Villar keeps richest Filipino title in new Forbes billionaires list

MANILA, Philippines — Real estate magnate Manuel Villar Jr. is still the richest man in the Philippines during a year that saw the fortunes of the world’s billionaires dented by a prolonged pandemic and war-induced stock market meltdowns.

Villar, 72, was the highest ranking Filipino in Forbes’ 2022 list of world’s billionaires released Wednesday. He took the 263rd spot out of 2,668 tycoons in this year’s list, up from his previous ranking of 352nd after his net worth ballooned to $8.3 billion from $7.2 billion last year.

Forbes used stock prices and exchange rates from March 11 to calculate net worths. Elon Musk topped the World’s Billionaires list for the first time ever, surpassing Jeff Bezos who fell to No. 2 for the first time in four years.

Globally, 329 people were off the billionaires list this year  — the most since the 2009 financial crisis — as the lingering pandemic was compounded by economic fallout from Russia’s invasion of Ukraine. Majority of tycoons that fell off the list came from Russia and China, with sanctions imposed by the West on Moscow smashing the fortunes of 83 Russians.

Including Villar, a total of 20 Filipinos made it to the Forbes list. Ports and casino tycoon Enrique Razon was the second wealthiest Filipino, ranking 369th as his fortunes surged to $6.7 billion this year from $5 billion last year.

Behind Razon is Henry Sy. Jr., co-vice chairman of conglomerate SM Investments. The son of late Henry Sy Sr. climbed to the 1,096th spot this year from 1,174th previously after his net worth went up to $2.8 billion from $2.7 billion, Forbes said.

Andrew Tan, whose diversified portfolio spans from property to liquor and food, was the fourth richest person in the country with a net worth of $2.8 billion, down from $3 billion last year. He landed on the 1,096th spot globally.

The next five spots were taken by the rest of Sy siblings, with Hans Sy ranking 1,196th. He was followed by Herbert Sy (1,196th), Harley Sy (1,292nd), Teresita Sy-Coson (1,292nd), and Elizabeth Sy (1,445th).

Rounding out the top 10 richest Filipinos are San Miguel Corp. President Ramon Ang who ranked 1,513th and JG Summit President and CEO Lance Gokongwei who secured the 1,818th place.

According to Forbes, there were 236 newcomers that joined the billionaires club this year. Among them were Monde Nissin President and co-founder Betty Ang (2,324th) and Maria Grace Uy (2,324th), who co-founded internet service provider Converge ICT Solutions with her husband Dennis Anthony Uy (2,578th).

Meanwhile, both Jollibee Food founder Tony Tan Caktiong and billionaire Lucio Tan remained in the list but saw their fortunes drop this year amid pandemic headwinds that weighed on their businesses.