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Michael Lee Chin slides off Forbes billionaire list
NCB Chairman Michael Lee Chin has been adjudged by the influential business magazine, Forbes, as no longer being a billionaire.
Mr. Lee Chin was named among a list of 48 people who were billionaires last year, but are no longer on the list.
Forbes did not give an estimate of Mr. Lee Chin's current worth which has been declining in recent years.
The magazine never said whether Mr. Lee Chin's declining wealth was a result of a dip in the value of his assets or the result of new intelligence on his net worth.
Mr. Lee Chin had seen his net worth climb to as high as US$2.5 billion in the past, but last year it was just about a billion dollars after the value of some of his assets was affected by the global financial meltdown.
That meltdown also affected his mutual fund business, which was sold in 2009 after heavy losses, due primarily to its heavy exposure to financial stocks which took a battering in the global financial crisis in late 2008.
NCB Chairman Michael Lee Chin has been adjudged by the influential business magazine, Forbes, as no longer being a billionaire.
Mr. Lee Chin was named among a list of 48 people who were billionaires last year, but are no longer on the list.
Forbes did not give an estimate of Mr. Lee Chin's current worth which has been declining in recent years.
The magazine never said whether Mr. Lee Chin's declining wealth was a result of a dip in the value of his assets or the result of new intelligence on his net worth.
Mr. Lee Chin had seen his net worth climb to as high as US$2.5 billion in the past, but last year it was just about a billion dollars after the value of some of his assets was affected by the global financial meltdown.
That meltdown also affected his mutual fund business, which was sold in 2009 after heavy losses, due primarily to its heavy exposure to financial stocks which took a battering in the global financial crisis in late 2008.
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