Vietnam’s property tycoon moves up on Forbes billionaire list

Thanh Nien News

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Pham Nhat Vuong ranks 1,011th in Forbes' 2016 billionaires list. Photo: Duc Duy Pham Nhat Vuong ranks 1,011th in Forbes' 2016 billionaires list. Photo: Duc Duy


Pham Nhat Vuong, the founder and chairman of real estate giant Vingroup, has moved up 107 spots from last year to rank 1,011th in Forbes' 2016 billionaires list of the world's richest people.
The business magazine estimated the 47-year-old property tycoon’s net worth at US$1.72 billion, up from $1.7 billion last year. The new list was released Tuesday. 
Vuong, Vietnam’s only billionaire in the list, is among 1,810 billionaires from 67 countries worth a combined $6.5 trillion. This is the fourth time he has made the list. 
His company, Vingroup, is one of Vietnam's largest conglomerates. The firm, which gets most of its revenues from selling houses and apartments, is expanding rapidly into retail, agriculture, education and healthcare.
Last year, Vingroup opened the country’s first safari park in the southern island of Phu Quoc and launched seven new shopping malls across the nation.
Its biggest project, the $1.5 billion mega-complex Vinhomes Central Park that features an 81-story skycraper, dozens of apartment buildings and a park resembling New York City's Central Park, is on track to be completed in 2018, Forbes said.
Vuong studied in Moscow, then moved to Ukraine where he started Technocom, a maker of instant noodles. He moved back to Vietnam in 2001 and moved into real estate, eventually selling his foods company in 2009 to Nestle.
This year, Bill Gates remains the richest person in the world with a net worth of $75 billion, followed by Amancio Ortega of Spain with $67 billion, Warren Buffett of the United States with $60.8 billion, and Carlos Slim Helu of Mexico with $50 billion, according to Forbes.

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