Tycoons on the 2023 Forbes list of Malaysia’s 50 Richest saw their combined wealth increasing to US$81.6bil (RM376.3bil) from US$80.5bil (RM371.2bil) a year ago.
SINGAPORE: The collective wealth of tycoons on the 2023 Forbes list of Malaysia’s 50 Richest edged up to US$81.6 billion from US$80.5 billion last year despite a dip in the stock market, according to Forbes Asia. (US$1=RM4.61)
Mi Equipment Holdings Bhd group CEO & executive director Oh Kuang Eng.
THE Top 40 Richest in Malaysia list for 2020 saw the entries of new tech billionaires from five companies, as they became beneficiaries of the China-United States trade tensions as well as a Covid-19 pandemic-induced electronic equipment demand surge, as lockdowns forced people to work from home.
Net worth is computed based on the closing share price of the companies as at Dec 31,2020.
It is worth noting that Penang is the base for four of the five new tech companies on the list, with the exception of Melaka-based D&O Green Technologies Bhd
Malaysia’s super-rich, hard hit by the market following the outbreak of Covid-19, saw billions being wiped out of their fortunes. On the other hand, entrepreneurs involved in the making of rubber gloves minted more money, while new billionaires emerged from the tech manufacturing sector as shares of their companies soared in 2020.
THE outbreak of the Covid-19 pandemic in 2020 has delivered a brutal hand to the country’s economy, bringing unprecedented challenges to the general public and corporate sector.
And if this may offer some consolation amid the plunging values of your retirement and savings accounts, some of Malaysia’s wealthiest individuals have lost lots of money too, a survey on Malaysia’s 40 Richest individuals for 2020 showed.