The rich became poorer by RM22bil
FOR the first time in five years, the 40 wealthiest Malaysians saw their wealth decline. The total wealth of the top-40 Malaysians based on their shareholdings in listed companies dropped by RM22.4bil to RM268.1bil as of end-2018.
The decline in the value of the 40 richest Malaysians – compiled based on their effective interest in listed companies in Malaysia and overseas – came amidst a drop in the FBM KLCI of 6% due to global uncertainties. The changes in business policies that came about after the new government came to power on May 9, 2018 exacerbated the drop in the total wealth of the rich.
In absolute amount, the person who saw the biggest drop in wealth is T. Ananda Krishnan, whose net wealth fell by RM7.64bil to RM12.77bil as at end-2018. His three compaies – Maxis Bhd, Astro Malaysia Holdings Bhd and Bumi Armada Bhd – all saw a drop in values due to changes in the business environment they operated. The worst hit is Bumi Armada, a service provider to the oil and gas industry, that is battling bankers on the weight of debts amounting close to RM9.5bil.
Tan Sri Lim Kok Thay came a close second in absolute loss of paper wealth as his net worth was shaved off by RM7.25bil to RM16.56bil. The share prices of both Genting Bhd, which runs the casino and Genting Malaysia Bhd that operates the theme park fell by 32% and 46% respectively in 2018.
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