Money & Power

Who Are the Wealthiest Tycoons in the ASEAN Region?

Most of the richest people in each of the five original members of the regional grouping are self-made.
IMAGE COURTESY/ WIKIMEDIA COMMONS/ SM INVESTMENTS CORPORATION
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When it comes to Southeast Asia’s richest tycoons, more have built their wealth from the ground up rather than inherit it from past generations.

In the infographic above, Entrepreneur Philippines compared the five richest businessmen of five original member-countries of the Association of Southeast Asian Nations (ASEAN): the Philippines, Malaysia, Thailand, Indonesia and Singapore. Data on their wealth and companies were largely obtained from U.S. business magazine Forbes, which publishes a list of each of the five countries’ 50 richest people annually.

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Of the 25 tycoons, 14 are self-made businessmen and 11 inherited it from past generations. Four out of Malaysia’s five wealthiest people are self-made, while the Philippines and Indonesia each have three self-made tycoons in their top five. In contrast, Thailand and Singapore have more tycoons in their respective top fives who inherited their wealth.

Many of these businessmen are ethnic Chinese, and almost all of them are at least 70 years old. Most of them are worth between $4 billion and $8 billion, while only seven ASEAN tycoons enjoy 11-digit net worths. Overall, these 25 tycoons have a combined net worth of $219.7 billion.

One can also find similarities in the main industries that these businessmen invest in. The most frequent industries that appear among the 25 tycoons include real estate, retail and food and beverage. Many ASEAN tycoons also find wealth in the manufacture of various products such as palm oil and tobacco.

*****

Lorenzo Kyle Subido is a staff writer of Entrepreneur PH 

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This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Townandcountry.ph editors.

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Lorenzo Kyle Subido for Entrepreneur.com.ph
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