MANILA, Philippines - Shopping mall, banking and property tycoon Henry Sy is still king when it comes to wealth in the country, as he remained perched on top of the Forbes Philippines’ rich list for the seventh consecutive year.
Expansion in the fortunes of some of the Philippines richest was buoyed by strong construction and consumption business in the country over the past year.
“The nation’s 50 wealthiest are worth a combined $74 billion, up 12 percent from $65.8 billion in 2013,” Forbes said.
Sy, 89, was declared this year’s richest man in the Philippines according to Forbes magazine’s annual ranking posted yesterday, with a net wealth of $12.7 billion, up $700 million from last year.
The wealth of the Sy family is attributed to the rising share prices of his SM Prime Holdings, the Philippines’ largest mall operator, and Banco de Oro, one of the country’s largest banks.
Tobacco and airline magnate Lucio Tan also maintained his spot as the country’s second richest with a net worth of $6.1 billion, down from $7.5 billion last year.
Tan was the only loser in the Top 10 as worries about the cigarette market affected his fortune.
International port magnate Enrique Razon Jr. took this year’s third spot after finishing fourth last year.
The casino chief saw his wealth rise to $5.2 billion from $4.5 billion a year ago as he continues to expand his Solaire Resort & Casino and is eyeing branches in Macau, Japan and Latin America.
Alliance Global Group Inc.’s Andrew Tan slid to fourth spot from last year’s third place with a fortune of $5.1 billion, an increase from the $4.6 billion net worth a year ago.
John Gokongwei Jr. rounded up the top five with $4.9 billion in net worth.
Other Filipinos who completed the top 10 were David Consunji ($3.9 billion), George Ty ($3.7 billion), Aboitiz family ($3.6 billion), Jaime Zobel de Ayala & family ($3.4 billion) and Tony Tan Caktiong ($2 billion).
The late business magnate Emilio Yap ranked 13th while another businessman, former senator Manuel Villar placed 14th, both with $1.5 billion net worth.
Edgar Sia, founder of fastfood outlet Mang Inasal, is the youngest at age 37 with $390 million net worth.
Forbes increased the minimum amount required to make the list this year to $170 million, up from $105 million last year. – With Charmie Joy Pagulong