This Vietnamese Billionaire Surpasses Prajogo to Become ASEAN's Richest Person No. 1

Pham Nhat Vuong, Chairman of Vingroup, has officially displaced Indonesian tycoon Prajogo Pangestu from the position of the wealthiest person in Southeast Asia (ASEAN). According to the latest Forbes data, the Vietnamese entrepreneur’s net worth currently stands at US$24.5 billion.

Citing VN Express, this achievement places Vuong at 100th in Forbes’ global richest list. Meanwhile, Prajogo Pangestu has dropped to 138th worldwide, with an estimated total wealth of US$18.6 billion.

Prajogo’s displacement stems from a drastic shrinkage in his wealth over the past three months, from over US$44 billion to US$18.6 billion. The decline was primarily triggered by a 60% plunge in Barito Pacific shares.

This occurred following the Indonesian capital market authority’s questioning of market transparency and fair valuation of shares in major companies last January.

On the other hand, Vuong’s wealth has also declined by nearly US$4 billion since the start of the year due to a correction in Vingroup’s share price, which had previously hit a record high last year. However, the majority ownership of around 65% held by Vuong and his family in Vingroup has maintained his position at the top of the ASEAN rankings. Vuong’s personal shareholding is recorded at 10.05%.

Vuong was first recognised by Forbes as Vietnam’s first billionaire in 2013 with a wealth of US$1.5 billion. After 12 years, his net worth has now surged more than 16-fold.

In addition to Vuong, two family members have recently entered the global billionaire list last March. His wife, Pham Thu Huong, and sister-in-law, Pham Thuy Hang, who each serve as Vice Chairmen of Vingroup, now have net worths of US$1.5 billion each.

For this year, Vingroup targets revenue of 450 trillion Dong, or approximately US$17.1 billion, a 36% annual increase. The company also projects net profit of 25 trillion Dong, a 2.2-fold jump compared to the 2025 realisation, which was the company’s all-time high.