Group’s Chairman Tan Sri Quek Leng Chan saw a US$800 million (RM2.89 billion) decline in his net worth, leaving him with US$5.6 billion (RM20.22 billion) for the third spot.
Tan Sri Lim Kok Thay, the fourth placer was also not spared from this trend as his wealth fell by US$1 billion (RM3.61 billion) to US$5.5 billion (RM19.86 billion). As Genting Malaysia’s CEO and Chairman, he controls casinos in Malaysia, Singapore, Manila, New York, London and the Bahamas.
“The wealth of some on the list was affected as the local stock market lost steam and the oil price collapse sent the Malaysian ringgit down 10 percent against the dollar,” explained Forbes.
Specifically, Lim’s net worth was negatively affected by China’s moderating economic growth, which in turn dragged down Asia’s casino gaming sector. As for Ananda, his wealth declined partly due to the weaker stock prices of his offshore oilfield services provider Bumi Armada Bhd.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
