Henry Sy still richest Pinoy; 9 others in Forbes billionaires' list
MANILA, Philippines - Filipino-Chinese businessman and shopping mall tycoon Henry Sy and his family are still the richest people in the Philippines and are among the top 100 billionaires in the world, according to the Forbes magazine.
The Forbes 2014 list said the 89-year-old magnate and his family are the top 97th billionaires and are leading the 10 Filipinos and their families who made it to the Forbes billionaires' list for 2014.
This is even after the Sys' net worth dropped to $11.4 billion from $13.2 billion last year.
Forbes said in a recent report that Sy merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion.
In November, Sy's property unit SM Land garnered a $1.2 billion contract to reclaim land in Manila, next to the Mall of Asia complex.
But Forbes said Sy's fortune also dropped by $1.8 billion mainly because shares of his holding firm SM Investments tumbled 30 percent in 2013.
"They took a hit when the company sold some shares to institutional investors at a discount to market price," Forbes explained.
The 10 Filipino billionaires who made it into the 2014 Forbes billionaires' list are:
- Henry Sy and family - $11.4 billion (97th overall)
- Lucio Tan and family - $6.1 billion networth (227th)
- Andrew Tan - $4.7 billion (319th)
- Enrique Razon, Jr. - $4.2 billion (354th)
- John Gokongwei, Jr. - $3.9 billion (388th)
- David Consunji - $3.3 billion (483rd)
- George Ty and family - $2.3 billion (764th)
- Tony Tan Caktiong and family - $1.7 billion (1046th)
- Robert Coyiuto, Jr. - $1.5 billion (1154th)
- Andrew Gotianun - $1 billion (1565th)
Forbes said a record 1,645 billionaires made the list this year, with an average net worth of $4.7 billion.
Microsoft co-founder Bill Gates is back on top of the list as the world's richest person with a net worth of $76 billion.
Mexican telecom mogul Carlos Slim Helu, who had topped the list for the past four years, followed at $72 billion.
Ranked third to fifth, respectively, were Spanish clothing magnate Amancio Ortega, famed U.S. investor Warren Buffett and Larry Ellison of Oracle.
According to Forbes, the largest net worth gainer on the list was Facebook's Mark Zuckerberg.
Ranking 21st, the Facebook founder doubled his fortune to $28.5 billion as the value of his company's stock soared. - with AP
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