Top 5 Malaysian billionaires' net worth sees $1.6B erosion

Top 5 Malaysian billionaires’ net worth sees $1.6B erosion

The five richest people in Malaysia, whose businesses range from property to oil services, have seen their combined net worth fall by US$1.6 billion this year, according to Forbes.

Robert Kuok, founder of Shangri-La Hotels

Malaysian tycoon Robert Kuok attends a meeting in Fuzhou, Fujian province, China April, 18, 2005. Photo by China Daily via Reuters

Robert Kuok, 100, remains the wealthiest person in the country with a net worth of $11 billion, down 6.7% from last year.

Kuok began his career in 1949 trading rice, sugar and wheat. Two decades later he founded the Shangri-La Hotels and Resorts chain in Singapore.

His company Kuok group has interests in hotels, real estate and commodities.

He has eight children. One of them, Kuok Khoon Hua, is chairman and CEO of Hong Kong property company Kerry Properties.

Quek Leng Chan, co-founder of financial firm Hong Leong Group

Quek Leng Chan, co-founder of financial firm Hong Leong Group. Photo by Wikipedia/Encik Tekateki

Quek Leng Chan, 82, has seen his net worth fall by 2% to $9.9 billion.

He is the executive chairman of Hong Leong Co. which has interests in finance, food and property.

Quek trained as a lawyer in the U.K. He inherited part of his fortune from his father and founded Hong Leong Group as a trading company in 1963.

His cousin, Kwek Leng Beng, is also a billionaire and chairs Hong Leong Group in Singapore.

Ananda Krishnan, shareholder of oil service firm Bumi Armada

Businessman Ananda Krishnan leaves for lunch at the annual Allen and Co. conference at the Sun Valley, Idaho Resort July 11, 2013. Photo by Reuters/Rick Wilkin

Ananda Krishnan, 82, graduated from Harvard Business School and has stakes in telecom outfit Maxis, media firm Astro Malaysia Holdings and oilfield services provider Bumi Armada.

Krishnan had a net worth of $11.3 billion in 2014 but that has plunged to $5.2 billion now. His Indian telecom firm, Aircel, in which he had invested an estimated $7 billion, filed for bankruptcy protection in 2018.

Koon Poh Keong, founder of aluminum producer Press Metal

Koon Poh Keong, founder of aluminum producer Press Metal. Photo courtesy of the company

Koon Poh Keong, 62, has seen his net worth fall by 10% to $3.6 billion.

Koon graduated in the U.S. and returned to Malaysia when the country was in a recession.

He started an aluminum extruding company with his four brothers.

He is CEO of aluminum company Press Metal while his brother Poh Ming is the executive vice chairman. Press Metal is Southeast Asia’s largest integrated aluminum producer.

Lee Yeow Chor, CEO of palm oil firm IOI

Lee Yeow Chor, CEO of palm oil firm IOI. Photo courtesy of the company

Lee Yeow Chor, 57, inherited stakes in IOI Corporation, a palm oil and property empire built by his father. He is the managing director and CEO of the firm.

He has a law degree from the UK and now runs the group with his brother.