IN a year in which tycoons and their businesses faced headwinds both locally and globally, fortunes were made and lost by the nation’s wealthiest.

From currency shocks, commodity price fluctuations and a property glut right down to an overall decline in business sentiment, some were able to capitalise on these events, while others saw their fortunes taking a hit.

The biggest increase in wealth was made by 56-year-old Datuk Koon Poh Keong of Press Metal Bhd. Shares of the aluminium producer surged more than 100% last year, propelling him 18 rungs to No. 14 on our list of Malaysia’s 40 richest. His worth, solely based on his family’s controlling stake in Press Metal, is estimated at RM3.71bil.

Press Metal’s share price spike was even more notable considering that the market’s main barometer, the FBM KLCI, closed 3% down to 1,641.73 points on Dec 31, 2016 on a year-on-year basis.

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