5 Southeast Asian billionaires with steepest net worth plunge in 2024

These individuals together boast $82 billion in wealth, which they make from the sectors of industrial, commodities, healthcare and energy, according to the Bloomberg Billionaires Index.

Goh Cheng Liang (Nippon Paint)

Goh Cheng Liang, shareholder of Nippon Paint. Photo by Singapore Press/Lianhe Zaobao

Goh Cheng Liang of Singapore is one of two billionaires on the list with the biggest loss of $1.68 billion.

Goh, the owner of Asia’s largest paint maker Nippon Paint, now has a net worth of almost $10 billion, a plunge from 2020 when his wealth topped $32 billion.

The 97-year-old billionaire now ranks 274th among the world’s 500 richest individuals.

The majority of Goh's fortune is derived from a 55% stake in Japan-based Nippon Paint, which has operations in 45 countries.

Sukanto Tanoto (Royal Golden Eagle)

Sukanto Tanoto, founder and chairman of Royal Golden Eagle. Photo courtesy of the company

Sukanto Tanoto, an Indonesian, also saw $1.68 billion wiped off his wealth this year.

The 75-year-old is the founder of manufacturing conglomerate Royal Golden Eagle, from which he derives the bulk of his net worth.

The Singapore-based company has various wood pulp, palm oil, paper, textiles, trading and energy businesses.

Tanoto’s wealth is now at $20.5 billion, making him the 101st richest person in the world.

Li Xiting (Shenzhen Mindray Bio-Medical Electronics)

Li Xiting, founder of medical supplier Shenzhen Mindray Bio-Medical Electronics. Photo courtesy of the company

Singapore’s Li Xiting has seen his net worth falling $1.36 billion this year.

The 73-year-old chairman of Chinese medical equipment maker Shenzhen Mindray Bio-Medical Electronics has a net worth of $14.3 billion, giving him the 159th ranking globally.

His company posted $4.9 billion in revenue last year and employs around 18,000 employees. Its products are sold to more than 190 countries.

Li’s net worth peaked at around $27 billion in 2021 but has been dropping gradually since.

Prajogo Pangestu (Barito Pacific)

Prajogo Pangestu, chairman of Barito Renewables Energy. Photo courtesy of the company

The net worth of Indonesia’s Prajogo Pangestu has dropped $1.31 billion this year.

The 80-year-old is the founder and chairman of Barito Pacific, the largest petrochemical company in Indonesia.

He now has $29.7 billion in total wealth, making him the richest man in Indonesia and 59th globally.

Pangestu owns a 71% stake in Barito Pacific, which posted $2.8 billion in revenue last year.

Michael Hartono (Djarum Group)

Michael Hartono speaks at a press conference at the Jakarta International Expo in Jakarta on Aug. 22, 2018. Photo by AFP

Michael Hartono’s net worth has declined by $800 milion this year.

The 85-year-old co-owner of Indonesia’s cigarette maker Djarum Group ranks 98th globally with a wealth of $21 billion.

His company produces around 14% of the cigarettes sold in Indonesia in 2023, and fetched around $3.7 billion in revenue.