Vietnam’s Pham Nhat Vuong ranks among Southeast Asia’s over-$10bn elite

With an estimated net worth of US$18.7 billion as of November 8, the Vingroup chairman now sits fifth among the region’s wealthiest individuals, surpassing Dhanin Chearavanont, senior chairman of Charoen Pokphand Group (C.P. Group), Thailand's largest private company, and beverage magnate Charoen Sirivadhanabhakdi of ThaiBev.

His assets have skyrocketed by 325 percent compared to last year’s report, driven largely by the soaring value of Vingroup shares.

Topping the list are Prajogo Pangestu with a net worth of $44.1 billion and Low Tuck Kwong with $25.1 billion. Both come from Indonesia.

Pangestu’s wealth, derived from petrochemicals and energy, grew slightly by two percent year on year, while Kwong, who built his fortune on coal mining, saw his assets fall by eight percent.

Indonesia is also the country with the most billionaires among the top 10 richest people in Southeast Asia, with five names: Pangestu, Kwong, R. Budi Hartono, Michael Hartono, and Tahir and his family.

Moreover, the four richest individuals in Southeast Asia are all Indonesian billionaires.

These billionaires are active in long-established industries such as natural resources, banking, and tobacco.

Meanwhile, tycoons from Thailand, Malaysia, Vietnam, and the Philippines tend to derive their wealth from diversified conglomerates or property development.

Vuong first focused his career on real estate before expanding into various fields such as technology and energy through Vingroup’s vast ecosystem.

Chearavanont’s C.P. Group has moved beyond its roots in animal feed to insurance, telecommunications, and real estate.

Similarly, Sirivadhanabhakdi has built ThaiBev into a powerhouse spanning beverages, retail, and property.

Malaysia’s Quek Leng Chan, worth $10.3 billion, draws his wealth from real estate and banking.

Philippine tycoon Manuel Villar with a net worth of $10.5 billion made his fortune through real estate ventures.

Through the rankings, billionaires from emerging industries remain rare.

Among the few exceptions are Indonesia’s Otto Toto Sugiri ($11.4 billion) in data centers and Singapore’s Li Xiting ($11.7 billion) in medical equipment.

Rising stars of 2025

This year’s Forbes report also highlights three new entrants to the exclusive $10 billion club: Otto Toto Sugiri, Vuong, and Tahir of Indonesia.

Their fortunes have risen by 418 percent, 325 percent, and 136 percent respectively compared to 2024.

Sugiri, co-founder and CEO of DCI Indonesia, has seen his net worth soar following a dramatic rise in DCI’s stock price, from around 45,000 rupiah ($2.7) early this year to nearly 360,000 rupiah ($21.6) in August.

Founded in 2011, DCI is now one of Indonesia’s largest data center operators, listed on the stock exchange since 2021.

Before founding DCI, Sugiri established Sigma Cipta Caraka in 1989, which was later acquired by Telkom Indonesia and is now known as Telkomsigma.

A similar story unfolded in Vietnam, where Vingroup’s VIC stock rocketed from VND41,000 ($1.5) in February to a record VND220,000 ($8.4) on October 28.

The surge reflects investor confidence as the group is pursuing massive strategic projects across real estate, industrial manufacturing, energy, infrastructure, and materials technology.

Meanwhile, Tahir, founder of Mayapada Group, an Indonesian-based conglomerate, saw his wealth balloon thanks to sharp gains in his holdings.

His property firm Maha Properti Indonesia tripled in value since July, while Mayapada Bank shares climbed as much as 81 percent.

He also owns real estate assets in Singapore, including stakes in the listed company MYP.