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Nepal's Only Billionaire Binod Chaudhary Suffers Stunning Election Defeat

Nepal's only billionaire, Binod Chaudhary of the Nepali Congress, has been decisively defeated in parliamentary elections by Bikram Khanal of the Rastriya Swatantra Party. The loss is part of a major wave of victories for the RSP, which has swept many traditional party candidates out of power. Chaudhary, worth $2.1 billion and known for CG Corp Global and Wai Wai noodles, had previously won the same constituency in 2022. The Nepali Congress has secured only a handful of seats compared to the RSP's dominant tally in the ongoing vote count.

Key Points: Billionaire Binod Chaudhary Loses Nepal Parliamentary Election

  • Binod Chaudhary loses by wide margin
  • Rastriya Swatantra Party sweeps polls
  • Traditional parties Nepali Congress, CPN (UML) suffer defeats
  • Chaudhary is Nepal's only billionaire per Forbes
2 min read

Nepal's only billionaire suffers defeat in parliamentary elections

Nepal's sole billionaire Binod Chaudhary defeated in parliamentary polls by RSP's Bikram Khanal amid a wave of victories for the new party.

"Chaudhary joins a long list of candidates from traditional political parties... who have suffered defeats - Election Report"

Kathmandu, March 8

Nepal's only billionaire, Binod Chaudhary, a candidate from the Nepali Congress, suffered a humiliating defeat in the country's parliamentary elections at the hands of Rastriya Swatantra Party candidate Bikram Khanal in the Nawalparasi West-1 constituency.

Khanal secured 45,241 votes to win the election, defeating Chaudhary, who received 9,502 votes, according to the Election Commission of Nepal.

Chaudhary joins a long list of candidates from traditional political parties -- the Nepali Congress, the Communist Party of Nepal (Unified Marxist-Leninist) or CPN (UML), and the Nepal Communist Party -- who have suffered defeats in this year's elections as the RSP sweeps the polls across the country.

Several RSP candidates with business backgrounds are winning elections, while candidates from traditional political parties are suffering defeats.

Chaudhary's loss came at a time when his party's own president, Gagan Thapa, and General Secretary Pradeep Poudel, along with other heavyweight candidates, also suffered bitter defeats as the RSP wave swept the country.

The Nepali Congress has so far won 15 seats and is leading in two seats out of 165 constituencies, while the RSP has already secured victory in 103 seats and is leading in 21 seats, according to the election body.

Chaudhary, the only billionaire from Nepal listed by Forbes magazine for over a decade, was elected from the same constituency in the 2022 elections as a Nepali Congress lawmaker. He was also elected to the House of Representatives, the Lower House of Parliament, through the proportional representation system in the 2017 elections.

According to Forbes, Chaudhary, who controls CG Corp Global, is Nepal's sole billionaire with a net worth of $2.1 billion as of March 2026.

His biggest assets include a controlling stake in Nepal's Nabil Bank and CG Foods, the maker of the popular Wai Wai noodles. Wai Wai has overseas factories in India, Serbia and Bangladesh, with a new one being set up in Egypt.

CG's hotel assets consist of 143 owned and managed properties, including a string of luxury hotels operated in partnership with India's Taj hotel chain, Forbes reported.

- IANS

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Reader Comments

S
Shreya B
Interesting development for our neighbour. Wai Wai noodles are super popular here in India too! But it shows that even successful businessmen can be out of touch with ground realities. Hope this brings positive change for Nepal-India relations.
A
Aman W
Respectfully, I think we should be careful celebrating this too much. A billionaire losing is one thing, but we need to see the policies of this new RSP party. Sudden political waves can sometimes be unstable for the region. Let's hope for continuity in bilateral projects.
P
Priya S
Wow, losing by such a huge margin! 45k votes vs 9.5k. People have spoken loud and clear. Maybe he should focus on his business and hotels. Good lesson for all wealthy candidates everywhere.
D
David E
From an outside perspective, this looks like a classic anti-establishment vote. Similar trends have been seen in many democracies. The key will be whether the new party can govern effectively or if this is just protest voting.
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Nikhil C
His business ties with India (Taj hotels partnership) are significant. Hope the new leadership maintains good economic relations. Stability in Nepal is good for the whole subcontinent. Jai Hind!

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