‘Is this bad news for the rich in Malaysia? Or is it just something they don't need to worry about? ‘
Forbes' list of Malaysia's 50 richest people (Malaysia's 50) saw the combined value of wealth decline by 10% from last year to $ 80.5 billion or RM353.92 billion.
According to Forbes, a total of 30 from the list showed their wealth declining as the stock market fell and the value of the ringgit depreciated by 6%.
A summary of the list is as follows:
Robert Kuok remains in the top rankings with a wealth value of $ 11 billion compared to $ 12.2 billion recorded last year.
Tan Sri Quek Leng Chan, Chairman of Hong Leong Company (Malaysia), topped the 2nd ranking with an addition of $ 500 million to a wealth value of $ 10.1 billion.
Koon Poh Keong and his siblings with empire Press Metal Aluminum Holdings Bhd maintained a wealth value of $ 6.2 billion to be in the 3rd rankinn.
Tan Sri Teh Hong Piow, founder and chairman of Public Bank Bhd, is ranked 4th with a fortune of $ 5.7 billion.
Ananda Krishnan who has stakes in Maxis Bhd and Bumi Armada Bhd is ranked 5th with a fortune of $ 5 billion.
Lee Yeow Chor & Yeow Seng ($ 4.8 billion worth of wealth)
Tan Sri Chen Lip Keong ($ 2.7 billion worth of wealth)
Tan Yu Yeh & Yu Wei ($ 2.4 billion worth of wealth
Tan Sri Lim Kok Thay ($ 2.35 billion worth of wealth)
Lau Cho Kun ($ 2 billion worth of wealth)
In addition, Forbes also noted that the rubber glove maker, which among the highest profits last year, declined as demand has been declining since the Covid-19 outbreak subsided.
Kuan Kam Hon of Hartalega Holdings Bhd was 11th ($ 1.9 billion worth of wealth) and Lim Wee Chai of Top Glove Corp Bhd was 14th ($ 1.4 billion worth of wealth) due to the decline in the rubber glove sector.
Datuk Seri Stanley Thai and Datin Seri Cheryl Tan, Supermax Corp Bhd, were in 45th position when the value of their wealth dropped 2/3 to $ 340 million.
Tan Sri Lim Kuang Sia of Kossan Rubber Industries Bhd in 24th place (wealth value 740 million) and Wong Teek Son, Riverstone Holdings in 30th place (wealth value 565 million).
