May 8, 2021

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MR DIY brothers debut on Forbes richest list

PETALING JAYA: This year’s Forbes world’s billionaire list saw the addition of MR DIY Group’s Tan Brothers, Westports Holdings Bhd’s Tan Sri G Gnanalingam and Greatech Technology Bhd co-founder and CEO Tan Eng Kee.

Brothers Tan Yu Yeh and Tan Yu Wei of MR DIY Group Bhd have an estimated net worth of US$1.8 billion (RM7.4 billion) and US$1.1 billion.

Malaysia’s largest home improvement retailer MR DIY (pix) made its debut on the Main Market of Bursa Malaysia Securities in October last year. The initial public offering (IPO) was the largest on Bursa Malaysia since 2017 with a market capitalisation of RM10 billion. The IPO raised RM1.5 billion from both institutional and retail investors.

Still, Hong Leong Group’s Tan Sri Quek Leng Chan leads the Malaysian contingent in the list, with a reported net worth of US$9.7 billion in 2021, up from US$9.2 billion recorded for the previous year.

Despite the gain in net worth, his ranking in the global list fell to the number 234 spot from the 147th spot in the previous year.

Malaysian tycoon Tan Sri Ananda Krishnan takes the runner-up position for the country, ranked at 476th in the list with a net worth of US$5.8 billion, up from US$4.7 billion and down from 361th spot in 2020.

Third Malaysian on the list is Public Bank founder Tan Sri Teh Hong Piow who rose to 486th spot from 538th rank last year, as his net worth improved to US$5.7 billion from US$3.5 billion previously.

This year saw a record-breaking number of billionaires, along with 493 newcomers – unprecedented by any measure, especially in a year in which large economies around the world were hampered by the coronavirus. Collectively, they are worth US$13.1 trillion, up from US$8 trillion on the 2020 list.