KUALA LUMPUR: The 40 richest Malaysians this year have increased their wealth by 6.2% to RM236.56 billion, local business magazine the Malaysian Business said yesterday, as it unveiled its annual list of the country’s wealthiest citizens.

The magazine said this was due to steady economic growth last year, adding that two more billionaires had joined the list.

“Thanks to the steady economic growth in the first three quarters of 2014, the combined wealth of Malaysia’s 40 richest individuals — as indicated by the value of their listed assets as at Jan 16, 2015 — rose by 6.2% to RM236.56 billion from RM217.82 billion a year earlier,” the Malaysian Business said in a statement.

“However, things could be tough for many of these billionaires and millionaires this year onwards, with both domestic and global outlooks being less than certain. Short-term demand imbalances (weak demand and excess supply) in the global oil market will continue to be a key factor,” it said.

Two individuals close to former prime minister Tun Dr Mahathir Mohamad — his son Tan Sri Mokhzani Mahathir and Tan Sri Syed Mokhtar Albukhary — saw their wealth reduced by more than half and their rankings drop, with Mokhzani falling out of the top 10 altogether to number 29.

Syed Mokhtar, who remains the richest bumiputera in the list, saw his wealth drop from RM11.07 billion to RM5.23 billion, pushing him two positions down to eighth place.

“The decrease can be attributable to the fact that he has taken five of his companies private in the past 12 months,” said the Malaysian Business.

The wealth of Hong Kong-based Robert Kuok Jock Nien, who retains the top position in the list, also decreased quite significantly to RM41.35 billion this year from RM54.48 billion.

Telecommunications tycoon T Ananda Krishnan maintains his second position for the 11th year running, with his assets held via Usaha Tegas Sdn Bhd worth RM35.5 billion.

Third on the list is Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay, who jumps from seventh position last year, with his wealth valued at RM25.35 billion.

The full list of the 40 tycoons and details of their wealth appear in the magazine’s March 16 issue.

“As in previous years, the wealth of the top 40 was assessed based on the value of their stakes in listed companies as at Jan 16, 2015,” it said. — The Malaysian Insider

This article first appeared in The Edge Financial Daily, on March 18, 2015.