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By Massita Ahmad<\/p>\n\n\n\n
SINGAPORE, June 3 (NNN-Bernama) — Tycoons on the 2021 Forbes Malaysia Rich List saw a rebound in their collective wealth as it rose 14 per cent to nearly US$90 billion this year, after declining for two years.<\/p>\n\n\n\n
In a statement issued here, Forbes said Robert Kuok, who presides over a property and commodities empire, continues to top the list with a fortune of US$12.2 billion and at age 97 is the oldest member of the list.<\/p>\n\n\n\n
Quek Leng Chan, meanwhile, the second-generation head of the privately held Hong Leong group, remains at No. 2 with US$9.6 billion.<\/p>\n\n\n\n
Forbes said Malaysia\u2019s pandemic-hit economy, which contracted 5.6 per cent in 2020, was expected to get back on track this year.<\/p>\n\n\n\n
\u201cBut the country is now grappling with a surge of COVID-19 cases.<\/p>\n\n\n\n
\u201cWhile the benchmark stock index was up a modest 2.5 per cent since fortunes were last measured 15 months ago, the nation\u2019s 50 richest saw their combined wealth increase to nearly US$90 billion, up from US$79 billion a year ago,\u201d it said.<\/p>\n\n\n\n
Forbes noted that this reversal of fortune can partly be attributed to the country\u2019s dominant position as the medical glove maker to the world.<\/p>\n\n\n\n
In a pandemic year, as global demand for such protective gear increased significantly, Malaysian exports of rubber gloves doubled, boosting the wealth of the nation\u2019s largest producers, it said.<\/p>\n\n\n\n
Five of them feature among the 50 richest, with two, Kuan Kam Hon (No. 7, US$3.8 billion) of Hartalega Holdings and Lim Wee Chai (No. 8, US$3.5 billion) of Top Glove, ranked in the top ten.<\/p>\n\n\n\n
Koon Poh Keong, who shares a metal fortune with four siblings, was this year\u2019s biggest dollar gainer.<\/p>\n\n\n\n
Shares of their Press Metal Aluminium Holdings were up as the metal\u2019s prices recovered, adding US$3.4 billion to their wealth and propelling Koon and his brothers to third place with a net worth of US$6.4 billion, said Forbes.<\/p>\n\n\n\n
Returning to the list are Lim Kuang Sia (No. 14, US$1.4 billion), who controls Kossan Rubber Industries with his siblings, and Stanley Thai (No. 20, US$1.1 billion) who co-founded and runs Supermax Corp. with his wife Cheryl Tan.<\/p>\n\n\n\n
There are five newcomers on this year\u2019s list, said Forbes.<\/p>\n\n\n\n
Among them are brothers Tan Yu Yeh and Yu Wei of Mr D.I.Y. Group, a listed home improvement chain, who are the richest newcomers at No. 10 with US$2.7 billion.<\/p>\n\n\n\n
The other four new entrants are all based in Penang, a busy tech hub, which benefited from US-China trade tensions as global companies sought to diversify supply chains.<\/p>\n\n\n\n
They are Tan Eng Kee (No. 22, US$965 million), cofounder of Greatech Technology, a maker of factory automation equipment; Ng Chai Eng (No. 37, US$450 million) and Lau Chee Kheong (No. 38, US$445 million), cofounders of engineering services firm UWC, and Steven Siaw Kok Teng (No. 49, US$325 million), cofounder of ViTrox, a maker of high-precision machine inspection systems.<\/p>\n\n\n\n
However, the pandemic took its toll on 19 listees, whose fortunes fell. Among the hardest hit were casino moguls Chen Lip Keong (No. 9, US$3.4 billion) and Lim Kok Thay (No. 11, US$2.55 billion).<\/p>\n\n\n\n
Seven from last year\u2019s list dropped out, notably the AirAsia duo, Tony Fernandes and Kamarudin Meranun, as the ongoing pandemic dimmed hopes of a revival in travel.<\/p>\n\n\n\n
The minimum net worth to make the list this year was US$315 million, up from US$255 million last year.<\/p>\n\n\n\n
The complete list can be found at www.forbes.com\/malaysia, as well as in the latest issue of Forbes Asia, available on newsstands now.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
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