Saturday, February 16, 2008

RICH getting RICHER poor getting poorer....

Now, if we were to look at the distribution of wealth in Malaysia based on ethnicity, of course the figures will not be reflective of the wealth of individual households within that particular ethnic group.

The government must provide us with the statistics that show us how much wealth or income that households do have...and I am sure we will find that the majority of households are really not well off - if not poor...irrespective of whether the are Malay, Chinese, Indian, Semai, Kadazan, etc..

After all, Malaysia has been shown to have the biggest gap between the rich and the poor...whereby the richest 10% own 22 times more than the poorest 10%.

"Malaysia has the largest gap between rich and the poor in Southeast Asia, where the top 10 percent is 22.1 times richer than the poorest 10 percent. Malaysia's income gap is higher than Philippines (16.5), Thailand (13.4), Indonesia (7.8) and Vietnam (8.4). The richest 10 percent in Malaysia controls 38.4 percent of the country's economic income as compared to the poorest 10 percent controlling 1.7 percent."

In fact, it should not just be the Indian poor out there in the streets claiming discrimination - it should be the Malaysian poor...

I am sure that some of the "rich" are not listed as they are clever in concealing their wealth...and after all this list is based on 'public records' i.e. of "value of stakes in listed companies..". What about lands and property they own? What about non-listed companies? What about other assets?

As mentioned before, the only one to blame for this unequal (or inequitable) distribution of wealth amongst Malaysians and Malaysian households, families and individuals is our government --- oh yes that Barisan Nasional government (before the Perikatan government) - the one and only government we have had...

Maybe time for a change is here...

Kuok's still 'Mr Richest'
Feb 16, 08 2:56p

Sugar King Robert Kuok Hock Nien remains the richest Malaysian, ahead by a wide margin from closest rival T Ananda Krishnan, according to Malaysian Business magazine's list of 40 Richest Malaysians.

robert kwokThe magazine in its Feb 16 issue puts Kuok's wealth at RM58.11 billion, which accounts for nearly 36 percent of the total wealth of the 40 richest.

The Hong Kong-based tycoon added a whopping RM25.7 billion to his vast fortune last year, due to the higher equity prices of his stable of listed stocks.

It said Ananda Krishnans fortune however registered a marginal drop to RM19.63 billion.

IOI Corporation Bhd's Lee Shin Cheng, said the magazine, has for the first time etched himself in the top three position of Malaysia's richest by doubling his fortune to RM14.94 billion.

YTL patriarch dislodged

Others in the top-10 ranking are Quek Leng Chan of Hong Leong Group (RM11.098 billion), Syed Mokhtar Albukhary of the Albukhary Foundation (RM8.550 billion), Teh Hong Piow of Public Bank (RM8.060 billion), Lim Kok Thay of Genting (RM3.168 billion) and Tiong Hiew King of the Rimbunan Hijau Group (RM3.87 billion).

The magazine said two tycoons found their way to the Top-10 - Vincent Tan of Berjaya Group (RM3.409 billion) and Azman Hashim of Amcorp Group (RM2.87 billion).

"They dislodged YTL Corp patriarch Yeoh Tiong Lay who slips to 13th position (RM1.747 billion)," it said.

Among the notable new entrants to the list is Singapore-based Ong Beng Seng who, at RM1.74 billion, ranks number 14.

The others are Tony Tiah Thee Kian of TA Enterprise Bhd, Lau Cho Kun of Gek Poh Holdings, Lin Yun Ling of Gamuda Bhd, Liew Kee Sin of SP Setia Bhd and Kwan Ngen Chung of Kwantas Corporation Bhd.

The full list of the 40 tycoons and details of their wealth appears in the magazines Feb 16 issue. Their wealth was assessed based on the value of their stakes in listed companies as at Jan 18, 2008," the magazine said.

No comments: