Kuok keeps top post in Malaysian billionaires list on Forbes

Tan Sri Robert Kuok retained the top spot on the top 50 richest Malaysian list published by Forbes magazine.

He retained the top spot for the 12th consecutive year with a net worth of US$11.4 billion (RM50.73 billion), up from US$10 billion previously.

The 93-year old patriarch of the Kuok Group controls an empire that includes palm oil, shipping and property.

Robert Kuok has long been Malaysia’s richest person.

The Chinese-Malaysian tycoon’s Kuok Group controls an empire that includes the high-end hotel chain Shangri-La, Kerry Properties and commodities trader Wilmar.

He got his start trading rice, sugar and wheat flour in Malaysia in 1949 and in Singapore in 1953.

A big source of his wealth is a stake in palm-oil-giant Wilmar International, which is run by nephew Kuok Khoon Hong, a Singapore billionaire.

Tan Sri Quek Leng Chan, who chairs privately-held conglomerate Hong Leong Co (Malaysia), moved up one spot to number two with a net worth of US$6.8 billion, up from US$5.3 billion last year.

Quek replaced Tan Sri Ananda Krishnan, who slipped to third spot this year as his wealth declined 12.2% to US$6.5 billion amid uncertainty around his debt-laden Indian telecom, Aircel.