Malaysian couple joins the billionaires club in Australia

A Malaysian couple has almost doubled their wealth in one year to become billionaires in the process.

David Teoh, 57, and his wife Vicky, 56, have achieved one of the biggest rises on this year's BRW Rich 200 List, lifting their fortune from A$526 million last year to A$1.06 billion.

On the other hand, last year's billionaire Sam Chong, formerly of Tanah Ratah, Cameron Highlands, saw his mining wealth drop from A$1 billion to A$800 million while property developer Maha Sinnathamby, formerly of Negri Sembilan, has emerged with a fortune of A$845 million from last year's A$820 million.

The Teohs, who emigrated from Malaysia in 1986, own about 37 per cent of cut-rate broadband provider TPG Telecom, which has grown into a A$3 billion business after consistent share price growth over the past 12 months.

Most of the credit goes to David Teoh, TPG's founder and chairman.

"Despite his success, Teoh hates publicity and refuses to be photographed by the media," BRW business magazine says.

Investors don't care, many of whom have also become rich on the back of his good work.

Teoh has been dubbed a 'master acquirer' after boosting capitalisation by buying several competitors.

He does it without the help of investment banks, which is impressive both for his ability to spot a good deal and because it makes the process cheaper for shareholders,'' BRW says.

In March, TPG reported net-profit after tax of A$78.3 million for the first half of the 2012-13 financial year, up 41 per cent, on the previous corresponding period.

TPG also announced it had made its fibre network much bigger, which should provide a boost to its sales in the next few years.

Vicky Teoh was recently named as Australia's richest self-made woman in the inaugural BRW Rich Women list for the 18 per cent stake she owns in her own right in TPG.

Like her husband, she keeps a very low profile and has rarely, if ever, given an interview, the magazine said.

The unassuming Sinnathamby, 73, who came to Australia in 1971 to seek his fortune, is the lord of Greater Springfield, a growing planned community between the cities of Brisbane and Ipswich in Queensland.

Now in its 21st year of development, Greater Springfield is home to more than 26,000 people, with a projected population of 100,000. But his company has still only developed a fraction of the 2,860 hectare site he and his business partner acquired for A$7.2 million in early 1990s.

Chong, 70, a mining engineer, owns a 23 per cent stake in the Jellinbah Group coal mine. His wealth soared in the mining boom, but has taken a dive in the past 12 months.

Gina Rinehart is still Australia's richest person in the BRW Rich list with a net worth of A$22.02 billion, despite a A$7 billion hit to her fortune due to a slowdown in the mining sector.

Her value is lower than the A$29.17 billion she recorded last year, although it's still more than triple the amount of her nearest competitor Frank Lowy, who recorded a A$6.87 billion net worth from his retail empire Westfield Group.

James Packer is Australia's third wealthiest person, with a A$6 billion fortune on the rise, due to the strength of his gambling investments.

Overall, the value of Australia's wealthiest 200 people fell by A$4.4 billion to a total of A$176.8 billion.

However, with Rinehart excluded from the list, the total value rises by $2.7 billion to $154.8 billion.

Chinese-based property developer Hui Wing Mau is a surprise entrant to the list, making his debut at number seven with a $4.82 billion fortune.

An Australian citizen, Hui is chairman of Hong Kong-listed Shimao Group, having built a property empire on the back of China's property boom.