Robert Kuok, Ananda Krishnan maintain top spots among 40 richest Malaysians

Robert Kuok, the Hong Kong-based Malaysian tycoon is still the richest man in Malaysia with a wealth of RM46.1 billion, up 0.88 per cent from last year's RM45.7 billion, followed by businessman Ananda Krishnan and Public Bank's Tan Sri Teh Hong Piow. Ananda, in second position since 2004, suffered the biggest wealth decline, falling by 23.5 per cent from last year, with his assets held via Usaha Tegas Sdn Bhd worth RM32.90 billion as at the tabulation date of Jan 18, 2013. Teh, kept his place for the third year running with assets worth RM13.73 billion, Malaysian Business, the country's premier business magazine, said in its Feb 16th issue. It said that the combined wealth of Malaysia's 40 richest individuals rose slightly this year despite the volatile and choppy capital markets. Malaysia's 40 richest were collectively worth RM194.86 billion as at Jan 18, a slight increase of 0.86 per cent compared to RM193.2 billion a year ago. When Malaysian Business first started counting the wealth of Malaysia's 40 Richest individuals in 2002, their combined assets stood at RM41.7 billion and Robert Kuok Hock Nien came out on top. The magazine said that fourth on the list is Tan Sri Quek Leng Chan, who jumped from sixth position last year, replacing Tan Sri Lee Shin Cheng of IOI Group, who slid to sixth. Quek's wealth, through his flagship Hong Leong Group and Guoco Group, is valued at RM11.09 billion this year. Tan Sri Syed Mokhtar Albukhary keeps his fifth position this year with a wealth level of RM10.60 billion, up from RM9.53 billion last year. Tan Sri Lee Shin Cheng, through his IOI Group, slips from fourth position in 2012 to sixth with assets of RM10.56 billion. Genting Group's chief, Tan Sri Lim Kok Thay and his mother, Puan Sri Lee Kim Hua, maintain their seventh and eighth positions, respectively. Lim's wealth rose 7.06 per cent to RM8.12 billion while Lee's increased 9.82 per cent to RM7.23 billion. Tan Sri Tiong Hiew King, through his vehicle Rimbunan Hijau Sdn Bhd, is at ninth place this year with assets worth RM6.35 billion, a slight fall of 1.01 per cent from that of last year. Rounding up the Top 10 list is Singapore-based property tycoon Ong Beng Seng, via Hotel Properties Ltd, with a wealth level of RM4.02 billion, a decline of 18.36 per cent from last year. Malaysian Business said that one interesting fact was that since 2002, 81 tycoons have joined the 40 Richest Malaysians list and of that, 15 have managed to remain on the list continuously. Overall, the steady increase of these tycoons' wealth can be attributed to share market performance and price inflation, given that their wealth is largely based on their shareholdings. It is also reflective of the performance of their companies and Malaysia's positive economic growth over the past 12 years. As for this year, there were 31 billionaires - one more than last year - and 23 of the 40 in the list saw their assets increasing from last year. Of these, 14 registered growth of more than 10 per cent. There were three newcomers to the list. Datuk Desmond Lim of Pavilion REIT made his debut at number 15, with a wealth worth RM1.869 billion. The other two, Datuk Tan Heng Chew of Tan Chong Motors Holding and Tan Sri Kua Sian Kooi of KSK Group, returned at number 37 and 40 respectively. The full list of the 40 tycoons and details of their wealth appears in the magazine. It also presents a list of the 10 richest tycoons on the ACE Market. As in previous years, the wealth of the Top 40 was assessed based on the value of their stake in listed companies as at Jan 18. Malaysian Business, the country's premier business magazine, is published by Berita Publishing Sdn Bhd.