Friday March 1, 2013
Shamsuddin brothers on Forbes rich list
By JASON YU
They are among Malaysia's 14 billionaires, up from 11 last year in Forbes Malaysia's 50 Richest list.
Also making his debut into the list of billionaires at No 11 is Tan Chong Motor Holdings Bhd executive deputy chairman and group managing director Datuk Tan Heng Chew with a net worth of RM3.7bil (US$1.2bil).
According to Forbes, there are nine new entrants to Malaysia's 50 Richest.
Forbes expanded its list of wealthiest Malaysians to 50 from 40 in previous years, with a minimum net worth of RM448.20mil (US$145mil) to qualify.
Forbes said that even with the impending general election, the Kuala Lumpur Compo-site Index has moved up by 4% over the past year, and gross domestic product rose by 6.4%.
“As such, 23 members of the list saw their wealth increase with 14 others suffering losses,” it said.
The list is still led by business tycoon Robert Kuok, 89, who has kept the position for eight years in a row. His current net worth is RM38.63bil (US$12.5bil).
In second place is telecommunications magnate T. Ananda Krishnan, 74, who is worth RM36.16bil (US$11.7bil), up from RM30.61bil (US$9.9bil) last year.
Tan Sri Syed Mokhtar Al-Bukhary, 59, dropped one spot to No 8 with a net worth of RM8.49bil (US$2.75bil).
Forbes said the list was compiled from information obtained from individuals, stock exchanges, public documents and analysts.
Privately held wealth was estimated using financial statements available through the Companies Commission of Malaysia.