SO what is so great if the combined wealth of Malaysia’s 50 tycoons on the 2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago to US$80.5 bil (RM354.24 bil)?
Even as the 98-year-old Robert Kuok (pic) tycoon continues to remain at the pole position for over two decades albeit seeing his fortune dipped 10% to USS$11 bil (RM48.4 bil), shouldn’t Malaysians be curious to know how much of his wealth is derived from Malaysia and whether they have been accounted for as a source of tax revenue to develop Malaysia?
Or perhaps, if a major portion of the fortune of the Kuok Group’s legendary founder originated from overseas, then why is it so that the media-shy Johor-born sugar mogul chose to build his wealth outside his country of birth?
Or why did he choose to settle down in Hong Kong and not in Kuala Lumpur for that matter? Older generation Malaysians must make full use of the list to inspire their offspring or even their grandchildren so that they can master the art of making money through sheer sweat, tears and blood for the matter.
| Forbes top 10 richest in Malaysia
1) Robert Kuok (US$11 bil) 2) Tan Sri Quek Leng Chan (US$10.1 bil) 3) Tan Sri Koon Poh Keong & siblings (US$6.2 bil) 4) Tan Sri Teh Hong Piow (US$5.7 bil) 5) T. Ananda Krishnan (US$5 bil) 6) Datuk Lee Yeow Chor & Lee Yeow Seng (US$4.8 bil) 7) Tan Sri Chen Lip Keong (US$2.7 bil) 8) Tan Yu Yeh & Tan Yu Wei (US$2.4 bil) 9) Tan Sri Lim Kok Thay (US$2.35 bil) 10) Tan Sri Lau Cho Kun (US$2 bil) |
By thinking outside the box, Malaysian think tanks may want to initiate a study on the common success traits of the tycoons, for example by comparing Kuok who has been hogging the limelight for so many years with fellow nonagenarian and Public Bank Bhd founder Tan Sri Teh Hong Piow who is ranked fourth with a wealth of US$5.7 bil (RM25.08 bil).
Or even on a cross cultural comparison with fifth ranked Malaysian Indian magnate T. Ananda Krishnan, 84 (US$5 bil/RM22 bil), or Bumiputera tycoon Tan Sri Syed Mokhtar AlBukhary, 71, who came in at the 15th spot with US$1.31 bil (US$5.76 bil).
In fact, it is highly recommended that the list is used in the proposed anti-graft syllabus to educate young Malaysians, not solely from an entrepreneurship perspective per se, but to inculcate a true sense of integrity which is so lacking in the Malaysian society of today – from the political elites right down to man-on-the street.
Otherwise, the Forbes list which has been seeing the light of day for more than two decades will continue to only exude – year in, year out – a feel-good factor by featuring almost the same personalities, majority of whom are sexagenarian, septuagenarian octogenarian and nonagenarian who are alien to our young generation.
If there is an invaluable lesson to learn in the 2022 list, it is definitely not why the combined wealth of Malaysia’s 50 richest has depreciated by 10% year-on-year to US$80.5 bil for all this is primarily due to ‘paper loss’ derived from their shareholding.
Instead, it should be that man-made fortunes are never carved in stone as in the case of how Malaysia’s glove makers were subject to a harsh reality check as “demand for personal protective gear deflated as the pandemic abated, knocking down shares of their companies” (Forbes’ very own justification).
The wealth of Hartalega Holdings Bhd founder/chairman Kuan Kam Hon (No. 11 @ US$1.9 bil from No.7 @ USS$3.8 bil in 2021) and Top Glove Corp Bhd founder/executive chairman Tan Sri Lim Wee Chai (No.14 @ US$1.4 bil from No. 8 @US$3.5 bil) fell the most in US dollar terms.
Supermax Corp Bhd Datuk Seri Stanley Thai and how wife Datin Seri Cheryl Tan (No. 45) saw the biggest percentage drop in their wealth which shrank by more than two-thirds to US$340 mil.
The collective wealth of this group of five which includes Kossan Rubber Industries Bhd founder Tan Sri Lim Kuang Sia (No. 24 @ US$740 mil) and Wong Teek Son of Riverstone Holdings Ltd (No. 30 @ US$565 mil) was down by a staggering US$5.7 bil (RM25.08 bil). – June 10, 2022
