In revealing the annual local rich list, business magazine Malaysian Business said Malaysia's 40 richest individuals are collectively worth RM156.7 billion -- much more than the RM96.3 billion they accumulated last year.

However, according to the fortnightly magazine's survey results released in a statement today, their combined wealth was still less than the RM171.9 billion recorded in 2008.

The full list of the 40 tycoons and details of their wealth were published in the magazine's Feb 16 issue.

The wealth of the top 40 was assessed based on the value of their stakes in listed companies as at Jan 15, with almost half jumping 50% or more. There are also more billionaires this year - 22, eight more than last year.

Concurrently, the benchmark FBM KLCI has risen 44.3% within the same period.

Southeast Asia's richest man and now former Sugar King Tan Sri Robert Kuok Hock Nien maintains his position at the top with RM42.76 billion, while telecommunications tycoon Tan Sri T Ananda Krishnan a distant second, clocking RM27 billion.

Third is Tan Sri Lee Shin Cheng of IOI Group, who more than doubled his fortune to RM11.92 billion.