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Know about Nazir Razak’s net worth, income and career earnings as Chairman of CIMB Group in 2023. How much money does he earn? Nazir Razak, a pillar of Malaysian finance, is a renowned individual with a substantial legacy. Nazir is known for his achievements as Chairman and CEO of CIMB Group, a financial services giant in Malaysia and the ASEAN area.
His leadership was essential in altering the environment of the banking industry. Beyond his professional achievements, Nazir’s family ties give another dimension to his profile: he is the youngest son of Malaysia’s second Prime Minister, Abdul Razak Hussein, who is credited with initiating the country’s development projects. . Furthermore, Nazir is the younger brother of Najib Razak, the country’s sixth prime minister. Nazir Razak’s varied position includes his distinguished career in business as well as his important place in Malaysia’s political history.
How much is Nazir Razak’s net worth 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 assessment includes his remaining stakes in CIMB Group, a financial giant from which he retired in 2018, as well as other interests and assets. Nazir’s 0.5% stake in CIMB Group contributes considerably to his fortune, particularly given the institution’s robust market capitalization of RM54 billion (US$13 billion) as of 2023.
Beyond CIMB, its financial portfolio includes shares of IHH Healthcare, Sunway Group and AirAsia Group, demonstrating a well-diversified investment approach. This value emphasizes Nazir Razak’s continued financial power, as his smart investments continue to generate huge profits, cementing his position as an important 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, overseeing its development from a boutique Malaysian investment bank to a regional universal bank with operations in 16 countries. He also led CIMB’s growth in Islamic banking, making it one of the largest Islamic banks in the world. Nazir was CIMB’s chief executive until 2014, when he resigned to become president.
He resigned as president in 2018 after being cleared of any wrongdoing related to a $7 million transfer from his brother Najib to his account as part of the broader 1Malaysia Development Berhad controversy. According to the bank’s annual reports, Nazir Razak earned a total of RM211 million (US$51 million) in salaries 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 chairman was RM6 million (US$1.4 million). In addition to his work 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 Assembly. In 2021, he also published 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 economy.
Categories: Biography
Source: Tekmonk Bio, Make Money Blogging
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