Malaysia’s GDP increased 5% in the first quarter of 2022, primarily due to a resurgence in domestic demand, despite pandemic symptoms and the impact of flash floods in December. While the stock market has declined modestly over the last year, currency swings have caused the ringgit to fall 6%. Malaysia’s top 50 wealthiest people have a combined worth of $80.5 billion, down 10% from a year before.
Robert Kuok Was Among the 30 Tycoons Who Saw Their Wealth Plummet.
In total, 30 tycoons saw their fortunes decline, including Robert Kuok, the famed founder of the Kuok firm, who saw his fortune drop 10% to $11 billion. Despite this, the 98-year-old tycoon maintained his top spot, which he has held for more than two decades. The top three rankings remained unchanged. With $10.1 billion in its bank account, In monetary terms, Quek Leng Chan, chairman of Hong Leong Company (Malaysia), was the largest gainer, consolidating his position as Malaysia’s second wealthiest person. With $6.2 billion, Koon Poh Keong and his siblings, who own aluminum company Press Metal, stayed in third place, largely unchanged from the previous year.
Who Were Among the Top Winners Last Year?
Rubber glove manufacturers in the country, who were among the top winners last year, were confronted with a harsh reality. As the pandemic subsided, demand for personal protective equipment fell, causing stock prices to plummet. In financial terms, Hartalega Holdings‘ Kuan Kam Hon and Top Glove’s Lim Wee Chai fell out of the top 10. Stanley Thai and Cheryl Tan of Supermax saw their net worth plummet by more than two-thirds, the most percentage drop of any couple.
This group of five, which includes Lim Kuang Sia of Kossan Rubber Industries and Wong Teek Son of Riverstone Holdings, lost around $5.7 billion in total fortune.
The Fortunes of Lee Oi Hian and Hau Hian, Both of Whom Had Their Education in The United States
Due to a decline in Malaysia’s palm oil production, Indonesia’s temporary prohibition on edible oil exports resulted in windfall profits for tycoons in that sector. The fortunes of Lee Oi Hian and Hau Hian, both of whom had their education in the United States, increased by more than a third when shares in Batu Kawan and its plantation subsidiary surged on rising profits.
Ling Chiong Ho, one of two newcomers this year, returned to the list after a four-year absence after shares of his Shin Yang group’s flagship, Sarawak Oil Palm, soared.
Loi and His Brother Tuan Kin Started the Company in 2007, and It Has Grown Since Then.
Loi Tuan Ee, who shares a $380 million fortune with two siblings, was the only newbie on the list this year after the dairy producer Farm Fresh was included in March. The business, which Loi and his brother Tuan Kin founded in 2007, comprises five dairy farms in Malaysia and one in Australia and is backed by the Malaysian sovereign wealth fund Khazanah Nasional.
The required net worth to be included on the list was $255 million, down from $315 million the previous year. Three of the four from the previous year have left.