KUALA LUMPUR: Malaysia has long been a place where vast fortunes have been amassed over time. The Kuoks, Tehs and Queks are custodians of palm oil, property and banking empires that stretch back decades.
Glove companies were hammered last week when Russia’s president said his nation had cleared the world’s first Covid-19 vaccine for use, while Moderna Inc and Johnson & Johnson are among those reaching deals with governments to supply their shots. Riverstone slumped 13% in its worst week since March. Fortunes in the country are booming even as the economy contracted by the most since the Asian financial crisis. That’s exacerbating already wide inequality. Knight Frank estimates wealth creation is the 10th fastest in the world — while the mean income was RM7,901 last year. The firm’s 2020 wealth report projected that the number of Malaysians with more than US$30 million will swell by 35% between 2019 and 2024, compared with 2% between 2018 and 2019.
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