This article first appeared in The Edge Financial Daily, on February 26, 2016.

KUALA LUMPUR: Eight of the top 10 billionaires listed in Malaysia this year lost a total of US$7.9 billion (RM33.34 billion) in net worth last year as Malaysia’s stock market and the ringgit took a beating from low crude oil prices and other global economic headwinds.

Forbes Asia, in a statement yesterday, said Robert Kuok retained his crown as Malaysia’s richest businessman for the 11th straight year, despite the pummelling of many Malaysian fortunes over the past year.

The 92-year-old founder of the Kuok Group, also known as Malaysia’s Sugar King, retained his top spot on Forbes Malaysia’s Rich List with a net worth of US$10 billion, down US$1.3 billion from a year ago.

“With the stock market falling 8.7% and the ringgit losing 12.6% of its value against the [US] dollar, it was a difficult year for Malaysian tycoons,” the statement read.

“The slowdown in China and the continuing political showdown in the capital also hurt business. The worldwide oil and gas depression also took a toll on fortunes related to that industry,” it added.

A comparison between the top 10 Malaysian billionaires’ net worth last year against this year’s figures showed only one billionaire adding to his net worth, i.e. Hap Seng Consolidated Bhd’s Tan Sri Lau Cho Kun, whose net worth jumped 43.5% to US$1.55 billion from US$1.08 billion a year ago, on the back of new property projects under the company’s belt, making him the No 8 richest this year.

IOI Group’s Tan Sri Lee Shin Cheng’s (No 5) net worth is unchanged at US$4.6 billion this year.

Malaysia’s telecommunications mogul Ananda Krishnan, whose wealth dropped US$2.3 billion to US$7.4 billion this year, is at No 2.

Meanwhile, Hong Leong Group’s Tan Sri Quek Leng Chan retained his No 3 position despite having seen his net worth shrinking US$300 million from a year ago to US$5.3 billion, while Public Bank Group’s Tan Sri Teh Hong Piow was bumped up one notch to the No 4 spot this year with US$4.65 billion, though some US$750 million was shaved off his US$5.4 billion wealth a year ago.

No 9 on the list is Tan Sri Syed Mokhtar al-Bukhary, whose net worth halved to US$1.45 billion from US$2.9 billion a year ago.

Forbes Asia said six people fell off this year’s rich list, most notably Tan Sri Khoo Kay Peng. One of the hardest hit this year was technology tycoon Goh Peng Ooi, founder and major shareholder of Singapore-listed Silverlake Axis Ltd, who dropped out of the billionaire ranks after his wealth shrank by half (53%) to US$725 million.

Goh had a net worth of US$1.55 billion a year ago, but his company’s stock fell in August after an anonymous short-seller said his financial software company, Silverlake Axis, inflated its results, which Deloitte Singapore has since refuted.

Among the prominent businessmen who have dropped out of the billionaire list this year are Berjaya Group founder Tan Sri Vincent Tan (No 17; US$900 million) and his brother Tan Sri Danny Tan (No 13; US$975 million).

Meanwhile, glove makers were among the five new additions to the list: Hartalega Holdings Bhd’s Kuan Kam Hon (No 11; US$1.1 billion) is a new billionaire this year, as his wealth swelled US$120 million from last year.

Glove maker Riverstone Group’s Wong Teek Son joins Malaysia’s 50 richest grouping at No 40 with US$255 million.

The only woman in this year’s top 50 list is Selangor Properties Bhd’s Chong Chook Yew, who holds the No 33 post with a net worth of US$340 million.

The minimum net worth to make the list this year is US$195 million, down from US$240 million last year.