Dr Mahathir’s son and Najib’s brother among richest Malaysians

(Bernama) – Mokhzani Mahathir, second son of former premier Dr. Mahathir Mohamad and Nazir Razak, the younger brother of current Prime Minister Najib Abdul Razak are among the 40 richest people in the country, according to the latest survey by the Malaysian Business magazine.

The full list of the 40 tycoons and details of their wealth were published in the magazine’s Feb 16 issue. As in the previous year, the wealth of the Top 40 was assessed based on the value of their stakes in listed companies as at Jan 15 this year.

Nazir Razak, 41 of the CIMB Group makes his first appearance on the list of Top 40 Richest Malaysians at number 40 with a total wealth of RM345 million. Mokhzani, 47, places at number 20 with a net value estimated at slightly over a billion ringgit through his vehicle Kenchana Petroleum.

Eleena Azlan Shah, 48, of Gamuda and daughter to the sultan of Perak was at the 35th spot with an estimated wealth of RM515 million.

Malaysia’s 40 richest people recorded an increase in their fortunes as they were collectively worth RM156.7 billion as at Jan 15, or 63 per cent more than the RM96.3 billion a year ago, on the back of a recovery in the stock market.

However, according to the fortnightly magazine’s survey results released in a statement today, their combined wealth was still less than the RM171.9 billion recorded in 2008.

The benchmark FBM KLCI has risen 44.3 percent since its last survey as the world strives to get back on its feet following the global financial crisis.

The survey also revealed that close to half on this year’s list recorded jumps of 50 percent or more. There are also more billionaires this year – 22, eight more than last year.

Robert Kuok, 84, the Kuok Group patriarch who relinquished his ‘Sugar King’ crown last year, still tops the list with a wealth of RM42.76 billion, up RM16.1 billion from RM26.6 billion a year ago.

Media-shy and telecommunications tycoon Ananda Krishnan, 70 ranked second, clocked in at RM27 billion.

IOI Corporation Bhd’s Lee Shin Chen, 69, was third with a wealth of RM11.92 billion, followed by prominent banker Teh Hong Piow,78, at RM10.86 billion.

Genting Group’s Lim Kok Thay, 56, valued at RM10.38 billion, leapt a full 10 spots to number five. This was because he assumed a large chunk of the wealth of his late father, Lim Goh Tong.

Hong Leong Group’s Quek Leng Chan, 67, took the sixth spot at RM7.09 billion while Syed Mokhtar Albukhary of the Albukhary Foundation, valued at RM6.01 billion, settled at seventh.

Others in the Top 10 ranking were Lim Goh Tong’s widow Lee Kim Hua, 79, Tiong Hiew King, 78, of the Rimbunan Hijau Group and Vincent Tan, 56, of the Berjaya Group.

There were five newcomers to the list apart form Nazir Razak, namely Lee Swee Eng of KNM Group, brothers Shahril Shamsuddin and Shahriman Shamsuddin of Sapura and OSK Holdings’ Ong Leong Huat, who makes a comeback to the list after a one-year absence.