Malaysian casino tycoons Dr Chen Lip Keong and Tan Sri Lim Kok Thay saw their wealth fall over the past 12 months, although both still managed to climb higher on the Forbes list of Malaysia’s Richest 50 for 2022.
On the back of lengthy casino closures around the world due to the COVID-19 pandemic, Dr Chen – the founder of highly profitable integrated resort NagaWorld in Phnom Penh, Cambodia – saw his fortune fall from US$3.4 billion to US$2.7 billion, according to Forbes. He did, however, still climb two spots to No 7 on the list.
Likewise, moving up from No 11 to No 9 in 2022 is Genting Group patriarch Lim Kok Thay, who saw his fortune drop from US$2.55 billion in 2021 to around US$2.4 billion in 2022. This is despite the demise of his cruise ship brand Genting Hong Kong, of which Lim holds a personal 76% stake, on debts totalling almost US$3 billion.
Lim is Chairman and CEO of Genting Berhad and its major subsidiaries Genting Malaysia and Genting Singapore, whose casino interests extend from Asia to the United States and Europe.
Robert Kuok, owner of the hotel, real estate and commodities giant Kuok Group, remains top of the list in 2022 with a fortune of US$11 billion.
Forbes said the combined wealth of Malaysia’s 50 richest dropped 10% from a year ago to US$80.5 billion, with 30 tycoons seeing their wealth decline since 2021.
Malaysia’s top 10 richest in 2022:
|POSITION||NAME||INDUSTRY||NET WORTH (US$)|
|1||Robert Kuok||Diversified||$11 billion|
|2||Quek Leng Chan||Diversified||$10.1 billion|
|3||Koon Poh Keong||Manufacturing||$6.2 billion|
|4||Teh Hong Piow||Finance and Investments||$5.7 billion|
|5||Ananda Krishnan||Telecom||$5 billion|
|6||Lee Yeow Chor & Yeow Seng||Food and Beverage||$4.8 billion|
|7||Chen Lip Keong||Gambling and Casinos||$2.7 billion|
|8||Tan Yu Yeh & Yu Wei||Fashion and Retail||$2.4 billion|
|9||Lim Kok Thay||Gambling and Casinos||$2.35 billion|
|10||Lau Cho Kun||Diversified||$2 billion|