Find out about the net worth, earnings and career earnings of CIMB Group Chairman Nazir Razak in 2023. How much money did he earn? Nazir Razak, Malaysia’s financial pillar, is a well-known individual with a large legacy. Nazir is known for his achievements as the chairman and CEO of the CIMB Group, a major financial services company in Malaysia and the ASEAN region.
His leadership was instrumental in changing the environment of the banking industry. Beyond 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 hailed as the initiator of the nation’s development project. Furthermore, Nazir is the younger brother of Najib Razak, the country’s sixth Prime Minister. Nazir Razak’s varied positions include his distinguished career in business as well as his important place in Malaysian political history.
What is Nazir Razak’s Net Worth in 2023?
According to reliable sources, Nazir Razak, an experienced Malaysian banker and former chairman of the CIMB Group, has an estimated net worth of RM 1.5 billion (USD 360 million). This valuation includes his remaining shareholding in the CIMB Group, the financial giant he retired from in 2018, as well as other interests and assets. Nazir’s 0.5% stake in the CIMB Group contributes a lot to his wealth, especially given the institution’s strong market capitalization of RM 54 billion (USD 13 billion) in 2023.
Outside of CIMB, his financial portfolio includes shares in IHH Healthcare, Sunway Group and AirAsia Group, demonstrating a diversified investment approach. This value underscores Nazir Razak’s continued financial power, as his smart investments continue to deliver huge returns, cementing his position as a key player in Malaysia’s economic landscape.
Nazir Razak Salary As Former CIMB Group Chairman: Income And Achievements
Nazir Razak began his career as a corporate counselor with Commerce International Merchant Bankers Berhad, commonly known as CIMB, in 1989. In 1999, he was appointed managing director and CEO of the bank, and he oversaw its development from a Malaysian boutique investment bank to a regional universal bank with operations in 16 countries. He also led CIMB’s growth into Islamic banking, making it one of the largest Islamic banks in the world. Nazir was CIMB’s Chief Executive Officer until 2014, when he stepped down to become chairman.
He stepped down as chairman in 2018 after being cleared of any wrongdoing related to the transfer of $7 million from his brother Najib into his account as part of the larger 1Malaysia Development Berhad controversy. According to the bank’s annual report, Nazir Razak earned a total of RM 211 million (USD 51 million) in salary and incentives during his tenure as CEO and chairman of CIMB.
When he was CEO, his maximum annual salary was RM 34 million (USD 8 million). In 2018, his lowest annual income as chairman was RM 6 million (USD 1.4 million). Apart from his duties at CIMB, Nazir Razak held positions at Khazanah Nasional Berhad, the Employees’ Provident Fund, the Blavatnik School of Government at Oxford University, and the Better Malaysia Association. In 2021, he also released his memoir titled “What’s In A Name,” in which he revealed his personal and professional life, as well as his thoughts on Malaysian politics and economics.
Categories: Biography
Source: SCHOOL TRANG DAI
