Communications tycoon T Ananda Krishnan is the richest man in Malaysia this year, local media reported today.

Malaysian Business magazine's annual ranking of the 40 wealthiest Malaysians placed Ananda's net worth at RM8.77 billion (US$2.3 billion), the New Straits Times said.

This pushed into second place last year's winner, "Sugar King" Robert Kuok Hock Nien, with RM8.01 billion.

Ananda, who was third last year with RM4.2 billion, saw his fortunes increase after the listing of his mobile phone operator Maxis Communications Berhad o­n the Kuala Lumpur Stock Exchange in 2002.

Besides communications, his business empire includes gaming, power generation, entertainment and trading.

Newcomer

Moving up from fourth place to bump casino king Lim Goh Tong from the third spot is Quek Leng Chan of the diversified Hong Leong group. His net worth increased by 50 percent to RM6.6 billion, Business Magazine reported.

Lim Goh Tong, who has a treasure chest of RM5.19 billion, saw his net worth drop as his stake in family company Kien Huat Realty was reduced following his recent semi-retirement.

His son, newcomer Lim Kok Thay, takes the eighth spot with a net worth of RM1.38 billion.

The wealth of the top 40 was assessed mainly o­n market capitalisation or value of their stakes in listed companies.

Despite subdued market sentiment, the total wealth of the 40 richest Malaysians increased by 20 percent this year to RM50 billion, nearly o­ne-quarter of Malaysia's gross domestic product, the report said. AFP