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Robert Kuok retains Malaysia top spot on Forbes’ Rich List

Saturday, 4 March 2017


SINGAPORE: More than half of the tycoons on the 2017 Forbes Malaysia Rich List saw their fortunes rise despite tough times.

Tan Sri Robert Kuok, retained the top spot on the list for the 12th consecutive year with a net worth of US$11.4 billion (RM50.77 billion), up from US$10 billion (RM44.53 billion) previously.

The 93-year-old patriarch of the Kuok Group controls an empire that includes palm oil, shipping and property.

Tan Sri Quek Leng Chan, who chairs privately held conglomerate Hong Leong Co (Malaysia), moved up 1 spot to number 2 with a net worth of US$6.8billion (RM30.29 billion), up from US$5.3 billion (RM23.60 billion) last year.

Quek replaced Tan Sri Ananda Krishnan, who slipped to third spot this year as his wealth declined 12% to US$6.5 billion (RM28.95 billion) amid uncertainty around his debt-laden Indian telecom firm, Aircel.

While the fortune of gaming tycoon Tan Sri Lim Kok Thay (No. 6, US$4.45 billion / RM19.81 billion) declined slightly, mainly due to the weaker ringgit, the share price of his Genting Bhd has risen since November last year.

Genting Malaysia is expected to roll out more upgrades this year, including its long-awaited 20th Century Fox movie-inspired theme park – the world’s first – at the group’s flagship Resorts World Genting.

The biggest percentage gainer on this year’s list is gaming tycoon and property developer Tan Sri Dr Chen Lip Keong at 11th spot, with wealth valued at US$1.6 billion (RM7.12 billion).

His wealth rose 158%, putting him back in the billionaire ranks as his expanding Cambodian casino is building more links to China’s tourism sector.

Another notable gainer is Tan Sri Syed Azman Syed Ibrahim (26th, US$600 million / RM2.67 billion), whose fortune soared 145% as firmer oil prices benefited his helicopter chartering business which services the oil and gas sector.

Funeral services innovator Tan Sri David Kong Hon Kong (24th, US$700 million / RM3.11 billion) was another big winner, moving up 10 spots from last year’s list after taking his company private in a US$1.1 billion (RM4.9 billion) deal.

Property tycoon Tan Sri Desmond Lim Siew Choon (16th, US$1 billion / RM4.45 billion) joined the billionaire ranks for the first time with a 10.5% increase in his net worth.

Among the newcomers to this year’s list are brothers Koon Poh Ming and Datuk Koon Poh Keong (13th, US$1 billion / RM4.45 billion), who are the two biggest shareholders of Press Metal, South-East Asia’s largest integrated aluminium producer.

Also new to the list is Wong Thean Soon (39th, US$330 million / RM1.47 billion), thanks to his listed electronic services company My E.G. Services.

This year, the only woman is 94-year-old co-founder of Selangor Properties Puan Sri Chong Chook Yew at No. 43, with a net worth of US$285 million (RM1.3 billion).

Source by: Internet

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