The biggest loser was No. 48 Wong Thean Soon, whose net worth plunged 63%. Shares of his company My E.G. Services, which provides online access to government services, got hit after last year’s election on the perception that it was linked too closely to the outgoing government. A big investor in the company, Norraesah Mohamad—the only woman on the list last year—fell off the ranking.
Syed Mokhtar AlBukhary maintained his ranking at No. 12, but his wealth shrank $200 million as shares of his infrastructure-linked firms fell amidst an ongoing review of Malaysia’s mega-infrastructure projects.
Another suffering a setback was Genting chairman Lim Kok Thay. After spending $750 million, Genting has ended up in a legal battle with his two U.S. partners, 20th Century Fox and Disney. Meanwhile, Lim’s $1.2 billion casino complex in New York is in the red. Lim, No. 7 on the list, is down $300 million.
Read More: Malaysia's Richest 2019: Shrink Wrap Sees Big Growth For Scientex
No. 49 Abdul Kadier Sahib makes the list for the first time. He’s a director at Serba Dinamik Holdings, an oil-and-gas services supplier that went public in 2017 and has seen its stock soar. The founder, No. 40 Mohd Abdul Karim Bin Abdullah, debuted a year ago and got an 11% lift to his net worth this year. A third member of the Koon aluminum family, Koon Poh Weng, is another newcomer.
Tan Chin Nam, who co-founded property developer Goldis and was No. 45 last year, died in October at the age of 92. Another property mogul, Chong Chook Yew, died in September at 95. Until 2018 she had made the list every year since it started in 2006 and was usually the only woman.
The net worths are based on stock prices and exchange rates as of the close of markets on Feb. 28.
Additional Coverage
Malaysia's Richest 2019: Infrastructure-Linked Fortunes Falter
Malaysia's Richest 2019: Top Glove Holds Steady Amid Elastic Demand
Malaysia's Richest 2019: Genting Battles Fox And Disney Amid Casino Woes
Malaysia's Richest 2019: A Low Octane Year For Energy Services
Reporting by Caroline Chen, Muhammad Cohen, Susan Cunningham, Naazneen Karmali, Sean Kilachand, Anis Shakirah Mohd Muslimin, Suzanne Nam, Anuradha Raghunathan, Sheela Sarvananda, Jessica Tan and Jennifer Wells.
Methodology
The list was compiled using information from the individuals, stock exchanges, analysts, private databases, government agencies such as the Companies Commission of Malaysia, and other sources. Net-worth numbers are based on stock prices and exchange rates as of the close of markets on February 28. Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies. The estimates include a spouse's wealth and where the person is the company founder, they also include the wealth of sons and daughters that's derived from that company. In cases in which the fortunes of family members are based on the same company, we combine these members into one listing, as long as each of them has enough wealth to qualify for the list on his or her own.