According to Forbes, this reversal of fortune could partly be attributed to the country’s dominant position as the medical glove maker to the world.
In a pandemic year, the financial publication said Malaysian exports of rubber gloves doubled, boosting the wealth of the largest producers.
“Five of them feature among the 50 richest, with two, Kuan Kam Hon (No. 7, US$3.8 billion) of Hartalega Holdings and Lim Wee Chai (No. 8, US$3.5 billion) of Top Glove, ranked in the top 10,” it said.
Commodities and real estate magnate Robert Kuok continued to top the list with an estimated net worth of US$12.2 billion while Hong Leong Co executive chairman Quek Leng Chan took the second spot with US$9.6 billion.
Press Metal Aluminium Holdings Koon Poh Keong, who shares a metals fortune with his four siblings, was this year’s biggest dollar gainer, adding US$3.4 billion to his wealth and propelling Koon and his brothers to third place with a net worth of US$6.4 billion.
Lim Kuang Sia, of Kossan Rubber Industries, returned to the list at No. 14 with US$1.4 billion while Stanley Thai of Supermax Corporation returned at No. 20 with US$1.1 billion.
There were five newcomers this year. Among them were brothers Tan Yu Yeh and Tan Yu Wei of MR DIY Group Bhd, who were the richest newcomers at No. 10 with US$2.7 billion.
The other four new entrants were all based in Penang. They benefited from US-China trade tensions as global companies sought to diversify their supply chains.
They include Tan Eng Kee (No. 22, US$965 million); Ng Chai Eng (No. 37, US$450 million) and Lau Chee Kheong (No. 38, US$445 million), and Steven Siaw Kok Teng (No. 49, US$325 million).
However, the pandemic also took a toll on 19 listees, whose fortunes fell. Among them were casino moguls Chen Lip Keong (No. 9, US$3.4 billion) and Lim Kok Thay (No. 11, US$2.55 billion).
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