Forbes Asia’s Power Businesswomen 2025: Shaping the Future of Asian Business

The selection spans 12 countries and territories, highlighting the geographic diversity of influence, from the property sectors of the Philippines to the rare earth mines of Australia. What unites them is their position at the forefront of the region’s most transformative industries—data centers, semiconductors, rare earths, and next-generation retail and hospitality. As Forbes Asia Editorial Director Rana Wehbe Watson noted, “The women on this year’s list are not just adapting to change, but actively shaping the future of the region’s business landscape” .

The Filipino Contingent: Leadership in Property Development

For the third consecutive year, the Philippines’ representation on this prestigious list emerges from its vibrant property sector, with two standout leaders making their mark.

Mybelle Aragon-Gobio: A Trailblazer at Robinsons Land

Mybelle Aragon-Gobio, 52, has shattered multiple glass ceilings as the first woman and first non-Gokongwei family member to head the Gokongwei family’s property conglomerate, Robinsons Land Corporation (RLC) . Her leadership story is one of organic growth and deep institutional knowledge, having risen through the ranks over 26 years with the company, beginning her journey as an administrative assistant .

Gobio’s ascent to the presidency represents a significant departure from traditional family-led leadership structures in Philippine conglomerates. She succeeded the patriarch’s only son, Lance Gokongwei, demonstrating the family’s confidence in her capabilities . With a Bachelor of Science in Management Engineering from Ateneo de Manila University and a minor in International Business from the University of Antwerp in Belgium, she brings both technical expertise and global perspective to her role .

Under her leadership, RLC is pursuing an ambitious “Vision 5-25-30” roadmap, which adopts 5 strategic initiatives aimed at delivering ₱25 billion in net income by the company’s 50th anniversary in 2030 . This includes a massive ₱125 billion expansion plan over the next five years, featuring a push to “premiumize” its brands and significantly expand its physical footprint . The ambitious strategy involves increasing its mall count from 55 to 69, boosting its office portfolio by 50% to 1.2 million square meters of leasable space, and ultimately doubling the company’s net income .

Mariana Zobel de Ayala: Steering a Legacy Forward

Representing the eighth generation of one of the Philippines’ oldest business dynasties, Mariana Zobel de Ayala, 37, is shaping the future of the 191-year-old Ayala Corporation . As chair and president of Ayalaland Malls Incorporated and managing director of Ayala Corporation, she oversees the leasing and hospitality group of Ayala Land Incorporated, which includes Ayala Malls, Ayala Land Offices, Ayala Land Hospitality, and Ayala Land Leisure Estates .

Zobel de Ayala represents a new generation of legacy leadership, having left her position as an investment analyst at JPMorgan in New York twelve years ago to join her family’s banking-to-property conglomerate . Her educational background includes a Bachelor of Arts in Social Studies (Philosophy, Politics, and Economics) from Harvard College and an MBA from INSEAD, equipping her with a unique blend of analytical and philosophical reasoning .

At just 37, she is the second-youngest businesswoman on Forbes Asia’s 2025 list . Under her leadership, Ayala Malls is executing a ₱17.5-billion redevelopment program covering flagship developments including Greenbelt 2, Glorietta, TriNoMa, and Ayala Center Cebu . The company aims to add over 700,000 square meters of gross leasable area over the next five years, including developments at Parklinks, the joint estate development with Eton Properties in Quezon City and Pasig . In August 2025, Ayala Land secured a $224-million loan from the International Finance Corporation for the development of two malls, signaling strong international confidence in its expansion strategy .

Indian Representation: Diverse Leadership Across Sectors

India’s representation on the list showcases three distinct models of leadership success, spanning consumer goods, manufacturing, and fintech innovation.

Priya Nair: Breaking Barriers at Hindustan Unilever

Priya Nair, 53, has made history as the first woman to lead Hindustan Unilever (HUL) in its 90-year history . As CEO and Managing Director of India’s largest consumer goods company, valued at approximately $65 billion, Nair oversees popular products across soaps, detergents, and food items . Her journey with HUL spans approximately 30 years, during which she has steadily risen through the ranks, handling key roles in sales, marketing, and later overseeing the home care, beauty, and personal care divisions for South Asia .

Ruchi Kalra: First-Generation Fintech Innovation

Ruchi Kalra, 42, represents the entrepreneurial spirit on the list as co-founder of OfBusiness and Director and Chief Financial Officer of Oxyzo Financial Services . A graduate in chemical engineering from IIT Delhi with an MBA from the Indian School of Business, Kalra began her career at McKinsey & Co before venturing into entrepreneurship . Her company, Oxyzo, earned ₹3.4 billion in profit in FY2025 and became a unicorn in 2022 after securing $200 million in funding from major investors including Tiger Global and Norwest . OfBusiness, which she co-founded in 2015, became a unicorn in 2021 and reported a profit of ₹6 billion in FY2024, with preparations underway for an IPO worth up to ₹1 billion .

Manasi Kirloskar Tata: Manufacturing Leadership

Manasi Kirloskar Tata, 36, the fifth-generation scion of the Kirloskar group, serves as Vice Chairperson of Toyota Kirloskar Motor, a leading car manufacturer in India . Since being named vice-chairperson in January 2023, the company has recorded a 28% rise in sales to ₹649 billion in FY2024 . Beyond her corporate role, she runs a non-profit organization called Caring with Colour, which promotes creative education in over 5,000 government schools .

Table: Indian Women on Forbes Asia’s Power Businesswomen 2025 List

Singapore and Hong Kong: Strategic Hubs of Influence

The list features several influential leaders based in Singapore and Hong Kong, highlighting these cities’ roles as strategic centers for business leadership across diverse sectors.

Singapore’s Corporate Leaders

Png Chin Yee, 50, Chief Financial Officer of Temasek and incoming president of Temasek Singapore (effective April 2026), represents the pinnacle of corporate leadership in Singapore . A key figure in Temasek’s major organizational restructuring, she will oversee Temasek’s Singapore-based portfolio, which has a combined revenue of approximately S$200 billion . Under her leadership, the firm logged a double-digit increase in its net portfolio value in the year ended March 2025, hitting a record S$434 billion . Before joining Temasek in 2011, Png was a managing director at UBS, where she co-led the firm’s financial institutions group for Asia investment banking .

Jamie Khoo, 61, CEO of DayOne Data Centers, is driving rapid growth in critical digital infrastructure . Heading the Singapore-headquartered international arm of data giant GDS, Khoo oversees 14 data centers occupied by Chinese and US hyperscaler companies and enterprise customers such as banks and financial institutions . Under her leadership, DayOne plans to build more than 25 data centers across Asia, including in Singapore, Indonesia, Japan, Hong Kong, Thailand, and Malaysia, with the goal of doubling its capacity to over 800 megawatts by early 2027 . The company has raised US$1.9 billion over two funding rounds, in addition to nearly US$4 billion in loans, to bankroll this expansion .

Hong Kong’s Hospitality and Banking Powerhouses

Kuok Hui Kwong, 48, Chairman, CEO and Executive Director of Shangri-La Asia, has taken the reins of the luxury hotel group founded by her father, business legend Robert Kuok . A Malaysian citizen and Singapore permanent resident, Kuok has steered the luxury hotel group through a slowdown in mainland China, its biggest market, while simultaneously expanding its footprint through managed properties . Since becoming CEO in August 2025, she has opened two new hotels with a combined 600 rooms at Hongqiao Airport in Shanghai, with a third in Kunming scheduled to open early next year . Managed properties now make up nearly a quarter of the over 100 hotels in its portfolio .

Maggie Ng, 42, CEO of HSBC Hong Kong, leads the largest market of the London-based bank by revenue . Appointed CEO in October 2025, she concurrently serves as the bank’s head of retail banking and wealth in the territory . Ng has spearheaded digital initiatives and accelerated HSBC’s wealth strategy, including the launch of a wealth center for high-net-worth customers at its Hong Kong headquarters .

Broader Asian Representation: From Malaysia to Japan

The list’s diversity extends across the region, featuring leaders from Malaysia, Australia, Indonesia, South Korea, China, Taiwan, Thailand, and Japan.

Sarena Cheah: Malaysian Conglomerate Leadership

Datin Paduka Sarena Cheah, Executive Deputy Chairman of Sunway Group, represents Malaysia on this year’s list . Her journey with the real estate-to-healthcare conglomerate founded by her father, Tan Sri Jeffrey Cheah, spans three decades, having risen from a junior executive “who helped out with photocopying” to now piloting overseas expansion at the US$8.6 billion market-cap company . Cheah, who was appointed to her current role in January 2025, now focuses on crafting “a strong plan for the next 50” years for the organization .

Amanda Lacaze: Australian Rare Earths Dominance

Amanda Lacaze, Managing Director and CEO of Lynas Rare Earths, appears on the list as a leader in critical materials . Over the past decade, she has transformed Lynas from a loss-making miner into a global leader in rare earths production . As the world’s second-largest producer of rare earths and the only major producer outside China, Lacaze’s company is strategically positioned to fill a “China-sized gap” in the rare earth industry . Backed by billionaire Gina Rinehart, Australia’s richest person, Lynas represents a significant strategic asset in the global rare earths supply chain .

Other Notable Honorees

The list includes additional distinguished leaders such as:

• Lani Darmawan, 63, President Director and CEO of Bank CIMB Niaga in Indonesia, who has led the bank to four consecutive years of record net profit, posting 6.8 trillion rupiah in 2024 .

• Chung Yoo-kyung, 53, Chairman of Shinsegae Inc., who is leading South Korea’s largest department store chain with a focus on growing the company’s in-house cosmetics retailer, Chicor .

• Zhou Chaonan, 65, Founder and Chairman of Range Intelligent Computing Technology Group in China, who has amassed a US$5.3 billion fortune after pivoting from telecoms to data centers in 2009 .

• Alyssa Yoneyama, 38, President and CEO of Yonex, who has revived the Japanese sports equipment maker since becoming CEO in 2022, with revenue and net profit both rising around 20% in the fiscal year through March 2025 .

Table: Other Notable Honorees from Across Asia

Historical Context: Filipino Representation Through the Years

The recognition of Filipino businesswomen on Forbes Asia’s Power Businesswomen list has evolved significantly in recent years, reflecting changing patterns of female leadership in the country. In both 2023 and 2024, only one Filipino woman was recognized each year. In 2024, Lourdes Gutierrez-Alfonso, president of tycoon Andrew Tan’s property conglomerate, Megaworld, made the list . In 2023, Anna Ma. Margarita Dy, president and CEO of Ayala Land, was honored as the first woman CEO of that company .

This contrasts with the pandemic years of 2020 and 2021, when Filipino businesswomen from telecommunications and manufacturing were recognized. In 2021, Grace Uy, co-founder and president of telco Converge ICT Solutions, was included, while 2020 featured Olivia Limpe-Aw, chairman and CEO of Destileria Limtuaco, the Philippines’ oldest distillery . Notably, there was no Filipino representation on the list in 2022 .

The consistent recognition of leaders from the property sector in recent years underscores the industry’s significance in the Philippine economy and the remarkable leadership transforming it.

Conclusion: A New Paradigm of Asian Leadership

Forbes Asia’s Power Businesswomen 2025 list presents a compelling portrait of leadership diversity and strategic vision across the Asia-Pacific region. These 20 women represent different generations, leadership styles, and corporate environments—from eighth-generation heiresses steering century-old conglomerates to first-generation entrepreneurs building tech unicorns from the ground up.

What unites them is their demonstrated ability to drive growth, innovate business models, and navigate complex market dynamics across sectors as varied as property development, rare earth mining, consumer goods, data infrastructure, and financial services. Their recognition comes at a pivotal moment in Asia’s economic development, as the region continues to assert its global economic influence.

The list challenges traditional notions of leadership, demonstrating that effective stewardship comes in many forms—whether climbing the corporate ladder through decades of service, bringing fresh perspective to family legacies, or creating entirely new business categories through entrepreneurial vision. As Asia’s economic landscape continues to evolve at a rapid pace, these power businesswomen are not just responding to change—they are architecting the future of regional business, creating new paradigms of success that will inspire generations to come.