Vietnamese billionaire Pham Nhat Vuong tops Southeast Asia’s wealth rankings, while Filipino businessman Enrique Razon rises to second place as the fortunes of Indonesian tycoons decline.
MANILA: Southeast Asia’s wealth rankings are shifting as Vietnamese billionaire Pham Nhat Vuong maintains his lead, Filipino ports and energy magnate Enrique Razon Jr. climbs to second place, and Indonesia’s leading tycoons face steep declines in their fortunes.
The region’s 10 richest individuals and families are collectively worth more than $183 billion, according to the latest estimates cited in the ranking. Thailand’s leading billionaires occupy the next two positions, while Singapore’s property families and Malaysia’s veteran business magnate Robert Kuok complete the list.
The figures are based on Forbes estimates and can change daily with share prices. Some individual fortunes in the ranking reflect estimates from different dates.
Southeast Asia’s 10 Richest Billionaires
1. Pham Nhat Vuong | Vietnam | Approximately $36.5 billion
Industries: Real estate, electric vehicles and retail
Pham Nhat Vuong, chairman of Hanoi-based Vingroup, leads Southeast Asia’s wealth rankings with an estimated fortune of $36.5 billion.
His business interests span real estate, retail, and electric vehicles through VinFast. Vingroup has also pursued ventures beyond its core businesses, including ventilator production during the Covid-19 pandemic.
Vuong’s fortune has benefited from strong movements in Vingroup shares. According to VN Express, his wealth increased by as much as $2.3 billion in a single August trading session as the company’s stock reached a record high.
2. Enrique Razon Jr. | Philippines | Approximately $20 billion
Industries: Ports and logistics
Enrique Razon Jr., chairman of International Container Terminal Services Inc. (ICTSI), has risen to second place in Southeast Asia’s wealth rankings.
ICTSI, the Philippines’ largest port operator, has seen its shares more than double, helping increase Razon’s fortune by more than $10 billion year on year. The gains also helped him become the Philippines’ richest person this year.
His business interests in ports and infrastructure have positioned him among the region’s most prominent billionaires.
3. Dhanin Chearavanont | Thailand | Approximately $17.6 billion
Industries: Agribusiness, retail and telecommunications
Dhanin Chearavanont, 87, is the senior chairman of Thailand’s Charoen Pokphand Group, a conglomerate with interests spanning agribusiness, retail and telecommunications.
The group is reshaping parts of its portfolio, including selling a 10% stake in True Corp. Dhanin is also planning an additional $600 million investment in Vietnam, according to the information accompanying the ranking.
4. Sarath Ratanavadi | Thailand | Approximately $17.3 billion
Industries: Energy, telecommunications and data centers
Sarath Ratanavadi, founder of Gulf Development, ranks fourth among Southeast Asia’s richest.
He has been one of the biggest wealth gainers in Thailand, according to the latest Forbes ranking cited in the report.
His investment plans include spending up to 140 billion baht on artificial intelligence data centers and related infrastructure, reflecting growing interest in the region’s digital economy.
5. Prajogo Pangestu | Indonesia | Approximately $17.2 billion in an earlier estimate
Industries: Petrochemicals and energy
Prajogo Pangestu built Barito Pacific from a timber-trading venture established in 1979 into one of Indonesia’s major energy and petrochemical groups.
His fortune has fallen sharply as Barito Pacific shares declined. An earlier estimate put his wealth at more than $44 billion before a steep stock-price drop reduced it to around $18.6 billion over three months.
The decline followed scrutiny by Indonesian authorities over transparency in the domestic stock market and the valuation of shares in some of the country’s largest companies.
More recent Bloomberg-based trackers cited in the source material placed Pangestu’s fortune at approximately $11.2 billion to $11.4 billion by mid-October 2026, down around $28 billion from the end of 2025. The difference between these estimates highlights how rapidly his reported wealth has changed.
6. Low Tuck Kwong | Indonesia | Approximately $16.4 billion in an earlier estimate
Industry: Coal
Singapore-born billionaire Low Tuck Kwong founded Bayan Resources, an Indonesian coal mining company.
Low and his daughter, Elaine Low, recently completed a transaction involving 10.08 billion Bayan shares, representing a 30.25% stake in the company. The shares were sold to PT Jhonlin Baratama, an investment vehicle associated with Indonesian businessman Andi Syamsuddin Arsyad, known as Haji Isam.
The conditional purchase agreement was signed on September 16 and completed on October 7, according to Indonesian financial portal Pasardana.
The reported fortune of $16.4 billion reflects an earlier estimate dated October 2 and may not capture subsequent changes in shareholdings or valuations.
7. Kwek Leng Beng and Family | Singapore | $16.1 billion
Industries: Property and hospitality
Kwek Leng Beng and his family rank among Singapore’s wealthiest business owners, with a fortune of approximately $16.1 billion.
Their flagship company, City Developments, has been selling non-core assets while focusing on residential property and hospitality.
The family’s fortune increased by $1.8 billion, keeping it in second place on Forbes’ Singapore wealth list, according to the figures cited in the ranking.
8. Robert Budi Hartono | Indonesia | $15 billion in an earlier estimate
Industries: Cigarettes and banking
Robert Budi Hartono co-owns Djarum, the Indonesian tobacco company, and Bank Central Asia, one of the country’s major banks.
His brother and longtime business partner, Michael Hartono, died in March 2026, according to IDN Financials.
Robert Budi Hartono’s reported fortune has also come under pressure from Indonesia’s stock market decline. The $15 billion figure reflects an October 2 estimate and may not represent his latest wealth valuation.
9. Robert and Philip Ng | Singapore | $14.3 billion combined
Industry: Property
Brothers Robert and Philip Ng have a combined estimated fortune of $14.3 billion.
They run Far East Organization, one of Singapore’s largest privately held property developers, with a portfolio spanning residential developments, shopping malls and hotels.
The brothers rank third on Forbes’ Singapore wealth list, according to the source material.
10. Robert Kuok | Malaysia | Approximately $12.8 billion
Industries: Commodities, hotels and property
Robert Kuok, Malaysia’s richest man, rounds out the top 10 with an estimated fortune of $12.8 billion.
Known as Asia’s “Sugar King,” the 102-year-old businessman built a regional business empire spanning commodities, hospitality and property.
Forbes estimated his wealth at $12.8 billion on September 22. His long career has made him one of Southeast Asia’s most enduring business figures.
Indonesia’s Stock Market Decline Reshapes the Rankings
The sharp changes in the fortunes of Indonesia’s wealthiest businesspeople are a major factor behind the reshuffling of the regional rankings.
Prajogo Pangestu’s reported wealth has fallen substantially alongside Barito Pacific shares, while Robert Budi Hartono has also faced pressure from the country’s stock market decline. Low Tuck Kwong’s recent share sale adds another development to the picture.
These changes illustrate how closely billionaire wealth can track stock-market performance, particularly when fortunes are concentrated in publicly traded companies.
Vietnam and the Philippines Gain Ground
Vuong’s position at the top reflects the scale of his business interests and the recent performance of Vingroup shares. Razon’s rise to second place, meanwhile, follows a strong rally in ICTSI stock.
Thailand’s Dhanin Chearavanont and Sarath Ratanavadi remain close behind, while Singapore’s property families continue to feature prominently among the region’s wealthiest.
The rankings offer a snapshot of Southeast Asia’s changing business landscape, where stock-market movements, corporate investments and shifts in company valuations can rapidly reorder the fortunes of its richest tycoons.
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Southeast Asia’s richest list (clockwise from top left): Pham Nhat Vuong, Ricky Razon, Dhanin Chearavanont, Sarath Ratanavadi, Prajobo Pangestu, Low Tuck Kwong, Kwek Leng Beng, Robert Budi Hartono, Philip Ng, and Robert Kuok.
Source: Gulf News
