Malaysian tycoon Tan Sri Robert Kuok continues to maintain his lead position as Malaysia’s richest man in the latest Forbes Asia’s rich list.

Forbes Asia Malaysia's 40 RichestAccording to Forbes Asia, Kuok, 84, who has many businesses, including Hong Kong property and media interests, and most notably palm oil giant Wilmar, increased his net worth from US$2.4 billion last year to hit US$10 billion.

The latest ranking list also saw Berjaya Corp’s Tan Sri Vincent Tan joining the billionaires’ club, Forbes Asia said in a news release here.

There are 10 billionaires in the list this year, one more than last year.

Tan, who rose from 14th to ninth position, has a net worth of US$1.3 billion, up nearly US$1 billion from last year.

Forbes Asia said Tans company, Berjaya Corporation, had bucked the trend with its stock price up nearly three-fold over the past 12 months.

Tan reigns over a vast US$4 billion — combined sales — network of enterprises spanning industries such as gaming, media, telecom, consumer products and retail as well as real estate.

Still in second place is Ananda Krishnan who heads telecom company Maxis.

But his wealth dipped to US$7.2 billion, which is US$200 million less than last year.

The third richest in the list is IOI Corporation’s group executive chairman Tan Sri Lee Shin Cheng who was ranked fourth last year but as the oil palm plantation giant soared in value, his wealth rose from US$1.6 billion to US$5.5 billion, Forbes Asia said.

The highest new entry is Puan Sri Lee Kim Hua, widow of renowned gaming tycoon Tan Sri Lim Goh Tong who was ranked third last year but died in October.

She and her family are worth US$3.4 billion and ranked fifth, even as son Tan Sri Lim Kok Thay, who runs Genting, is listed on his own with US$345 million, putting him in 15th place.

Lee is one of three women on the list alongside Selangor Properties’ chairman Puan Sri Chong Chook Yew, ranked 24th (US$245 million), and daughter of the Sultan of Perak, Raja Datuk Seri Eleena Raja Azlan Shah, ranked 35th (US$150 million).

Among the newcomers is Datuk Nazir Razak, group chief executive of CIMB Group and the youngest son of second Prime Minister, the late Tun Abdul Razak Hussein. Nazir managed to scrape into the 40th position as the last richest Malaysian in Forbes Asia’s top 40 with a net worth of US$100 million.

The collective wealth of the top 40 is US$46 billion, up US$3 billion from last year.

While 16 people managed to add to their wealth, 18 saw their net worth slipped, with seven of them losing at least a quarter of their worth.

Tan Syed Mokhtar Al-Bukhary, the richest Malay tycoon and a billionaire, dropped one position from seventh to eighth after his net worth was reduced by US$200 million to US$1.8 billion.



The Malaysia Rich List appears in the June 2 issue of Forbes Asia.

The top 40 richest in Malaysia for 2008 are:

1. Robert Kuok USD 10 billion, 84, married, 8 children.
Kuok Group, Pacific Carriers Ltd, Transmile Group, Wilmar International

2. Ananda Krishnan USD 7.2 billion, 70, married, 3 children.
Maxis Comminications, Aircel Ltd, Astro All Asia Networks

3. Lee Shin Cheng USD 5.5 billion, 69, married, 6 children.
IOI Group

4. Teh Hong Piow USD 3.5 billion, 78, married, 4 children.
Public Bank

5. Lee Kim Hua & family USD 3.4 billion, 79, widow, 6 children.
Genting Group

6. Quek Leng Chan USD 2.4 billion, 67, married, 3 children.
Hong Leong Group, Guoco Group, Rank Group

7. Yeoh Tiong Lay and family USD 2.1 billion, 78, widow, 7 children.
YTL Corporation

8. Syed Mokhtar AlBukhary USD 1.8 billion, 56, married, 5 children.
Malaysia Mining Corporation (MMC), Malaysia Johor Port, Malakoff, Gas Malaysia

9. Vincent Tan USD 1.3 billion, 56, married, 11 children.
Berjaya Group

10. Tiong Hiew King USD 1.1 billion, 78, married, 4 children.
Rimbunan Hijau Group, Tri-M Technologies

11. Azman Hashim USD 700 million, 68, married, 5 children.
AMCorp Group, Ambank

12. William H. J. Cheng USD 660 million, 65, married, 3 children.
Lion Group

13. Lee Swee Eng USD 495 million, 52, married.
KNM Group

14. Ong Beng Seng USD 470 million, 63, married, 2 children.
Hotel Properties Ltd, Natsteel

15. Lim Kok Thay USD 345 million, 56, married, 3 children.
Genting Group, Star Cruises. Alliance Global

16. Vinod Sekhar USD 320 million, 40, married, 2 children.
Petra Group, Green Rubber Global

17. Lee Oi Hian USD 300 million, 57, married, 4 children.
Kuala Lumpur Kepong, Crabtree & Evelyn

18. Yaw Teck Seng USD 295 million, 70, married.
Samling Group

19. Anthony Fernandes USD 290 million, 44, married.
AirAsia, Tune Hotel, AirAsia X

20. Mokhzani Mahathir USD 285 million, 47, married, 5 children.
Kencana

21. Kamarudin Meranun USD 280 million, 47, married, 5 children.
AirAsia, Tune Hotel, AirAsia X

22. Jeffrey Cheah USD 275 million, 63, married, 3 children.
Sunway Group

23. Lee Hau Hian USD 250 million, 55, married, 1 children.
Batu Kawan, Kuala Lumpur Kepong

24. Chong Chook Yew USD 245 million, 86, widow, 4 children.
Selangor Properties

25. Yaw Chee Ming USD 240 million, 49, married.
Samling Group

26. G. Gnanalingam USD 230 million, 63, married, 3 children.
Westports

27. Lim Wee Chai USD 200 million, 50, married, 2 children.
Top Glove

28. Kua Sian Kooi USD 195 million, 55, married, 4 children.
Kurnia Asia

29. Lau Cho Kun USD 185 million, 72, married.
Gek Poh Holding, Malaysian Mosaics, Hap Seng

30. Abdul Hamed Sepawi USD 180 million, 58, married, 2 children.
Ta Ann

31. David Law Tien Seng USD 165 million.
Midwest, Sinosteel, T.S.Law Holding

32. Tiah Thee Kian USD 163 million, 61, married, 5 children.
TA Enterprise

33. Liew Kee Sin USD 160 million, 50, married, 4 children.
SP Setia

34. Ahmayuddin Ahmad USD 155 million, 51, married, 4 children.
Westports, Pelikan

35. Eleena Azlan Shah USD 150 million, 48, married.
Gamuda

36. Lin Yun Ling USD 145 million, 53, married, 2 children.
Gamuda

37. Ong Leong Huat USD 130 million, 64, married, 4 children.
OSK Group

38. Lim Thian Kiat USD 115 million, 50, divorced.
Former head of conglomerate Multi-Purpose

39. Khoo Kay Peng USD 110 million, 69.
MUI, Laura Ashley

40. Nazir Razak USD 100 million, 41, married.
CIMB, Bumiputra Commerce Holdings

According to Malaysian Business, the above wealth figures are calculated based on the individuals’ reported personal stakes in listed companies and private holdings that can place a value on as at 18 January 2008.

However cross-holdings and indirect stakes in subsidiaries are not included to avoid double counting and overstating of wealth. Personal debt is taken into account only if it has been reported or made known in the annual statements.

According to the magazine the list is by no means a definitive compendium of the wealthiest in Malaysia. There are many who may be richer, with interests buried in inexplicable webs of companies or nominees, which makes tracing difficult.

The details of the 40 tycoons wealth and their background appears in the magazines February 2008 issue.