Vietnam billionaire Pham Nhat Vuong becomes second richest man in Southeast Asia

The 57-year-old chairman of the conglomerate now has a net worth of US$26.5 billion, up fourfold since the start of this year, according to Forbes.

Vuong, ranking 85th richest globally, is the first Vietnamese to be among the world’s 100 wealthiest.

Pham Nhat Vuong, chairman of Vingroup, attends Vingroup’s annual meeting in Hanoi, Vietnam, April 25, 2024. Photo by Reuters

He has benefited from a seven-fold jump in the value of Vingroup shares since the beginning of this year, driven by the expansion of its automaker VinFast in new markets such as India and Indonesia, and Vuong’s ventures into new industries like railroad, steel and aerospace.

In Southeast Asia, he is surpassed only by Prajogo Pangestu, the 81-year-old Indonesian energy tycoon.

Pangestu, is now worth $41.3 billion as his wealth doubled from earlier this year.

The 40th richest person globally is the founder and chairman of Barito Pacific, the largest petrochemical company in Indonesia and with interests in power generation and plastic manufacturing.

The son of a rubber trader, Pangestu founded Barito Pacific in 1979 as a timber business.

Ranking third in Southeast Asia and 95th globally is 77-year-old Low Tuck Kwong, another Indonesian, with a net worth of $24.5 billion.

Known as the "coal king," Singapore-born Kwong founded Bayan Resources, a coal mining company in Indonesia.

He began his career working at his father's construction company in Singapore as a teenager before relocating to Indonesia in 1972 in search of business opportunities.

In fourth place is R. Budi Hartono, also Indonesian, with a net worth of $20.6 billion. His brother Michael is worth $19.9 billion. Their riches come mostly from banking and tobacco.