Sys of SM retain wealthiest title in Forbes' 2022 list

MANILA, Philippines — The Forbes' list of the Philippines' wealthiest featured the same names as the annual ranking saw minimal movement ranking this year despite some declining net worths.

In the latest iteration of its list, the Sy siblings of SM fame topped Forbes' wealthiest by raking in $12.6 billion but saw their net worth drop by $4 billion. SM Investments Corp., reported its unaudited net income in the first half of 2022 rose 28.39% year-on-year to P35.4 billion.

Property mogul Manuel Villar trailed behind the Sys, garnering a $7.8 billion wealth. Forbes said Villar is this year’s biggest dollar gainer. 

Landing in third was Enrique Razon Jr. and his logistics empire despite a slightly down net worth of $5.6 billion. Net worth was computed by Forbes’ based on stock prices and exchange rates as of July 22. 

Forbes noted that the minimum net worth that made their list was $185 million, slightly declining from the $200 million recorded last year.  

Rounding out the top were Lance Gokongwei and his sibling ($3.1 billion), Aboitiz family ($2.9 billion), Isidro Consunji and siblings ($2.65 billion), Tony Tan Caktion ($2.6 billion), Jaime Zobel De Ayala ($2.55 billion), Ramon Ang ($2.45 billion), and Andrew Tan ($2.4 billion). 

There were notable names that broke bank but did not rank among the top, such as the Uys of broadband provider Converge ICT Solutions, the Po family of Century Pacific Food Inc, and real estate developer Sylvia Wenceslao. 

These corporations likewise benefitted from aid in the form of the Corporate Recovery and Tax Incentives for Enterprises law passed by the Duterte administration within the pandemic.