Kuok keeps top post in Malaysian billionaires list on Forbes

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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.