Nepal’s Billionaire Binod Chaudhary Suffers Shock Defeat as RSP Wave Sweeps Parliamentary Elections

Kathmandu, March 2026 : Nepal’s only billionaire, Binod Chaudhary, contesting the parliamentary elections as a candidate of the Nepali Congress, suffered a major electoral setback after losing to Bikram Khanal of the Rastriya Swatantra Party (RSP) in the Nawalparasi West-1 constituency.

According to the Election Commission of Nepal, Khanal secured 45,241 votes, while Chaudhary managed only 9,502 votes, marking a decisive victory for the RSP candidate. The defeat of Chaudhary, one of Nepal’s most prominent business figures, has become one of the most striking results in an election that has seen a strong surge in support for the relatively new Rastriya Swatantra Party.

Chaudhary’s loss is part of a broader trend in the ongoing parliamentary elections, where candidates from traditional political parties—including the Nepali Congress, the Communist Party of Nepal (Unified Marxist–Leninist) (CPN-UML), and the Nepal Communist Party—have been facing defeats across multiple constituencies. In contrast, RSP candidates, many of whom come from professional and business backgrounds, have been registering impressive victories across the country.

The impact of the RSP wave has been particularly visible in constituencies that were once considered strongholds of established parties. Preliminary results indicate that the Rastriya Swatantra Party has already secured 103 seats and is leading in 21 more seats out of the 165 constituencies decided under the First-Past-the-Post electoral system. Meanwhile, the Nepali Congress has so far won 15 seats and is leading in only two constituencies, according to election authorities.

Chaudhary had previously enjoyed electoral success from the same constituency. In the 2022 parliamentary elections, he was elected as a Nepali Congress lawmaker from Nawalparasi West-1. Earlier, he had also entered the House of Representatives, the lower house of Nepal’s Parliament, through the proportional representation system during the 2017 elections.

Beyond politics, Chaudhary is widely known for his global business empire. According to Forbes, he has remained Nepal’s only billionaire for more than a decade. As of March 2026, his estimated net worth stands at $2.1 billion. Chaudhary controls the multinational conglomerate CG Corp Global, which operates across several sectors including banking, food, hospitality, and infrastructure.

Among his most valuable assets is a controlling stake in Nabil Bank, one of Nepal’s leading financial institutions. He is also the force behind CG Foods, the manufacturer of the widely popular Wai Wai instant noodles. The Wai Wai brand has expanded internationally with manufacturing facilities in India, Serbia, and Bangladesh, and the company is currently establishing a new factory in Egypt.

CG Corp’s hospitality portfolio is equally extensive, comprising 143 owned and managed hotel properties. Several of these luxury hotels operate in partnership with India’s renowned Taj Hotels chain, reflecting the group’s global presence.

The electoral shock for the Nepali Congress was not limited to Chaudhary. The party’s president and prime ministerial candidate, Gagan Thapa, also suffered a major defeat in the Sarlahi-4 constituency in Madhesh Province. Thapa secured 22,831 votes, losing to Amaresh Kumar Singh of the Rastriya Swatantra Party, who polled 35,688 votes.

Singh is a seasoned political figure who previously spent years within the Nepali Congress. He had served as a member of parliament after being appointed to the reinstated House of Representatives in 2006 by then prime minister Girija Prasad Koirala following the 2006 People’s Movement in Nepal that ended the rule of King Gyanendra Shah. Singh later won the 2013 Constituent Assembly election from Sarlahi-6 and participated in the constitution-drafting process.

After the Nepali Congress denied him a ticket in 2022, Singh contested as an independent and won the parliamentary seat. Shortly before the 2026 elections, he joined the Rastriya Swatantra Party and successfully challenged his former party leadership by defeating Thapa in Sarlahi-4.

Singh holds a PhD in International Relations from Jawaharlal Nehru University, India.

The sweeping victories of the Rastriya Swatantra Party signal a dramatic shift in Nepal’s political landscape, with voters appearing to move away from traditional political forces toward newer alternatives promising reform and change. The final results of the election are expected to determine whether this surge will translate into a stable governing majority for the emerging political force.