DESPITE the weakening of the ringgit, 93-year old sugar king Tan Sri Robert Kuok is again Malaysia’s richest man, whose net assets are worth US$11.4 billion (RM50.5 billion).
He leads 11 other Malaysians into Forbes’ latest annual ranking of the world’s billionaires, where he is currently placed 115th.
He has been on top of the heap for many years now and I just can’t imagine how wealthy that is.
Of course, some people will say that many other Malaysians are much richer, just that they are not evaluated.
But let’s keep our focus on Forbes, which applies a simple but accurate methodology.
Among other things, according to Forbes, it sends out its reporters throughout the year to meet with a list of candidates and their assistants, and interview employees, rivals, lawyers, ex spouses and securities analysts.
They keep track of their moves: the deals they negotiate, the land they are selling or the paintings they are buying.
They also dig through share documents, court records, probate records, tax records, federal financial disclosures and news stories. In calculating wealth, they put a price on all assets, including stakes in public and privately-held companies, real estate, art, yachts and planes.
Malaysia’s richest saw their fortunes slump by half last year, according to Forbes, as the country grappled with weak oil prices.
So, the number of billionaires shrunk by a quarter last year, to 12 from 16. Forbes calculates the rankings in United States dollars, which means fortunes held in ringgit are worth less when the Malaysian currency falls. But still, they are the super-duper rich as far as Malaysians are concerned.
Kuok spends most of his time in Hong Kong, but being Malaysian (he was born in Johor Baru), he must have yearned sometimes for things Malaysian.
Does he ever stop and order pasembor or cendol whenever he passes by Subang Jaya, I wonder.
Or does he enter a fashion shop and ask “how much?” for a designer label.
Or does he ever go shopping at all? Does he ever go out incognito like the late Penang billionaire Tan Sri Loh Boon Siew, who sat in a coffee shop in Hutton Lane every day to watch the world go by?
With that kind of money, he may wake up one morning in Hong Kong and say he wants to have breakfast in Tokyo.
Still, weak ringgit or no, 12 Malaysians made it to Forbes’ latest annual ranking.
Others in the list include Hong Leong Group founder Tan Sri Quek Leng Chan (ranked 202, net worth: US$6.8 billion or about RM30 billion), multi-clustered businessman Tan Sri T. Ananda Krishnan (219, RM28.7 billion), IOI Group executive chairman Tan Sri Lee Shin Cheng (348, RM20.8 billion), Public Bank chairman Tan Sri Teh Hong Piow (348, RM20.8 billion), Hap Seng owner Tan Sri Lau Cho Kun (973, RM9.3 billion), YTL Corp founder Tan Sri Yeoh Tiong Lay (973, RM9.3 billion), Rimbunan Hijau Group founder Tan Sri Tiong Hew King (1,030, RM8.8 billion), diversified businessman Tan Sri Syed Mokhtar Albukhary (1,161, RM8 billion), gaming tycoon Tan Sri Dr Chen Lip Keong (1,290, RM7 billion), Hartalega executive chairman Kuan Kam Hon (1,940, RM4.4 billion) and WCT Holdings executive chairman Tan Sri Desmond Lim Siew Choon (1,940, RM4.4 billion).
Their combined assets exceed RM202 billion.
To give a better perspective of how wealthy they are, Petronas’ after-tax profit was RM23.5 billion for the financial year ended Dec 31 last year, from RM20.9 billion in 2015. Group revenue fell 17 per cent to RM204.9 billion from RM247.7 billion in 2015.
The proposed high-speed railway between Kuala Lumpur and Singapore is estimated to cost about RM43 billion. The railway will be about 350km-long and the travel time will be 90 minutes.
The project will require the construction of a brand new line with dedicated tracks, which will allow trains to travel at least 270kph.
And the 2017 Budget allocation, as announced in October, was RM260.8 billion.
In the end, it must be accepted that it is rezeki (their worldly fortunes) that has given them the wealth, the fame and their wellbeing.
Syed Nadzri is a former NST group editor