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The two men behind AirAsia--No. 37 Tony Fernandes, group chief executive, and his business partner, No. 38 Kamarudin Meranun, the airline's executive chairman--saw their fortunes soar by 50% or more over the past year. In January they purchased the entire issuance of 559 million new shares in their flagship--spending $228 million. The duo now own nearly a third of AirAsia, which is Asia's largest low-cost airline in terms of passengers carried. The stock has risen 95% in the past year.

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