Monday, January 30, 2012

Guess Who Will Be Moving Up The Richest List Fastest This Year

The snippet below was taken from Forbes magazine:

Malaysia's Richest

#9 Vincent Tan

Net Worth$1.25 billionSource of Wealthdiversified
Age58Marital StatusMarried, 11 children
Self-made entrepreneur runs conglomerate Berjaya Group, but fortune sank by almost a quarter over the past year as shares stumbled. Owns social networking website and bought shares of Facebook through his Internet company, Failed to get a sports betting license from the government. Hates golf but loves scuba diving and working out at the gym.

Its very hard to move up the top ten richest list in Malaysia as the gap from one to the other is in the billions. Supposedly, Vincent Tan is #9 with $1.25bn (RM3.75bn). There is a very strong likelihood that Vincent Tan will move up at least two rungs this year. At #8 is Syed Mokhtar with $2.5bn while at #7 is Yeoh Tiong Lay with $2.7bn. Dislodging #6 will be difficult as Teh Hiong Piow has $4.7bn.

Chances are high that Vincent will get to #7 at least this year because his stake in Friendster was swapped totally into Facebook shares. Rough estimates has figured his stake in Facebook at 1%. Facebook is about to list soon at a valuation of at least $90bn, and should get to $120bn-$130bn when it finally trades (if market does not collapse). His stake alone will add at least $1bn to his total.

The other major play is his stake in Cosway, which is rumoured to be sold soon for around RM2bn. Then there is the realisation of his stake in U Mobile, which may be listed as well this year. All said, Vincent may add $1.5bn-$1.8bn (RM4.5-RM5.4bn) to his net worth this year.

How has 2012 been for you so far?