Many of the billionaires that we see and know of today have made their riches from opening successful businesses, whether fortune 500 companies or tech conglomerates that originated from their home garage. We know that the COVID-19 pandemic has hit everyone from all walks of life, but in the case here, we will take a closer look into whose ranking has been affected since the widespread of the virus.
Unlike the scene in the US, where it’s home to most of the publicly listed billionaires, we had a look at some high net worth profiles here on our shores.
“Widespread fear is your friend as an investor because it serves up bargain purchases.” – Warren Buffet
Covid-19 took the world by surprise. It happens so fast and we were not prepared for it. Like a tornado that hit the Mississippi, swept out the infrastructure, people and all the things in the way, Covid-19 also did the same except on the bigger scale: 7 billion people.
Forbes (Real-Time Billionaires) announced the list of billionaires for the year of 2020. With a prediction of US$700 billion depreciation, 51% of this year billionaires actually became poorer overnight.
This year’s public billionaire list recorded a total of 2,095 individuals with a total net worth of US$8 trillion. Compared to the last year’s, the number of billionaires recorded was 2,153 individuals. Out of all of them, we learned that 12 of them are Malaysians.
The pandemic had caused 53 people to lose the Billionaire title. One of them is a Malaysian tycoon himself, Tan Sri Syed Al Bukhary.
He runs The Albukhary Group of Companies, which is a diversified business group consisting of DRB-HICOM, MMC and Tradewinds Plantation. A big drop of his fortunes, last year he ranked 1,349th with a net worth of US$1.7 billion. He fell out of the billionaire list this year.
A look at the 2020 Malaysian Billionaire list while in the pandemic
1. Tan Sri Robert Kuok
Leading the chart is Tan Sri Robert Kuok
Tan Sri Robert Kuok leading the chart, still ranked the highest among other Malaysian billionaires. However, his market fortune was showing a lower valuation to US$10.1 billion this year, still his global ranking would place him at 141st place as compared to last year, where he was ranked 104th with a net worth of US$12.8 billion.
Robert Kuok famously recognized as a Sugar King of Asia. He has a diversified source of wealth. His business interests range from sugarcane plantations, sugar refineries, flour milling, animal feed, oil, mining, finance, hotels, properties, trading, freight, and publishing.
2. Tan Sri Quek Leng Chan
Malaysian Billionaire 2020 Tan Sri Quek Leng Chan
Next in place is Hong Leong Group’s Tan Sri Quek Leng Chan. His fate is quite different as he climbed two places to the 147th spot in the list, from 149th in 2019. However, his net worth came in slightly lower at US$9.3 billion, versus US$9.4 billion last year. Quek Leng Chan is the executive chairman of a privately held conglomerate, Hong Leong Co. (Malaysia), which has businesses in financial space, property, and food.
3. Tan Sri Ananda Krishnan
Malaysian Billionaires 2020 Tan Sri Ananda Krishnan
Telecommunication tycoon Tan Sri Ananda Krishnan, is the single largest shareholder in MaxisBhd and Astro Malaysia Holdings Bhd. Globally, his ranking fell to 361 from 261 last year, with a total net worth of US$4.7 billion (his current position puts him at US$5.2 billion) versus US$6.2 billion in 2019.
4. Tan Sri Dr Chen Lip Keong
Malaysian Billionaire 2020 Malaysian Billionaire 2020 Tan Sri Dr Chen Lip Keong (Img Source: TheEdge)
A large Malaysian Casino mogul, Tan Sri Dr Chen Lip Keong is the a chief executive and majority shareholder of NagaCorp, a casino-resort complex in the capital Phnom Penh that boasts 1,700 guest rooms, 600 gaming tables, and more than 5,000 gaming machines. His current rank has moved behind to 437th place, with a total net worth of US$4.1 billion. His 2019 ranking puts him at 355th with a net worth of US$5 billion last year.
5. Tan Sri Teh Hong Piow
Malaysian Billionaire 2020 Tan Sri Teh Hong Piow
No stranger to the banking industry and ranked in at sixth is Tan Sri Teh Hong Piow, founder and the Chairman of Public Bank Berhad in Malaysia. Recently joined the ranks of a Nonagenarian, his currently net worth has increased to US$4.2 billion, ranking him at 482nd place of his previously US$3.5 billion worth, ranked 538th place globally.
6. Mr Lee Yeow Chor and Mr. Lee Yeow Sen
Next in the ranks are brothers from IOI Group. Mr Lee Yeow Chor and Mr. Lee Yeow Seng. As both of them inherited the reigns left behind by the late Lee Shin Cheng, who passed away recently in June 2019. IOI Group is a conglomerate that holds stakes in the palm oil and real estate business which was established by their late father. The brothers have currently moved up in the ranking from 514th place with a net worth of US$3.6 billion, to 523rd place with a net worth of US$4 billion.
7. Mr Kuan Kam Hon & Family
Mr Kuan Kam Hon & family run Hartalega Holdings, one of the world’s largest producers of nitrile rubber, and since the Coronavirus his company has been doing exceptionally well and increased their current net worth to US$3.3 billion now, from previously estimated by Forbes to be US$2.6 billion.
8. Tan Sri Lim Kok Thay
Tan Sri Lim Kok Thay comes in 9th place with net worth US$2.3 billion, a turnout of 11% higher than previously estimated by Forbes at US$2bil. He is currently the Chairman and board executive of Genting Group, a casino, resorts and palm oil conglomerate.
9. Tan Sri Lau Cho Kun
Ranked in 10th place is Tan Sri Lau Cho Kun, his net worth was at US$2.3 billion as of early March 2020, his net worth has since dropped to a current of US$1.7 billion. He has interests in several companies listed on Bursa Malaysia, led by Hap Seng Consolidated Bhd.
10. Tan Sri Dr Lim Wee Chai
Malaysian Billionaire 2020 Tan Sri Dr Lim Wee Chai
The next billionaire on the list is Tan Sri Dr Lim Wee Chai. His company, Top Glove, plays a huge role in fighting against the Covid-19 pandemic. He is the founder of Top Glove company and they control 26% of the world market for rubber gloves and the number is predicted to grow further. sure rose up due to demand and needs to control the infection. His current net worth today is at US$1.5 billion, surpassing the prior US$1.3 billion net worth valuation. Top Glove currently has 43 factory locations producing 70.5 billion gloves for the global market.
11. Tan Sri Paul Koon Poh Keong
Next on the is Tan Sri Paul Koon Poh Keong with an updated net worth of US$1.7 billion. Poh Keong is the group CEO of aluminum company Press Metal, Southeast Asia’s largest integrated aluminum producer. His net worth was previously estimated at US$1.3 bil early this year.
12. Tan Sri Dr Jeffrey Cheah
Lastly, the billionaire who came in 12th place is Tan Sri Dr Jeffrey Cheah with a current net worth of US$1.2 billion. Jeffrey Cheah Fook Ling is the founder and current chairman of the Sunway Group, a Malaysian conglomerate operating in 12 industries with core businesses in property and construction. Forbes estimated his earlier net worth at US$1.1 billion.