The new faces are Pham Thu Huong, vice chairwoman of Vingroup and wife of the conglomerate's chairman Pham Nhat Vuong; Pham Thuy Hang, also vice chairwoman of Vingroup and Vuong’s sister-in-law; and Ngo Chi Dung, chairman of VPBank.

The addition not only expands Vietnam’s “billionaire map” but also highlights the growing role of private conglomerates in the country’s economy.

The three new Vietnamese billionaires this year all have close ties to major groups.

Pham Thu Huong owns a fortune estimated at $3 billion. Born in 1969, she holds a master’s degree in international law from Ukraine and currently serves as chairwoman of GSM (Green and Smart Mobility) - the operator of the Xanh SM taxi and ride-hailing service.

Pham Thuy Hang, Huong’s younger sister, was born in 1974. She graduated in Russian language studies from Hanoi University. Her wealth is estimated at $2.1 billion.

Meanwhile, Ngo Chi Dung has an estimated net worth of $1.2 billion. Born in 1968, he graduated from Moscow State University of Geological Exploration and earned a PhD in economics from the Russian Academy of Sciences.

The emergence of these entrepreneurs shows that billionaire wealth is no longer concentrated solely in real estate or industrial production but is also expanding into finance and services.

The Vietnamese entrepreneurs who continue to appear on the list include Pham Nhat Vuong; Nguyen Thi Phuong Thao - chairwoman of VietJet Air; Tran Dinh Long - chairman of steelmaker Hoa Phat Group; Ho Hung Anh - chairman of Techcombank; and Nguyen Dang Quang - chairman of consumer and retail conglomerate Masan Group.

Significant growth in billionaires’ wealth

Not only has the number increased, but the wealth of many Vietnamese entrepreneurs has also risen significantly, reflecting the strong growth of major corporations as the economy and capital markets continue to expand.

At the top of the list remains Pham Nhat Vuong, with a net worth of $27.7 billion, four times higher than the previous year. With this figure, he ranks 93rd among the world’s richest individuals and marks his 14th consecutive year on the list.

Meanwhile, the fortune of Nguyen Thi Phuong Thao - chairwoman of VietJet Air and also vice chairwoman of HDBank, has nearly doubled to about $4.2 billion.

Tran Dinh Long, Hoa Phat Group chairman, holds $2.9 billion, an increase of around $500 million year-on-year, while Ho Hung Anh, Techcombank chairman, continues to appear on the ranking for the eighth year with a fortune of $2.5 billion.

Masan Group chairman Nguyen Dang Quang marks his sixth consecutive year on the list with $1.2 billion.

Global billionaire wealth reaches new record

According to Forbes’s methodology, billionaires’ net worth is calculated based on stock prices and exchange rates as of March 1.

This year, the world recorded 3,428 billionaires, an increase of more than 400 people compared with last year. This marks the second consecutive year that the global billionaire count has exceeded 3,000. Their combined wealth reached $20.1 trillion, the highest ever recorded.

The world’s richest person remains Elon Musk, CEO of Tesla, with a fortune of about $839 billion. He is followed by Larry Page ($257 billion) and Sergey Brin ($237 billion), the co-founders of Google. Jeff Bezos, founder of Amazon, ranks fourth with $224 billion.