Henry Sy still richest in Philippines; Manny Villar moves to No. 2

MANILA, Philippines — A majority of the country’s rich tycoons have gotten richer.

Mall magnate Henry Sy remains the richest man in the Philippines for 11 years in a row with a net worth of $18.3 billion, up from $18 billion last year, according to the Forbes Philippines 2018 Rich List, a roster of the top 50 richest people in the country.

Tycoon Manuel Villar Jr., whose son Mark is a member of President Duterte’s Cabinet, was the biggest gainer and is listed as the country’s second richest man after his net worth tripled to a staggering $5.5 billion from $1.65 billion previously.

“Shares in his Golden Bria leapt a staggering 1,300 percent in the first quarter, as a profitable business in burial services was joined with a new Villar vehicle for developing housing projects and condominium for middle-class families,” Forbes said.

Villar dislodged John Gokongwei, who founded an empire of malls, consumer goods and a budget airline.

Gokongwei occupies third spot with a net worth of $4.4 billion, down from $5.5 billion.

Jaime Zobel de Ayala, chairman of the country’s oldest conglomerate, rose to fourth spot from fifth as his net worth grew to $4 billion from $3.7 billion.

Ports and casino magnate Enrique Razon slipped to fifth spot from third as his net worth declined to $3.9 billion from $4.3 billion.

Tony Tan Caktiong, founder of the burger giant Jollibee, climbed to sixth spot from number eight after his net worth grew to $3.85 billion from $3.4 billion.

Interestingly, taipan Lucio Tan – who for the longest time was the country’s richest man before he was dislodged by Sy – fell to seventh spot, down three notches from number four.

His net worth declined to $3.8 billion from $4.2 billion. Tan, known in the industry as Kapitan, is the airline, tobacco and banking magnate.

San Miguel Corp. vice chairman, president and chief operating officer Ramon Ang climbed to eighth spot with a net worth of $2.85 billion from 10th, when he had a net worth of $2.3 billion.

“Thanks to a rise in shares of San Miguel by 70 percent from a year ago, notable gainers Ramon Ang (No. 8, $2.85 billion), Iñigo and Mercedes Zobel (No. 11, $2.5 billion) and Eduardo Cojuangco Jr. (No. 14, $1.4 billion) saw their wealth increase. In July, the company announced plans to invest $1 billion in 10 new beer breweries across the Philippines and in other countries,” Forbes said.

Rounding up the top 10 are George Ty at number nine, with a net worth of $2.75 billion, and Andrew Tan at number 10 with a net worth of $2.6 billion.

There were seven newcomers on the list, Forbes said.

They are Isidro Consunji and his siblings (No. 12, $2.45 billion) who replaced their founder father, David, who died last September; William Belo (No. 22, $600 million) of big-box chain Wilcon Depot; Necisto Sytengco (No. 41, $180 million) of chemical-trading outfit SBS Philippines; Alberto Villarosa (No. 42, $170 million) and Rafael Simpao (No. 44, $155 million) of Security Bank; self-made fashion designer Josie Natori (No. 45, $150 million) and Jerry Liu (No. 46, $145 million) of semiconductor maker Cirtek.

There were also notable decliners on the list.

Betty Ang (No. 32, $270 million) of noodle giant Monde Nissin lost 70 percent of her wealth on a sharp fall in net income, according to the company’s latest available annual report. The wealth of media tycoons Gilberto Duavit (No. 48, $135 million), Menardo Jimenez (No. 49, $130 million) and Felipe Gozon (No. 50, $125 million) also fell as shares in their GMA Network dropped 11 percent.

The network posted a 21 percent decline in earnings for the first half of 2018.

The minimum amount required to make it to the list was $125 million, up from $120 million last year.