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Vietnam’s billionaire wealth has become increasingly concentrated around Vingroup chairman Pham Nhat Vuong and his family, with the Southeast Asian country’s richest couple now accounting for nearly three-quarters of the wealth held by its eight billionaires.
Vuong, the founder and chairman of Vingroup, is worth $36.5 billion, according to Forbes’ real-time billionaire rankings, while his wife, Vingroup vice chairwoman Pham Thu Huong, has a fortune of $4.1 billion. Together, their $40.6-billion fortune represents about 74.5% of the $54.5 billion held by Vietnam’s eight billionaires.
The latest figures also cement Vuong’s position as the richest person in Southeast Asia. The 58-year-old businessman ranks 60th among the world’s richest people and holds a lead of $16.6 billion over Indonesia’s Low Tuck Kwong, the region’s second-richest billionaire, whose fortune stands at $19.9 billion.
Vuong’s fortune has been rising sharply alongside the value of his business empire. On August 27, he added as much as $2.3 billion to his wealth in a single day, placing him among the five biggest wealth gainers globally that day alongside Elon Musk, Larry Ellison, Michael Dell and Mark Zuckerberg.
His wife has also climbed rapidly through Vietnam’s billionaire ranks. Huong recently overtook Vietjet chairwoman Nguyen Thi Phuong Thao to become the country’s second-richest person, with her fortune rising to $4.1 billion.
Huong owns a 4.4% stake in Vingroup and has worked alongside Vuong since the couple’s early entrepreneurial years in Ukraine. She first appeared on Forbes’ annual World’s Billionaires list in February this year, alongside her younger sister Pham Thuy Hang.
Hang, who also has ties to Vingroup, is now Vietnam’s fourth-richest person with a fortune of $2.9 billion.
The concentration of wealth around Vingroup and its founders reflects the scale of the conglomerate Vuong has built across multiple industries. Vingroup has interests spanning property, retail, hospitality, healthcare, education and automotive manufacturing, with the group’s businesses continuing to expand beyond Vietnam.
Other members of Vietnam’s billionaire club include Hoa Phat Group chairman Tran Dinh Long, worth $2.5 billion; Techcombank chairman Ho Hung Anh, with $2.3 billion; VPBank chairman Ngo Chi Dung, worth $1.2 billion; and Masan Group chairman Nguyen Dang Quang, whose fortune stands at $1 billion.
The wealth rankings are closely tied to movements in Vietnamese stocks, since Forbes calculates billionaire fortunes largely from the market value of their shareholdings, alongside assets such as private companies, real estate, artwork and yachts.
That makes Vuong’s position particularly sensitive to Vingroup’s share price. Strong gains in the company and related holdings have helped push his fortune higher this year, widening the gap between him and the rest of Southeast Asia’s wealthiest business owners.
The result is an unusual concentration of billionaire wealth: Vuong and Huong alone hold almost three out of every four dollars belonging to Vietnam’s billionaire class.
And with Vingroup continuing to pursue investments across industries from property to technology and electric vehicles, the couple’s influence over Vietnam’s corporate landscape extends well beyond their position on the global rich list.
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