Forbes: Indonesia Has The Most Billionaires In Southeast Asia In 2022

A recent article posted by Akurat.Co looks at the Forbes 36th Annual Billionaires List, which gathers data from 75-countries or regions on six continents. According to the reporting, there were 2,668-people with ten-digit fortunes. This number has dropped from 2,775-people in 2021.  Collectively, the wealth of these 2,668-people is worth USD 12.7-trillion, down from a record USD 13.1-trillion on the 2021 list.

Akurat.Co report that the biggest reason for the decline in billionaires is that China has experienced a persistent outbreak of Covid-19, which has subsequently disrupted supply chains and manufacturing. But, despite a turbulent year they are still 1,050-billionaires richer than last year.

While China’s list of ‘heavyweights’ is falling, the US still reigns supreme, with 735 of its nationals on the billionaires list. The number of billionaires in the US is 11 more than last year, including Elon Musk who ranked first with a fortune of USD 219-billion, beating Jeff Bezos.

What about Southeast Asia?

Southeast Asia has the richest population on the Asian continent and the ten members of ASEAN have more than 100-billionaires between them.

So which countries in Southeast Asia have scored the highest number of billionaires this year? Akurat.Co have gathered data from 6-countries in Southeast Asia with the most billionaires in the world, according to Forbes’ 2022 version. Please note that members of noble families or politicians are not included.


This year, Indonesia ranks first as the country that has the most billionaires in Southeast Asia, with 30-people, an increase of 11-people compared to 2014.

The top richest people in Indonesia are head of the Djarum Group, Robert Budi Hartono and his younger brother Michael Bambang Hartono. Reporting from Forbes placed R. Budi Hartono (81-years old) as the richest person in Indonesia and ranked 64th in the world with USD 23.3-billion (Approx. IDR 360.5 trillion).

Next is his brother Michael (82-years old) with a listed fortune of USD 22.3-billion (Approx. IDR 344.8-trillion), making him the 69th richest person in the world.

The source of their wealth is dominated by their banking and tobacco businesses. Budi is known to be one of the largest shareholders in Bank Central Asia (BCA.) From another sector, Budi and Michael are the owners of Polytron electronic equipment.

Other billionaires in Indonesia who are on the Forbes list include Chairul Tanjung, Sri Prakash Lohia, Prajogo Pangestu, Low Tuck Kwong, and Jerry Ng.


Thailand ranks second on the Forbes list with the largest number of billionaires in Southeast Asia with at least 28-people being listed.

In the Land of the White Elephant, Dhanin Chearavanont (82-years old) is still crowned the richest person, with a wealth of up to USD 13.5-billion (Approx. IDR 208.7-trillion) placing him as the 137th richest person in the world.

Dhanin Chearavanont has long been known as the head of the famous Chearavanont family in Thailand. He is a tycoon who owns the world’s largest animal feed and shrimp business, the Charoen Pokphand Group (CP Group.)

Following him is the son of a street vendor in Bangkok, Charoen Sirivadhanabhakdi (78-years old.) Charoen controls Thai Beverage, Thailand’s largest brewer, known for its Chang beer. His wealth on the Forbes list is USD 12-billion (Approx. IDR 185.5-trillion), making him the 156th richest person in the world.


Singapore has 26-people on the list, with the richest being Li Xiting (71-years old) with a net worth of USD 17.6-billion (Approx. IDR 272-trillion), ranking him 94th richest billionaire in 2022 – down from his previous ranking of 82nd.

Li Xiting is a supplier of medical devices and the founder and chairman of Shenzhen Mindray Bio-Medical Electronics. Li’s fortune has skyrocketed because his company’s shares jumped as a result of the high demand for ventilators made by Mindray during the Covid-19 pandemic.

Beneath Li are Robert and his brother Philip Ng, who control Far East Organization, Singapore’s largest private property business. The wealth of both is recorded at USD 13.7-billion (Approx. IDR 211.9-trillion.)


In fourth place, is the Philippines who have 20-billionaires. In a country with a population of 109-million people, Manuel Villar (72-years old) is the richest person. His wealth hits USD 8.3-billion (Approx. IDR 128.3-trillion) which has brought him from 352nd to rank 263rd in the list of the richest people in the world.

Villar, who was President of the Philippine Senate, is the lead property developer Vista Land & Lifescapes, which is run by his son, Manuel Paulo. The company listed VistaREIT in June 2022 with an initial portfolio of 10-shopping centres and two office towers.

Villar’s greatest asset is his stake in Golden MV Holdings (formerly Golden Bria), a developer of mass housing and burial sites. Following Villar is Enrique Razon Jr. who is in the logistics business. He heads International Container Terminal Services (ICTSI), the country’s leading port operator, with a net worth of USD 6.7-billion (Approx. IDR 103.6-trillion.)


This year, Malaysia has 17-billionaires who made it to the Forbes list. The richest man in the country is Robert Kuok (98-years old), who owns the Kuok group, which owns hotels, real estate and commodities. Kuok’s wealth hit USD 11.7-billion (Approx. IDR 180.9-trillion.) Kuok also slowly rose to 163rd as the richest person in the world, previously he was ranked 171st.

Beneath Kuok is Quek Leng Chan, executive chairman of private company Hong Leong Co. (Malaysia), which is engaged in finance, food, and property. His net worth is listed at USD 10.6-0billion (Approx. IDR 163.9-trillion.)


The sixth Southeast Asian country to successfully be included in the Forbes list is Vietnam. The country has 7 billionaires, with the richest being Pham Nhat Vuong who hit USD 6.2-billion (Approx. IDR 95.8-trillion.)

Pham Nhat Vuong studied in Russia, and was successful in the popular instant noodle business in Ukraine in the 1990s. Upon his return to Vietnam, Pham Nhat Vuong became a property developer and succeeded in becoming the first billionaire in Vietnam. He is the founder and leader of Vingroup.

“I don’t care how much money I make. I want to build things that make life beautiful,” he says.

Source: Akurat.Co, Forbes

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