Crazy Rich ASEANs bloodbath: $25 billion wiped out as Indonesian billionaires lead losses, Razon gives up No. 2 spot
Billionaires across Southeast Asia saw their combined wealth drop by $25.3 billion in September, with Indonesian tycoons accounting for the majority of the losses. While most top-tier billionaires saw their fortunes shrink, Singaporean semiconductor magnate Jason Chang bucked the trend to secure the second-richest spot in the region.
Why it matters
The decline reflects broader economic volatility in the ASEAN region, particularly within the energy and banking sectors.
September was a bruising month for Southeast Asia’s billionaires.
The combined wealth of 153 billionaires from Indonesia, Singapore, Thailand, Malaysia, Vietnam and the Philippines fell by $25.3 billion in September, based on Bilyonaryo’s monthly snapshots of Forbes Real-Time Billionaires data.
Their fortunes shrank 4.3% to $567.9 billion from $593.2 billion in August. The region also lost one billionaire, with the count slipping to 153 from 154.
It was even uglier at the very top. Nine of ASEAN’s 10 richest billionaires ended September poorer. The top 10’s combined wealth fell $9.4 billion, or 4.9%, to $181.5 billion.
Singapore semiconductor billionaire Jason Chang was the only one to buck the trend, gaining $2.9 billion, or 14.1%, to $23.5 billion.
That was enough to take the No. 2 spot from Filipino ports and gaming ultra bilyonaryo Enrique Razon Jr.
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