Every year, Malaysia’s top tycoons are ranked by Forbes to give insight on where they currently stand on the economic podium. According to Forbes’s report, a majority of the tycoons in Malaysia showed a decline in their wealth compared to previous years.
The graphs portrayed the top 5 wealthiest billionaires in Malaysia, including their net worth and local ranking based on Forbes.
Surprisingly, casino and theme park Genting owner Lim Kok Thay fell out of the list in 2016. Perhaps it had something to do with their outdoor theme park deal with Fox studios.
On the other hand, Lee Shin Cheng started to gain recognition after purchasing Dunlop Estate, while building up Malaysia into a global leader in palm oil industry through the IOI Group. Reports cited that the drop in global demand and falling price of palm oil played a part in his stagnant ranking.
Whereas, Tee Hong Piow is on the rise. A banker by trade, he founded Public Bank, which is where most of his wealth is obtained. Public Bank currently has a 50-year streak of continuous profit since its establishment.
Inversely, Petronas founder Ananda Krishnan is dropping out of the ranks. Although still holding ties with businesses such as ASTRO, MEASAT satellites, Maxis, and more; it is reported that there is a possibility that he is linked with the 1MDB scandal. He is also wanted by India’s Supreme Court regarding a federal investigation on Aircel acquisition. These issues might have affected his ranking.
Another banker, Quek Leng Chan is the co-founder of Hong Leong Group Malaysia. At the age of 21, the Singapore-born banker came to Malaysia with RM700,000 capital and established the banking group with his brothers. Although no longer managing the bank, his family is currently the 7th richest family in Asia.
Last but not least, reigning in first place since 2015 is none other than Robert Kuok. He gained his fame and fortune by forming Malayan Sugar Manufacturing Sdn Bhd. Along with his partners, the establishment produced sugar and allowed Robert to control 80% of the sugar market in Malaysia. He was nicknamed the “Sugar King” of Asia.
Besides that, Kuok is also the founder of high-end hotel chain Shangri-La, Kuok Brothers Sdn Bhd (an agricultural trading company) and GSC Cinemas. On top of all that, Kuok’s wealth mostly came from Wilmar International, a giant palm-oil corporation in Singapore.
Forbes generates its annual lists by compiling information from these individuals themselves, stock exchange, private data bases, analysts, government agencies such as the Companies Commission of Malaysia, and other sources.