Construction made the rich richer - Forbes
MANILA, Philippines — The country's construction boom contributed to the wealth of the richest families in the country, listed in Forbes Magazines' top 50 list released Thursday.
In a statement, Forbes Media said that the expansion in fortunes is attributed to the construction sector as well as the rise in consumption.
Businessman and former Senator Manuel "Manny" Villar's success the past year, for one, is due to his slew of shopping centers, Starmalls, as well as his property business, Vista Land.
"[Villar's] net worth reached $1.46 billion, up $410 million from a year ago, to No. 14," Forbes said.
Real estate developer, David Consunji, the founder of DMCI Holdings, grew wealthier by over $1 billion. "Strength in DMCI stock helped to boost the construction tycoon’s fortunes," Forbes explained.
Even the country's leaders in the food industry has entered the construction sector. Tony Tan Caktiong and Edgar Sia of Jollibee Foods Corp. formed a development firm, DoubleDragon Properties, which went public in April.
Henry Sy, the country's wealthiest for the seventh year in a row, also owes some of his family's wealth to property developer SM Land, which will soon expand to China.
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