Richest Man in Malaysia

ROBERT KUOK

Flagship: PPB Group Bhd

Group net worth: RM49.9bil

MALAYSIANS know Robert Kuok as the country’s richest man, and for a very long time too. His wealth, estimated at nearly RM50bil at the end of 2017, is more than double the next name on the list of the country’s richest people. But last year, the legendary 94-year-old multi-billionaire did something many have been waiting for.

Kuok is reclusive. He is still sharp of mind when it comes to running his business empire and by publishing his memoir, a lot of the whispers, legend and rumours about his life were corrected or validated in some way. In fact, he let on more than what people knew about his journey in life and business, and understandably, the book was sold out as fast as any book could have in this part of the world.

His influence is well-documented. Kuok was the trailblazer who opened his doors to China, and in return, made money for generations to come.

Kuok’s wealth at the end of 2017 was RM49.9bil, but in a year that was dotted by the return of high commodity prices and economic growth in this part of the world, Kuok made more money than any of the other billionaires on the list.

The rich do get richer and Kuok made RM13.2bil last year, or a 35.9% increase from the RM36.7bil he was worth at the end of 2016. That increase alone is equal to what the eighth-richest man in Malaysia was worth last year.

Kuok has controlling stakes in three listed companies in Malaysia – PPB Group Bhd, Malaysian Bulk Carriers Bhd.

PPB is a diversified company that is in plantations, food and also cinemas through Golden Screen Cinema Sdn Bhd. Maybulk is a shipping line and Shangri-La Hotels is the No 1 hotel chain in the country.

His businesses in Malaysia are a big part of his wealth, but the majority comes from his listed companies in Hong Kong and Singapore through Wilmar International Ltd.

Through a web of shareholding structures, Kuok’s wealth is primarily held by Hong Kong-based Kerry Group. Kerry Group has stakes in Hong Kong-listed entities such as Shangri-La Asia, Kerry Properties and Kerry Logistics.

It was the big rise in the share prices of Kerry Properties and Shangri-La Asia that fuelled the big jump in Kuok’s wealth last year. Kerry Properties’ share price rose nearly 70% last year, while the value of Shangri-La Asia more than doubled in a single year.