Learn about Nazir Razak’s net worth, income, and career earnings of CIMB Group Chairman in 2023. How much money does he make? Nazir Razak, a pillar of Malaysian finance, is a renowned individual with a substantial legacy. Nazir is well-known for his achievements as the chairman and CEO of CIMB Group, a financial services behemoth in Malaysia and the ASEAN area.
His leadership was essential in altering the banking industry’s environment. Beyond his professional accomplishments, Nazir’s family links 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 outstanding 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 RM 1.5 billion (USD 360 million). This assessment includes his remaining shareholdings in CIMB Group, a financial behemoth 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 solid market capitalization of RM 54 billion (USD 13 billion) as of 2023.
Beyond CIMB, his financial portfolio includes shares in IHH Healthcare, Sunway Group, and AirAsia Group, demonstrating a well-diversified investing approach. This value emphasizes Nazir Razak’s continuing financial power, as his smart investments continue to provide big profits, cementing his position as a significant role in Malaysia’s economic landscape.
Nazir Razak Salary As Former Chairman of CIMB Group: Earnings And Accomplishments
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 as the bank’s managing director and CEO, and he oversaw its development from a boutique Malaysian investment bank to a regional universal bank with operations in 16 countries. He also led CIMB’s growth into Islamic banking, which resulted in it being one of the world’s biggest Islamic banks. Nazir was the CEO of CIMB until 2014, when he quit to become chairman.
He stood down as chairman in 2018 after being exonerated of any wrongdoing in connection with a $7 million transfer from his brother Najib into his account as part of the larger 1Malaysia Development Berhad controversy. According to the bank’s annual reports, Nazir Razak earned a total of RM 211 million (USD 51 million) in pay and incentives during his term as CEO and chairman of CIMB.
When he was CEO, his maximum yearly salary was RM 34 million (USD 8 million). In 2018, his lowest yearly income as chairman was RM 6 million (USD 1.4 million). Apart from his job at CIMB, Nazir Razak 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 released his memoirs titled “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.
