Ananda Krishnan’s flagship investment company, Usaha Tegas Sdn Bhd, released a statement confirming Krishnan’s death. The statement read, “It is with great sadness that we announce the demise of our chairman, Mr. Ananda Krishnan Tatparanandam, who passed away peacefully on November 28th, 2024.” The Malaysian billionaire was 86 years old.
Krishnan is widely recognized as one of Malaysia’s communications giants. He is hailed in business circles for his net worth and respected in society for his philanthropic endeavors.
Usaha Tegas Sdn Bhd also said that Krishnan made “significant contributions to nation-building and the corporate world” and that his philanthropy had “touched many lives.”
Following his passing, it was revealed that Krishnan had been battling a “progressively worsening lung disease” for months.
Inside the Billionaire’s Net Worth
In 2024, Krishnan was the sixth-richest person in Malaysia by net worth and ranked 671st among the world’s wealthiest billionaires—a list generally topped by Bernard Arnault, Elon Musk, or Jeff Bezos. Forbes, which held the last available information about Krishnan’s net worth, revealed that he had a fortune of $5.1 billion at the time of his death on November 28th.
Krishnan’s net worth has fluctuated, without leaving the billions, over recent years. In 2015, Forbes data about Krishnan’s wealth showed a net worth of $9.7 billion, which fell to $6.5 billion by 2017. However, the billionaire saw his fortunes turn, and his riches grew to $7.2 billion by 2018.
In 2020, Krishnan experienced another decline, with his net worth dropping to $4.7 billion. The decline was partly linked to his failed Indian telecom firm, Aircel, in 2018. According to Forbes, Krishnan invested roughly $7 billion into the business.
By 2021, Krishnan had increased his net worth by over $1 billion, but it has been on a downward curve since then. In 2023, he was the fourth wealthiest Malaysian billionaire, with $5.2 billion.
An Established Business Career
Founded in 1984, Usaha Tegas Sdn Bhd was the investment company that held all of Ananda Krishnan’s other major businesses and investments.
Reports point to the parallel between Krishnan’s rise to the top of Malaysia’s business world and the country’s economic rise. They also suggest Krishnan’s career benefitted from his close ties to the former Malaysian prime minister Tun Dr Mahathir Moahamad. Mohamad was Malaysia’s prime minister from 1981 to 2003 and from 2018 to 2020. He is credited with transforming the country into an Asian industrial leader and one of Asia’s developed nations.
According to reports, Krishnan and Mohamad became friends in London during the 1970s and remained friends until the former’s passing. The billionaire persuaded Mohamad to permit the construction of the Petronas Twin Towers in Kuala Lumpur in the early 1990s, which has become a defining symbol of the country’s economic prosperity. The twin structures stand at roughly 452 meters and are the tallest twin towers in the world.
Among Krishnan’s many professional experiences, he was the founding director of national energy giant Petronas in the 1970s before starting Bumi Armada, his own offshore oil services company. Despite his little interest in oil, Krishnan saw his status move into the billions during his time in the oil industry.
Founded in 1993, Krishnan was mainly known for his telecom company, Maxis, Malaysia’s second-largest telecom operator.
Philanthropic Pursuits
Beyond business, Krishnan was well known for his philanthropic pursuits. He gained international fame when he joined hands with Irish rock star Bob Geldof for the Live Aid charity concert in 1985—which Krishnan also funded to help raise money for famine relief in Africa.
In 2015, Krishnan set up the Yu Cai Foundation, whose name is a combination of Mandarin words that translate to “nurture talent.” This foundation was formed to offer financial sponsorships to the ethnic Chinese community in Malaysia.
Krishner’s other philanthropic endeavors include the 2004 Harapan Nusantara education fund, which annually sponsors special programs at local private universities for over 100 students.
