Robert Kuok still tops Malaysia’s rich list with US$11 billion as wealth of country’s tycoons tumbles 10 per cent
- Second richest is Hong Leong Company chairman Quek Leng Chan, while in third place is Aluminium mogul Koon Poh Keong and his siblings who own Press Metal
- Country’s wealthiest have seen a drop in their fortunes in the past year due to the economic slump caused by the coronavirus pandemic
Malaysia’s top 50 tycoons saw their combined fortunes drop 10 per cent from a year ago to US$80.5 billion despite the economy rebounding from the pandemic-induced slump, Forbes Asia said in a report.
The central bank said Malaysia’s economy grew 5 per cent in the January-March period and was likely to accelerate further this year amid strong domestic demand.
Aluminium mogul, Press Metal’s Koon Poh Keong and his siblings, occupied the third position on the 2022 Forbes list of Malaysia’s 50 richest, while Public Bank founder Teh Hong Piow (US$5.7 billion) and telecoms titan Ananda Krishnan (US$5 billion) took fourth and fifth place in the rankings.
The fortunes of Malaysia’s rubber glove makers, which skyrocketed during the height of the Covid-19 pandemic, took a hit as demand for personal protective gear waned amid a fall in infections.
