Masan Group Chairman Nguyen Dang Quang briefly lost his billionaire status on Friday after a decline in the company’s share price pushed his estimated net worth below the $1 billion mark.
According to Forbes’ real-time billionaire rankings, Quang’s wealth temporarily fell to $990 million before recovering to approximately $1 billion by the close of trading.
He was ranked 3,364th among the world’s richest people.The fluctuation followed an 11% decline in Masan Group’s share price since the beginning of the year.
Quang, 63, founded Masan Group in 1996 and has grown it into one of Vietnam’s largest consumer goods companies, with well-known brands including Chinsu and the WinMart retail chain. He also serves as a board member of Techcombank.
A holder of a doctorate in nuclear physics, Quang first appeared on Forbes’ billionaire list in 2019 with an estimated net worth of $1.3 billion.
The recent market downturn has also affected the fortunes of several other Vietnamese business leaders.Vietjet Chairwoman Nguyen Thi Phuong Thao saw her wealth decline by about $600 million but remained Vietnam’s second-richest person.
Hoa Phat Chairman Tran Dinh Long and Techcombank Chairman Ho Hung Anh each recorded losses of about $100 million, leaving their estimated net worth at $2.5 billion and $2.2 billion, respectively.
In contrast, the wealth of Vingroup Chairman Pham Nhat Vuong and members of his family continued to rise, driven by gains in Vingroup-related shares.
Vuong remains Southeast Asia’s richest individual with an estimated net worth of $34.4 billion. His wife, Pham Thu Huong, is Vietnam’s third-richest person with an estimated fortune of $3.9 billion, while her sister, Pham Thuy Hang, has an estimated net worth of $2.7 billion.
