Published May 29, 2009

Robert Kuok keeps top spot in M'sia rich list

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(KUALA LUMPUR) Kuok Group chairman Robert Kuok, who made his fortune trading sugar, retains his top spot among Malaysia's richest people, whose collective wealth dropped after a slump in the stock market, according to Forbes Inc.

Mr Kuok: His net worth fell to US$9 billion from US$10 billion last year, according to Forbes

Mr Kuok, 85, heads the 2009 Forbes Asia Malaysia Rich List with a net worth of US$9 billion, down from US$10 billion last year.

Ananda Krishnan, 71, owner of Malaysian wireless operator Maxis Communications Bhd, is the nation's second richest person with US$7 billion.

Coming in third with US$3.2 billion is Lee Shin Cheng, chairman of IOI Corp, Malaysia's second biggest palm oil producer by market value.

Mr Kuok and Mr Krishnan are the two richest people in South-east Asia, accounting for 44 per cent of the top 40's wealth, Forbes said in a statement.

Malaysia has nine billionaires who are collectively worth US$30 billion, or 84 per cent of the total wealth amassed by the country's top 40.

The total wealth of Malaysia's 40 richest people fell 22 per cent to US$36 billion from US$46 billion last year, in line with the 21 per cent drop in the Kuala Lumpur Composite Index.

Berjaya Corp chairman Vincent Tan was the only Malaysian to have dropped out of the billionaire's ranks after share prices in his companies declined. He takes the 10th spot on the list with a net worth of US$750 million. -- Bloomberg