Meet Malaysia's new billionaire king: Tycoon Sultan Ibrahim Iskandar, 65, who owns 300 luxury cars, a fleet of private jets, and his own Army

Malaysia now has a new billionaire king who delights in flashing his wealth online, 

Sultan Ibrahim Iskandar, 65, was sworn in as the nation’s new king this morning under a rotating monarchy system which sees the rulers of nine Malaysian states take turns as monarchs for five-year terms.

The new king, now known as the Yang Di-Pertuan Agong, or ‘He Who is Made Lord’, boasts an estate estimated to be worth some £ 4.5 billion, according to Bloomberg, but his real wealth is thought to be far greater.

His extensive business empire ranges from real estate to telecoms and power plants. He also has huge holdings in foreign property and stakes in various other companies. 

The King, who has his own Army, owns a fleet of private jets, and 300 luxury cars, including one said to have been a gift from Adolf Hitler.

Ibrahim, the ruler of Johor state, took his oath of office at the royal palace in a ceremony witnessed by other royal families, Prime Minister Anwar Ibrahim, and Cabinet members, earlier today.

Sultan Ibrahim has made clear his intentions to rein in lawmakers and bring about stability in a nation whose politics are historically unstable, with more than 20 parties vying for control.

The new monarch succeeded Sultan Abdullah Sultan Ahmad Shah of Pahang state, who presided over a tumultuous period that included COVID-19 lockdowns and two collapsed governments. 

According to Mail Online, nine ethnic Malay state rulers have taken turns as king for five-year terms under the world’s only such system since Malaysia gained independence from Britain in 1957.

Malaysia has 13 states but only nine have royal families.