as the country’s economic growth rate slowed. Our annual ranking of Malaysia’s 50 richest finds that 30 saw their wealth shrink, while only 11 enjoyed gains. Stocks were down—the benchmark KLSE index lost 8% in the past 12 months—and the ringgit slipped 3% against the U.S. dollar. A tumultuous year in politics added to the headwinds.
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.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.
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.Additional Coverage
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