Page 46 - Forbes - Asia (March 2020)

MALAYSIA’S
50 RICHEST

26. DANNY TAN CHEE SING

$665 MILLION
44 TROPICANA
AGE: 64

T 27. AHMAYUDDIN BIN AHMAD
THE LIS $620 MILLION

WESTPORTS HOLDINGS
AGE: 63

28. LIM HAN WENG

$610 MILLION
YINSON HOLDINGS
AGE: 67

29. GOH PENG OOI Wealth Creation

$600 MILLION
Ready for Prime Time
SILVERLAKE AXIS
BY YUWA HEDRICK-WONG
AGE: 65
30. CHEAH CHENG HYE Malaysia has long aspired to join the outbreak may also hit HDI and economic
ranks of developed countries. Admission growth—a black swan event that could have
$595 MILLION
to the OECD, often referred to as the “rich a hard-to-anticipate impact.
VALUE PARTNERS
countries’ club,” would be formal recogni- However, the service sector provides a
AGE: 65
tion that Malaysia has done just that. How more comprehensive assessment. The ser-
31. YAW TECK SENG close is Malaysia to the OECD level of de- vice sector, as opposed to agriculture or man-
ufacturing, tends to be the largest and most
velopment? Judging from its economic de-
& CHEE MING velopment, the answer is “close.” In 2019, important in any developed economy. Here
Malaysia’s per-capita GDP was estimated at you find the best-paid, most highly skilled
$480 MILLION
about $12,200, not far behind the $13,530 jobs. Services reflect the quality of a coun-
SAMLING STRATEGIC
AGES: 81, 60 average of the six least wealthy OECD try’s workers. And since the lion’s share of
members, according to World Bank data. the service sector caters to consumers, it also
32. DESMOND LIM Per-capita GDP is a very narrow gauge of measures consumer-sector development. An
SIEW CHOON development, though. Another good mea- innovative, sophisticated service sector with
a strong supply of skilled labor and robust
sure is the human development index, or
$470 MILLION HDI, which takes into account life expec- demand from its customers is a meaningful
PAVILION REAL ESTATE tancy, health, quality of life and education. measure of a country’s development.
In 2019, Malaysia’s HDI put it 61st of 189 So how does Malaysia’s services sector
INVESTMENT TRUST
AGE: 59
countries. Within Asia, only three coun- stack up? Its service sector is currently esti-
tries rank higher: Singapore at 9th, Japan mated at roughly 55% of GDP, much lower
33. PATRICK GROVE at 19th and Korea at 22nd. So Malaysia than the OECD average of about 70%. Ma-

has made good progress. The coronavirus laysia’s GDP still relies heavily on agricul-
$465 MILLION
ture, mining and manufacturing. To get
IFLIX
ready for prime time, Malaysia will need a
AGE: 44
bigger and higher value-added service sec-
34. KONG CHONG SOON TO GET READY FOR PRIME tor to do the heavy lifting.
TIME, MALAYSIA WILL On the supply side, Malaysia boasts one ALEXANDER SPATARI/GETTY IMAGES
NEED A BIGGER AND of the best-educated populations in emerg-
$420 MILLION
HIGHER VALUE-ADDED ing Asia. The percentage of adults with a
UNITED OVERSEAS AUSTRALIA
AGE: 79
SERVICE SECTOR TO DO secondary education increased to 87% in
THE HEAVY LIFTING. 2017 from 63% in 1990, and in tertiary edu-

F ORBES A SIA MAR CH 2020