MALAYSIA, 18/04/2024 (Asia News Channels) - The combined wealth of Malaysia's top 50 billionaires has increased by two percent, reaching a total of $83.4 billion (RM399.82 billion), according to the latest ranking published by Forbes Asia. This growth is attributed to the rise in the Malaysian stock market since the last report, though offset by the depreciation of the Malaysian ringgit.
Among the top 50, three Malay billionaires are highlighted, corporate figure Tan Sri Syed Mokhtar Al-Bukhary, owner of Weststar Aviation Services Sdn Bhd, Tan Sri Dr Syed Azman Syed Ibrahim, and prominent banking figure, Tan Sri Azman Hashim. Syed Mokhtar is ranked 15th with a net worth of $1.3 billion (RM6.23 billion), Syed Azman at 28th with $765 million (RM3.7 billion), and Azman Hashim at 32nd with $660 million (RM3.2 billion).
Tan Sri Robert Kuok retains his position as the wealthiest individual in Malaysia with a net worth of $11.5 billion (RM55.1 billion), a title he has held for over a quarter-century. Following him is the Executive Chairman of Hong Leong Group, Tan Sri Quek Leng Chan, whose wealth has slightly decreased from last year to $8.8 billion (RM42.1 billion).
The top five also sees changes, with the Teh siblings, who inherited stakes in Public Bank from their late father Tan Sri Teh Hong Piow, rising to third place with a net worth of $5.4 billion (RM26 billion). Aluminum magnate Tan Sri Koon Poh Keong and his siblings fell to fifth as weak metal prices and demand reduced their net worth from $5.8 billion (RM28 billion) last year to $5.3 billion (RM25.4 billion).
Among those recording significant gains this year are Tan Sri Francis Yeoh and his siblings, whose wealth has more than tripled to $4.7 billion (RM23 billion), spurred by the success of their main company, YTL, in collaboration with US giant Nvidia to create AI infrastructure at their data center in Johor Bahru.
-- ASIANEWSCHANNELS