“Billion Dollar Whale” Jho Low blew money so wildly that even real-life “Wolf of Wall Street” Jordan Belfort was shocked. During a party hosted by Low on the French Riviera, the ex-convict said knowingly:
“This is a fucking scam — anybody who does this has stolen money. You wouldn’t spend money you worked for like that.”
The fact that Jho Low used to party with Leonardo DiCaprio (who portrayed Belfort), and quietly financed the production of “The Wolf of Wall Street” via laundered funds from 1MDB (supposedly a Malaysian sovereign wealth fund) makes the story crazier.
His enabler — ex-Malaysian-Prime-Minister Najib Razak — was recently sentenced to another 15 years in prison + fined $2.8 billion. Inspired, I finished “Billion Dollar Whale” — a book about Jho Low and the 1MDB scandal — by former WSJ journalists Bradley Hope and Tom Wright.
Najib might spend the rest of his life in jail. The Malaysian government still owes $2.1 billion for 1MDB’s debts. It finally runs out in 2039. By that time, 30 years of Malaysians’ money would have been used to repay debts for all kinds of haram activities. Money that should have been used to build hospitals and fix schools.
As a Malaysian, it’s hard not to get angry reading the book. But perhaps what’s more interesting is the flaws it revealed in human nature. I thought these were the most interesting ones:
No Amount Is Enough for Uncontrolled Greed
What would drive someone to steal $4.5 billion? You might assume it came from survival instinct — perhaps someone who grew up homeless and hungry, then vowed to become rich no matter what it took.
On the contrary, Jho Low grew up rich. Coming from the small island city of Penang, he did his A levels at world-famous Harrow in London, followed by studying economics at Wharton in the USA. He was born into the Top 1% of society. His father was worth at least $15 million.
Jho Low had the education, connections and money to launch almost anything he wanted to. It’s a privileged position from which several second-generation Asian entrepreneurs have made it big. Yet, driven by some madness — I can only assume linked to insatiable lust and greed — he chose to become a thief on the grandest scale.
The book authors estimate that at some point, Jho Low had access to more liquid cash than anyone in history.
And it still wasn’t enough.
The amount of money one can make and spend in this world is theoretically limitless. But the amount of greed you can have is even greater than that.
Status Can Be Bought; But It’s Most Valuable When Earned
One of the strangest things about Jho Low was his relationship with women.
The stereotypical playboy splashes money on women, then expects “something” in return at the end of the night. Jho Low was different. Paid women at his champagne-soaked parties were shocked he didn’t hit on them.
He was more happy to be surrounded by — to be seen with beautiful women — than actually enjoying the company of beautiful women. He seemingly treated them as props. At his parties, Jho Low also had A-list celebrities, who were mostly paid to attend. Like the models, they were investments into boosting his status.
I think Jho Low had insatiable lust for status. To be seen. It was a hole that was never filled.
Which is strange, because it’s something most non-millionaires figure out: Your need for external status drops when the people you love, love you back. You don’t need recognition from Saudi princes, Malaysian politicians or Paris Hilton.
A couple of other things to understand money and status:
- Money exposes more of who you already are. If you’re insecure, money can give you resources to feed that insecurity on a grander scale.
- Money can complicate relationships. If you use money to buy love, do they really love you or your money?
- Money can accelerate many achievements. But there are rare status symbols that can only be earned from sincerity, commitment and discipline. Like a great relationship with your family. That kind of status is the most valuable.
Your Basic Human Desires Are Targets for Scammers
To steal billions, it took a village.
As of January 2026, here’s a list of people who’ve been punished:
- 2 executives from Goldman Sachs Asia
- 2 executives from government-linked Abu Dhabi companies
- 3 bankers from Swiss bank BSI (which has ceased to exist)
- 2 Swiss nationals who pretended their company (PetroSaudi International) was Saudi-Arabian backed
- 1 Saudi prince
- 1 ex Prime Minister
A bunch of international companies (including Goldman Sachs, Deloitte and JP Morgan) have also made settlements totaling $6.9 billion.
How did Jho Low get so many accomplices for his crimes? He didn’t know how to talk to women, but certainly knew how to speak to human desire.
A lot of it was the promise of riches. When you have enough money to get Megan + Jamie Fox(x) at your parties, you can silence Compliance objections at a lot of greedy institutions.
But it went beyond money. Best example: Middle-Eastern royalty might have money, but do they have access to Hollywood actors and Grammy-winning singers? Jho Low smelled what people wanted, then gave it to them in exchange for future favors.
Everyone has inner desires like sex, status and wealth. Be careful that people don’t exploit this to make you do stupid things.
You Eventually Fall for the Lies You Tell Yourself
Towards the end of the story, we see something strange. As 1MDB’s web of lies was unravelling, we see Jho Low fighting to survive — another con, another lie. But never any guilt, remorse or thoughts about turning himself in.
My theory is he eventually believed those lies. I don’t think he wakes up in the morning and sees himself as a liar and thief. The human mind is too powerful for that. It justifies your actions, because you’re the hero of your own story. Especially if you’re a narcissist. Instead, Jho Low probably sees himself as a genius player who hacked the world of money and status. A small-town nobody — who despite the overwhelming obstacles and dubious means — became the billion-dollar whale.
Be mindful of the stories you tell. As an ancient quote says, your thoughts and words eventually become your destiny.
Some might say he got away with it. Blew at least hundreds of millions on alcohol, Monet and Picasso paintings, and Beyonce’s penthouse in New York. Partied with Leo; dated Miranda Kerr. Yet, he was never arrested. Jho Low is still “missing,” apparently protected by powerful parties. The book authors believe he’s currently living in a luxury mansion in Shanghai.
But I’m comforted that in the epilogue of “Billion Dollar Whale,” he was panicking to leave Southeast Asia. He once led a billionaire’s high life, and I hope in comparison, even his current living arrangements feel terrible. Furthermore, he will never be welcome, or call Malaysia home again — apart from prison where he belongs.
Following Where the Wind Blows Is Easy; Fighting for the Greater Good Requires Faith
Jho Low’s empire eventually crumbles when enough people speak up and investigate: Diligent workers within Malaysia’s Attorney General Chambers (AGC) and Anti Corruption Commission (MACC). Local and foreign journalists. Malaysian politicians who can’t take it anymore — both in government and opposition.
The establishment fought back. The Attorney General lost his job. The head of MACC suddenly resigned for “health reasons.” Worse, there were at least two suspicious deaths in Malaysia around this time — where families of victims claimed the killings to be linked to 1MDB investigations. People who were investigating must have feared for their lives. And yet, they still did.
Here’s one to the heroes — named or unnamed, people who did their bit to help Malaysia untangle this mess. It also took a village to take down the 1MDB villains. One with better villagers.
If everyone in the MACC, AGC or other agencies had said, “I’m just following orders,” then perhaps the cover up would have been successful. So many challenges, all the way from the top — but there were just enough people who were willing to do the harder thing.
Easy to say “This is just the way it works here” to justify ethically-questionable actions. But even in the darkest of situations, you can still choose to do the right thing. A bit of irrational optimism is good for everyone.
– – –
Buy “Billion Dollar Whale”: Amazon (affiliate link — I get a small commission if you buy) | Kinokuniya Malaysia
Pic from Pexels: Stephan Louis