In fact, the wealth of some of the richest in the country has risen.
The March issue of Forbes Asia, which lists the 50 richest Malaysians, says among those whose fortunes have improved are: casino and property mogul Chen Lip Keong, transport tycoon Syed Azman Ibrahim, funeral services innovator David Kong and real estate man Desmond Lim Siew Choon.
However, only one woman – Chong Chook Yew – qualified for the list. Chong, the Selangor Properties chairperson, was placed 43rd on the list. The 94-year-old, who was also the only woman on the list last year, is worth US$285 million.
Forbes notes: “No other Asian economy we survey has fewer women among its richest, but Singapore, Indonesia and Taiwan also have just one.”
Robert Kuok, 93, continues to reign supreme, retaining the top spot in the list of richest Malaysians. He is worth US$11.4 billion (RM50.7 billion), according to Forbes. He is involved in palm oil, shipping and real estate.
Quek Leng Chan, who is involved in the banking and real estate sectors is second on the list, up one spot from the previous year. The co-founder of the Hong Leong Group Malaysia is worth US$6.8 billion.
T Ananda Krishnan, dropped from second to third spot in the latest list. The businessman is worth US$6.5 billion.
Public Bank founder and chairman Teh Hong Piow retains fourth placing with US$4.75 billion.
Placed fifth, again, is IOI Corporation Bhd group executive chairman Lee Shin Cheng. He is worth US$4.7 billion.
Lim Kok Thay is 6th on the Forbes list, with US$4.45 billion. Forbes says the net worth of the Genting Malaysia gaming tycoon and his family fell over the past year, but only by 2.2%, mainly due to the weaker ringgit.
Yeoh Tiong Lay is placed 7th with US$2.1 billion, Lau Cho Kun is 8th, with US$2.08 billion, Tiong Hiew King is in number 9 with US$2 billion, and Syed Mokhtar Albukhary takes the 10th spot with US$1.8 billion.
The biggest gainer among tycoons in the country, says Forbes, is number 11-placed Chen Lip Keong. His wealth rose by 158%, to US$1.6 billion, putting him back in the billionaire ranks as his expanding Cambodian casino builds links to China’s tourism sector.
The other major gainer is Syed Azman Ibrahim, placed 26th, whose fortune soared 145% as firmer oil prices helped his business chartering helicopters to the oil-and-gas sector. He is worth US$600 million.
Funeral services innovator David Kong rose 10 spots to number 24 after he took his company private in a US$1.1 billion deal. He is worth US$700 million.
Forbes says a 10.5% gain in investor Desmond Lim Siew Choon’s fortune made him a billionaire for the first time. He is placed 16th, and worth US$1 billion.
The report says the biggest loser was Loh Kian Chong, placed 50th, whose net worth fell 24% and almost knocked him off the list. He is the grandson of the late Loh Boon Siew.
Two tycoons from last year who did not make the list this year are palm oil businessman Freddy Lim Nyuk Sang and Goh Siang of condom maker Karex.
Forbes says net worths on the list were based on stock prices and exchange rates as of the close of markets on Feb 17.
The list was compiled using information from the individuals, stock exchanges, analysts, private databases, government agencies and other sources.
Others who made the list include Jeffrey Cheah (number 17, worth US$970 million ); G Gnanalingam (number 18, worth US$940 million ); Vincent Tan (number 20, worth US$820 million); Lim Wee Chai (number 25, US$640 million); Ahmayuddin Ahmad (number 27, US$570 million); Ninian Mogan Lourdenadin (number 29, US$555 million); Azman Hashim (number 31, US$490 million); Shahril and Shahriman Shamsuddin (number 32, US$475 million); Mokhzani Mahathir (number 34, US$420 million), Tony Fernandes (number 37, US$345 million); Kamarudin Meranun (number 38, US$340 million); and Leong Hoy Kum (number 40, US$320 million).