Malaysia’s 50 Richest On Forbes List See Slight Fall In Collective WealthThe combined wealth of tycoons on the
2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago to US$80.5 billion. Overall, 30 on the list saw their wealth decline.
Buoyed partly by a recovery in domestic demand,
Malaysia’s economy grew 5% in the first quarter of 2022, overcoming pandemic pains as well as the impact of flash floods in December. While the
stock market dipped slightly in the past 12 months, currency fluctuations saw the ringgit drop 6%.
Kuok group’s legendary founder
Robert Kuok, held on to his long-standing No.1 spot though his fortune dropped to $11 billion from $12.2 billion last year.
Quek Leng Chan, chairman of Hong Leong Company (Malaysia), was the biggest gainer in dollar terms and consolidated his position as
Malaysia’s second richest person with $10.1 billion. He added $500 million to his net worth of $9.6 billion last year.
