The rich, the richer and the super-rich of South-east Asia

OVER the past two months, The Business Times’ regional team produced a weekly series of stories that placed the spotlight on the wealthiest people in South-east Asia.

Think Vietnam’s first US-dollar billionaire; a 100-year-old Malaysian tycoon who’s the richest among the world’s oldest billionaires; and an Indonesian brother duo with a staggering combined net worth of US$48 billion – all of whom topped Forbes’ latest rich list in their respective countries.

In order of net worth, they are:

1. Indonesia’s Hartono brothers (US$48 billion)

Octogenarian tycoon siblings Michael Bambang Hartono, 84, and Robert Budi Hartono, 82, own Indonesia’s Djarum Group, which produces roughly a sixth of the cigarettes manufactured in South-east Asia’s largest economy. What originated as a bankrupt cigarette company acquired by their father in 1950 now also has fingers in the electronics, banking and real estate pies. For the full story, click here. 

2. Thailand’s Chearavanont brothers (US$34 billion)

Brothers Dhanin, Sumet, Jaran and the family of their late sibling Montri owe their wealth to Thailand’s Charoen Pokphand group, one of Thailand’s largest conglomerates. Beginning as a seed shop catering to Thai farmers, the business has grown to become one of the world’s largest producers of animal feed and livestock, and is involved in multiple other sectors. For the full story, click here. 

3. Philippines’ Sy siblings (US$14.4 billion)

Six siblings – Teresita Sy-Coson, 73; Elizabeth, 71; Henry Jr, 70; Hans, 68; Herbert, 67; and Harley, 64 – inherited their fortune from their father, the late Chinese-Filipino Henry Sy Sr who transformed a lone shoe store into one of South-east Asia’s largest conglomerates. Today, SM Group is the Philippines’ largest conglomerate with a market capitalisation of more than S$26.1 billion. For the full story, click here. 

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4. Malaysia’s Robert Kuok (US$11.8 billion)

At the age of 100, Chinese-Malaysian Robert Kuok stands as the richest among the world’s oldest billionaires. Dubbed the Sugar King of Asia, the Singapore Raffles Institution alumnus inherited the family’s rice distribution business with his brothers in 1948 and founded Kuok Group a year later. It is now a multinational conglomerate operating in six continents and spanning various sectors. For the full story, click here. 

5. Vietnam’s Pham Nhat Vuong (US$4.5 billion)

Hanoi-born Vuong is Vietnam’s first billionaire as well as Vingroup’s founder, chairman and largest shareholder. At 55, he stands as the youngest in this list and began his entrepreneurial journey producing instant noodles in Ukraine and later sold his company to Nestle. Now, Vingroup is one of Vietnam’s largest private conglomerates, making a name for itself less than a decade after its founding. For the full story, click here. 

6. Australia’s Gina Rinehart (US$30.2 billion)

In addition to our five South-east Asian profiles, BT also produced a piece on Australia’s wealthiest Gina Rinehart, 70. The mining magnate began her career as the personal assistant of her father Lang Hancock, an iron ore explorer. After his death, she rebuilt the company – primarily reliant on iron ore royalties – into one that directly managed its own mines. Today, Hancock Prospecting is a multi-billion dollar conglomerate. For the full story, click here.