Communications tycoon T Ananda Krishnan is the richest man in Malaysia this year, local media reported today.

Malaysian Business magazine's annual ranking of the 40 wealthiest Malaysians placed Ananda's net worth at RM8.77 billion (US$2.3 billion), the New Straits Times said.

This pushed into second place last year's winner, "Sugar King" Robert Kuok Hock Nien, with RM8.01 billion.

Ananda, who was third last year with RM4.2 billion, saw his fortunes increase after the listing of his mobile phone operator Maxis Communications Berhad o­n the Kuala Lumpur Stock Exchange in 2002.

Besides communications, his business empire includes gaming, power generation, entertainment and trading.