Filipino Tycoon Razon Becomes Southeast Asia’s Second Richest

Filipino Tycoon Razon Becomes Southeast Asia’s Second Richest

By Bing Jabadan – TheNATIONWEEK.com | October 23, 2026

MANILA, Philippines – Filipino ports and energy magnate Enrique Razon Jr. has ascended to the second position among Southeast Asia’s wealthiest individuals, a remarkable rise in a region undergoing significant market recalibrations. This elevation places him directly behind Vietnam’s Pham Nhat Vuong, who retains his lead amidst dynamic shifts in regional fortunes.

Collectively, the top 10 richest individuals in Southeast Asia now command a staggering wealth exceeding $183 billion. While Razon’s wealth has seen a substantial increase, a record downturn in Indonesian stocks has notably impacted the fortunes of that nation’s leading tycoons.

According to Forbes’ latest estimates, which are subject to daily fluctuations based on share prices, the top contenders are:

1. Pham Nhat Vuong | Vietnam | ~$36.5 billion | Real estate, EVs, retail

The 58-year-old Vingroup chairman saw his wealth increase by an estimated $2.3 billion in a single day in August as Vingroup shares reached a new high, solidifying his status as the region’s wealthiest individual.

2. Enrique Razon Jr. | Philippines | ~$20 billion | Ports and logistics

Chairman of ICTSI, the Philippines’ largest port operator, Razon became the country’s richest person this year. His fortune has surged over $10 billion year-on-year, driven by a more than doubling of ICTSI shares.

3. Dhanin Chearavanont | Thailand | ~$17.6 billion | Agribusiness, retail, telecom 

The 87-year-old senior chairman of Charoen Pokphand Group is strategically reshaping the conglomerate, including the sale of a 10% stake in True Corp. and a planned $600 million investment in Vietnam.

4. Sarath Ratanavadi | Thailand | ~$17.3 billion | Energy, telecom, data centers

Founder of Gulf Development, Ratanavadi recorded Thailand’s largest billionaire wealth gain in Forbes’ recent ranking. He plans to invest up to THB 140 billion in AI data centers and infrastructure.

5. Prajogo Pangestu | Indonesia | ~$17.2 billion (Sept. 2) | Petrochemicals, energy 

Prajogo Pangestu, who built Barito Pacific from a 1979 timber-trading venture into one of Indonesia’s largest energy and petrochemical groups, experienced a significant decline in net worth. His fortune fell from over $44 billion to $18.6 billion in three months, primarily due to a 60% drop in Barito Pacific share prices. This decline follows Indonesian authorities’ January scrutiny of stock market transparency and corporate share valuations. As of mid-October 2026, Bloomberg-based trackers estimate his fortune at approximately $11.2 billion to $11.4 billion, a decrease of roughly $28 billion from the close of 2025.

6. Low Tuck Kwong | Indonesia | ~$16.4 billion (Oct. 2) | Coal

Singapore-born billionaire Low Tuck Kwong, founder of Indonesian coal miner Bayan Resources, recently completed the sale of a 30.25% stake to PT Jhonlin Baratama, an investment vehicle of Kalimantan businessman Andi Syamsuddin Arsyad. Low and his daughter Elaine Low divested 10.08 billion Bayan shares, representing 30.25% of the company, following a conditional purchase agreement signed on September 16 and finalized on October 7.

7. Kwek Leng Beng and family | Singapore | $16.1 billion | Property, hospitality

The family’s flagship, City Developments, is divesting non-core assets and refocusing on residential and hospitality sectors. Their fortune increased by $1.8 billion, securing the second position on Forbes’ Singapore list.

8. Robert Budi Hartono | Indonesia | $15.0 billion (Oct. 2) | Cigarettes, banking

Co-owner of Djarum and Bank Central Asia, Robert Budi Hartono’s wealth has decreased in line with Indonesia’s stock market performance. His brother and partner, Michael Hartono, passed away in March 2026.

9. Robert and Philip Ng | Singapore | $14.3 billion combined | Property

The Ng brothers hold third place on Forbes’ Singapore list. They operate Far East Organization, a prominent private developer in Singapore responsible for numerous malls, hotels, and residential properties.

10. Robert Kuok | Malaysia | ~$12.8 billion | Commodities, hotels, property

At 102 years old, Malaysia’s wealthiest man, known as the “Sugar King,” Robert Kuok has built an extensive regional empire. Forbes estimated his fortune at $12.8 billion on September 22. Kuok’s life exemplifies resilience, vision, and integrity, leaving a legacy that extends beyond business to inspire future generations.

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