Malaysia's 40 Richest

Malaysia's 40 Richest

Suzanne Nam, 05.26.10, 06:00 PM EDT

Robert Kuok is still No. 1.

The rebounding Malaysian economy expanded 10% in the first quarter of 2010, its highest growth rate in a decade. The fortunes of the country's 40 wealthiest are rising, too. They're worth a total of $51 billion, up from $36 billion a year ago and even higher than the $46 billion they were collectively worth in 2008. 

The nation's top tycoons are $15 billion richer.

The rebounding Malaysian economy expanded 10% in the first quarter of 2010, its highest growth rate in a decade. The fortunes of the country's 40 wealthiest are rising, too. They're worth a total of $51 billion, up from $36 billion a year ago and even higher than the $46 billion they were collectively worth in 2008.

All but three are now richer. Goh Peng Ooi enjoyed the biggest percentage jump, up 280%, after he sold two of his private companies to his listed Silverlake Axis. The overall gains are in step with the 32% rise in the Kuala Lumpur Composite Index and the Malaysian ringgit's 11% increase against the U.S. dollar, the currency in which net worths are measured.



Robert Kuok and Ananda Krishnan retained their status as the country's two richest men. They are worth a combined $20.1 billion, or 40% of the top 40's wealth. The country's 10 billionaires are worth $30 billion, accounting for 59% of the total.Vincent Tan is back in the billionaires club this year after a one-year hiatus. His fortune doubled thanks to a jump in his Berjaya stocks. He's spending some of his money on British football club Cardiff City. Another big gainer was Genting's Lim Kok Thay, who is gambling $5 billion on his company's newly opened Singapore resort and casino.Newcomers include self-made building contractor A.K. Nathan and brothers Shahril and Shahriman Shamsuddin, who get most of their money from oil-and-gas outfit SapuraCrest Petroleum, shares of which have more than doubled since 2009.In cases where family members work together and have shares in the same businesses, we've combined their fortunes into one listing. That's why the Shamsuddin brothers, who split the fortune equally, appear together. Same goes for brothers Lee Oi Hian and Lee Hau Hian and father-and-son forestry tycoons Yaw Teck Seng and Yaw Chee Ming, who previously had been listed separately.



Three people are back on the list after having fallen off previously. The most notable is the prime minister's brother, Nazir Razak, the head of Malaysia's second-largest financial services firm, CIMB Group. Razak who barely missed the cut last year.





Among the five dropoffs is Vinod Sekhar, who runs Green Rubber, which recycles used tires. The company had previously been valued based on what private investors had paid for shares in anticipation of a public offering; that IPO still hasn't happened.Other drop-offs included Australian-educated engineer Hamdan Mohamad of infrastructure conglomerate Ranhil, Tan Teong Hean, the former head of Southern Bank, who sold out in 2006, and Tiah Thee Kian, who cofounded TA Enterprise.



Methodology

The list was compiled from information obtained from individuals, stock exchanges, public documents and analysts. Privately held fortunes were estimated using financial statements available through the Companies Commission of Malaysia. All valuations were calculated using May 14 stock prices and exchange rates. Unlike our Billionaires List, Malaysia's Richest includes family fortunes, such as that of Lee Kim Hua and her family.

#1 Robert Kuok

Net Worth $12 billion

Age 86

Marital Status Married, 8 children

Source diversified

Biggest dollar gainer, up $3 billion. Stock of most valuable holding, palm oil outfit Wilmar International, run by nephew, rose 46% in past year but dropped more than 10% in the days after net worths were locked in, following allegations in the media that Indonesian subsidiaries were being scrutinized for obtaining fraudulent tax refunds. The company said it was confident that there is no case. Kuok recently sold several assets including sugar businesses, stake in Jerneh Insurance, prime land in Kuala Lumpur. Reportedly spends most of his time in Hong Kong.

#2 Ananda Krishnan

Net Worth $8.1 billion

Age 72

Marital Status Married, 3 children

Source telecom

Former oil trader's most valuable asset is Maxis Communications, nation's largest cellphone service provider, which went public in November, raising $3.4 billion in Malaysia's largest-ever IPO. His telecom interests in Indonesia and India still privately held. Plans to take his satellite TV broadcaster, Astro All Asia Networks, private. Reportedly mulling listing of shipping arm Bumi Aramada. Sold interest in property firm Overseas Union Enterprise to partner, Indonesia's Lippo Group.

#3 Lee Shin Cheng

Net Worth $4.6 billion
Age 71
Marital Status Married, 6 children
Source palm oil
  Heads IOI Group, one of world's leading operators of palm oil refineries. Reportedly investing $300 million to expand.

#4 Lee Kim Hua (Photo N/A)

Net Worth $3.9 billion

Age 81

Marital Status Widow, 6 children

Source gaming

Widow of casino magnate Lim Goh Tong. Net worth up $1.4 billion as stocks of family's Genting and Genting Hong Kong (previously named Star Cruises) both rose nearly 50% in the past year.

#5 Quek Leng Chan

Net Worth $3.85 billion
Age 69
Marital Status Married, 3 children
Source diversified

His most valuable asset is his Hong Kong-listed Guoco Group. His Hong Leong Bank is bidding for EON Capital, Malaysia's seventh-largest bank; board just voted to recommend deal to shareholders. Took Hume Industries—cement, concrete, steel company—private this year. Recently paid $14 million for a penthouse in Singapore.

#6 Teh Hong Piow

Net Worth $3.8 billion

Age 80

Marital Status Married, 4 children

Source banking

Former bank clerk founded Public Bank in 1966 with profits from real estate deal; now nation's third-largest banking group. Also has operations in Cambodia, China, Vietnam, Laos and Sri Lanka. Teh underwent minor surgery in 2009 and is back at work.

#7 Yeoh Tiong Lay

Net Worth $2.5 billion

Age 80

Marital Status Married, 7 children

Source diversified

Founder of YTL Corp., one of Malaysia's largest conglomerates. Group recently took full control, from Australia's Macquarie Group, of Starhill Global REIT, which owns retail properties in Malaysia and Singapore. Also owns PowerSeraya, Singapore's second-largest power generator. Eldest son, Francis, has run operations for over 2 decades.

#8 Syed Mokhtar AlBukhary

Net Worth $1.7 billion

Age 58

Marital Status Married, 5 children

Source diversified

Former rice trader gets bulk of fortune from Malaysia Mining Corp. (MMC), through which he holds concessions to operate a port and an airport in Johor; owns stake in power producer Malakoff. Through listed Tradewinds, recently took over national rice supplier Padiberas Nasional. Owns Harrods in Malaysia. Sponsors the Islamic Arts Museum Malaysia.

#9 Vincent Tan

Net Worth $1.6 billion

Age 58

Marital Status Married, 11 children

Source diversified

His Berjaya Group operates Wendy's, Starbucks, Papa John's Pizza in Malaysia; water, sewage treatment and landfills in Malaysia, Indonesia and China; develops properties in Vietnam, Japan. Bought social networking website Friendster.com; also a U.K. soccer team (see box, p. 75). Selling his stake in Ascot Sports, which was recently reissued its betting license, to his publicly traded Berjaya Sports for $160 million.

#10 Tiong Hiew King

Net Worth $1.2 billion

Age 75

Marital Status Married, 4 children

Source timber

His Rimbunan Hijau has interests in palm oil, timber and property in Malaysia, New Zealand and Papua New Guinea. Owns Media Chinese International, with 6 dailies and 30 magazines in North America, Southeast Asia and China. Pending shareholder approval, will sell his stake in EON Capital, one of Malaysia's smallest banks, to Quek Leng Chan's Hong Leong Bank.

The rest of the list

Rank	Name	Age
11	Azman Hashim	70
12	Lee Oi Hian & Lee Hau Hian	59
13	Yaw Teck Seng & Yaw Chee Ming	72
14	Lim Wee Chai	52
15	William H. J. Cheng	67
16	Goh Peng Ooi	55
17	Lim Kok Thay	58
18	Jeffrey Cheah	65
19	Anthony Fernandes	46
20	G. Gnanalingam	65
21	Kamarudin Meranun	49
22	Chan Fong Ann	79
23	Shahril & Shahriman Shamsuddin	47
24	A.K. Nathan	54
25	Chong Chook Yew	88
26	Mokhzani Mahathir	49
27	Ahmayuddin bin Ahmad	53
28	Lau Cho Kun	74
29	Chen Lip Keong	62
30	Lee Swee Eng	54
31	Liew Kee Sin	51
32	Nazir Razak	43
33	Eleena Azlan Shah	50
34	Ong Leong Huat	66
35	Rozali Ismail	52
36	Kua Sian Kooi	57
37	Lin Yun Ling	55
38	David Law Tien Seng	NA
39	Abdul Hamed Sepawi	61
40	Syed Mohd Yusof Tun Syed Nasir	62