Nguyen Dang Quang, chairman of Vietnam's Masan Group, has fallen off Forbes World’s Billionaires List 2025, leaving the Southeast Asian country with only five billionaires in the prestigious ranking, down from six at the end of 2024.

According to Forbes' latest report, Quang no longer meets the threshold of US$1 billion in net worth required for inclusion.

Forbes calculates net worth using several factors, with stock valuations being a significant component.

Masan’s MSN shares dropped nearly five percent in January 2025, closing at VND66,900 ($2.66) per share, which significantly impacted Quang’s wealth.

Quang was first recognized as a billionaire by Forbes in 2018, with an estimated fortune of $1.3 billion.

However, fluctuations in MSN’s stock price have repeatedly caused his net worth to hover around the $1-billion mark, making him one of the most frequently removed and reinstated members on the list.

In 2024, he ranked sixth among Vietnam’s six billionaires listed by Forbes.

Following Quang's removal, Vietnam had only five billionaires on the Forbes list as of January 24, 2025, with a combined net worth exceeding $12 billion.

Pham Nhat Vuong, chairman of Vingroup, continues to lead the pack as the wealthiest Vietnamese billionaire, with a net worth of $4.1 billion.

His wealth remains unchanged from the end of 2024 but reflects a $300-million decline compared to April 2024.

Vuong directly holds more than 691 million shares of Vingroup, equivalent to an 18-percent stake in the company, and also serves as CEO of VinFast, an electric vehicle manufacturer.

Following Vuong in terms of wealth are Nguyen Thi Phuong Thao, CEO of VietJet Air, Tran Dinh Long, chairman of Hoa Phat Group, Ho Hung Anh, chairman of Techcombank, and Tran Ba Duong, chairman of automaker Thaco.

Thao’s net worth has decreased from $2.9 billion at the end of 2024 to $2.8 billion currently.

Similarly, Long and Anh have seen their wealth decline from $2.4 billion to $2.3 billion and from $1.8 billion to $1.7 billion, respectively.

In contrast, Duong logged a $100-million rise in net worth, reaching $1.3 billion, making him the only one among the five Vietnamese billionaires on the Forbes list to see a jump in wealth.

In the updated Forbes rankings, Vuong is now ranked 839th globally, slipping slightly from 833rd at the end of 2024.

The latest rankings for Thao, Long, Anh, and Duong are 1,215th (down from 1,185th), 1,415th (down from 1,401st), 1,842nd (down from 1,834th), and 2,420th (up from 2,432nd), respectively.

Tesla CEO Elon Musk has retained the top position on the latest Forbes list with a net worth of $433.9 billion.

He is followed by Amazon executive chairman Jeff Bezos ($239.4 billion), Facebook CEO Mark Zuckerberg ($211.8 billion), Oracle CTO Larry Ellison ($204.6 billion), and Bernard Arnault, CEO of LVMH, with $181.3 billion.  

This reshuffling highlights the volatility of net worth calculations based on stock market performance and other economic factors, underscoring the challenges that even high-profile billionaires face in maintaining their positions in global wealth rankings.

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