Find out about the net worth, income and career earnings of CIMB Group Chairman Nazir Razak in 2023. How much does he earn? Nazir Razak, a pillar of Malaysian finance, is a famous person with a significant legacy. Nazir is well known for his achievements as Chairman and Chief Executive Officer of CIMB Group, a financial services giant in Malaysia and the ASEAN region.
His leadership was instrumental in changing the landscape of the banking industry. Apart from his professional achievements, Nazir’s family connections add another dimension to his profile: he is the youngest son of Malaysia’s second prime minister, Abdul Razak Hussein, who is credited with launching the country’s development projects. Moreover, Nazir is the younger brother of Najib Razak, the country’s sixth prime minister. Nazir Razak’s diverse background includes his remarkable business career as well as his important place in Malaysia’s political history.
What is the net worth of Nazir Razak in 2023?
According to credible sources, Nazir Razak, a seasoned Malaysian banker and former chairman of CIMB Group, has an estimated net worth of RM1.5 billion (US$360 million). This valuation includes his remaining holdings in CIMB Group, the financial behemoth he retired from in 2018, as well as other interests and assets. Nazir’s 0.5% stake in CIMB Group adds significantly to his wealth, especially given the institution’s solid market capitalization of RM54 billion (US$13 billion) as of 2023.
Apart from CIMB, his financial portfolio includes shares in IHH Healthcare, Sunway Group and AirAsia Group, demonstrating a well-diversified approach to investment. This valuation underscores Nazir Razak’s continued financial prowess, as his shrewd investments continue to yield big profits, cementing his position as a significant player in Malaysia’s economic landscape.
Nazir Razak Salary as Former Chairman of CIMB Group: Earnings and Achievements
Nazir Razak began his career as a corporate advisor at Commerce International Merchant Bankers Berhad, commonly known as CIMB, in 1989. In 1999, he was appointed Managing Director and Chief Executive Officer of the bank and oversaw its development from a Malaysian investment bank to a regional universal bank operating in 16 countries. He also led CIMB’s growth into Islamic banking, resulting in it becoming one of the world’s largest Islamic banks. Nazir was CIMB’s CEO until 2014, when he resigned to become chairman.
He resigned as president in 2018 after being cleared of any wrongdoing in connection with the transfer of $7 million from his brother Najib to his account as part of the larger 1Malaysia Development Berhad controversy. According to the bank’s annual reports, Nazir Razak earned a total of RM211 million (US$51 million) in salary and incentives during his tenure as CEO and chairman of CIMB.
When he was CEO, his maximum annual salary was RM34 million (US$8 million). In 2018, his lowest annual income as president was RM6 million (US$1.4 million). Apart from his work at CIMB, Nazir Razak has held roles at Khazanah Nasional Berhad, the Employee Provident Fund, the Blavatnik School of Government at the University of Oxford and the Better Malaysia Assembly. In 2021, he also published his memoir, “What’s In A Name”, in which he revealed his personal and professional life, as well as his thoughts on Malaysian politics and the economy.
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Source: vcmp.edu.vn