Get insights on the chairman of CIMB group, Nazir Razak net worth, salary, and career earning details in 2023. How much does he make?
A stalwart in the Malaysian banking sector, Nazir Razak stands as a prominent figure with a significant legacy.
Renowned for his contributions, Nazir served as the chairman and CEO of CIMB Group, a financial services giant in Malaysia and the ASEAN region.
His leadership played a pivotal role in shaping the landscape of the banking industry.
Beyond his professional achievements, Nazir’s familial ties add another layer to his profile—he is the youngest son of Abdul Razak Hussein, the second Prime Minister of Malaysia, recognized for spearheading the nation’s developmental initiatives.
Additionally, Nazir is the brother of Najib Razak, who went on to become the country’s sixth Prime Minister.
Nazir Razak’s multifaceted role encompasses both his distinguished career in finance and his integral place within Malaysia’s political lineage.
Nazir Razak Net Worth In 2023: How Much Does The Former Chairman of CIMB Group Make?
According to reliable sources, Nazir Razak, the seasoned Malaysian banker and former chairman of CIMB Group, commands a substantial net worth estimated at approximately RM 1.5 billion (USD 360 million).
This valuation takes into account his residual shareholdings in CIMB Group, a financial powerhouse from which he stepped down in 2018, coupled with diverse investments and assets.
Nazir Razak leads the ASEAN region’s fifth-largest bank, CIMB Group, and its parent company, Bumiputra Commerce Holdings. (Image Source: MarcoPolis)
Nazir’s holdings in CIMB Group, comprising about 0.5% of the company, contribute significantly to his wealth, especially considering the institution’s robust market capitalization of RM 54 billion (USD 13 billion) as of [current-mont] 2023.
Beyond CIMB, his financial portfolio extends to other key entities, including stakes in IHH Healthcare, Sunway Group, and AirAsia Group, showcasing a diversified investment strategy.
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This valuation underscores Nazir Razak’s enduring influence in the financial realm, as his strategic investments continue to yield substantial returns, solidifying his standing as a notable figure in the economic landscape of Malaysia.
Nazir Razak Salary As The Former Chairman of CIMB Group: Career Earning And Achievement
Nazir Razak started his career in 1989 as a corporate advisor at Commerce International Merchant Bankers Berhad, which later became CIMB.
He became the managing director and CEO of the bank in 1999 and led its transformation from a boutique Malaysian investment bank to a regional universal bank with operations in 16 countries.
He also oversaw the expansion of CIMB into Islamic banking, becoming one of the world’s largest Islamic banks. He served as the CEO of CIMB until 2014 when he resigned and took over as chairman.
Nazir Razak is the recipient of the 2023 Alumni Award for Business and Industry. (Image Source: Euromoney)
He stepped down as chairman in 2018 after being cleared of any wrongdoing in relation to a $7 million transfer into his personal account from his brother Najib as part of the wider 1Malaysia Development Berhad scandal.
During his tenure as the CEO and chairman of CIMB, Nazir Razak earned a total of RM 211 million (USD 51 million) in salary and bonuses, according to the bank’s annual reports.
His highest annual income was RM 34 million (USD 8 million) in 2012 when he was the CEO. As chairman, his lowest annual income was RM 6 million (USD 1.4 million) in 2018.
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Apart from his role at CIMB, Nazir Razak held various positions in other organizations, such as Khazanah Nasional Berhad, Employee Provident Fund, Blavatnik School of Government at the University of Oxford, and Better Malaysia Assembly.
He also published his memoirs titled “What’s In A Name” in 2021, where he shared his personal and professional journey and his views on Malaysian politics and economy.
