Net worth of Philippines richest grows to $80 billion

MANILA, Philippines — The Philippines’ richest got even richer this year, as their combined wealth rose by 11 percent to $80 billion from $72 billion last year, according to the latest Forbes list of the Philippines’ 50 richest.

More than half of those on the list are wealthier this year, led by the top three: the Sy siblings along with tycoons Manuel Villar Jr. and Enrique Razon II.

Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley Sy – sons and daughters of the late retail magnate Henry Sy Sr. – retain the top spot, adding $1.8 billion to their net worth, which now stands at $14.4 billion.

Shares of the Sy Group’s flagship listed conglomerate, SM Investments, which has interests in banking, property and retail, jumped 19 percent from a year ago amid a rebound in consumer spending.

Villar, the so-called brown taipan, saw his fortune rise to $9.7 billion, up by $1.9 billion, attributed to a resilient housing market but this is also because of Villar’s numerous listing activities.

Last year, he listed his power business, Premiere Island Power REIT, adding to his roster of companies on the Philippine Stock Exchange.

Razon, the ports and casino tycoon, saw his fortune more than triple to $8.1 billion from $2.5 billion as shares in his global company International Container Terminal Services jumped 24 percent from a year ago, thanks to sustained improvement in supply chains.

Tycoon Ramon Ang, president and CEO of listed conglomerate San Miguel Corp., also moved up five spots in the billionaires’ club and is now the country’s fourth richest man after his wealth was up nearly 40 percent to $3.4 billion following the acquisition of his majority owned family cement business Eagle Cement by SMC.

Taking fifth spot is Tony Tan Caktiong of Jollibee Foods, whose net worth rose $600 million to $3.2 billion.

Sabin Aboitiz, a fourth generation Aboitiz who now leads Aboitiz Equity Ventures, is on sixth spot with a net worth of $3.15 billion.

He is spearheading a “$7 billion transformation of Aboitiz Equity Ventures, Philippines’ second largest electricity producer, into a banking, infrastructure and technology powerhouse,” Forbes said.

Completing the top 10 richest Filipinos are Lance Gokongwei and siblings, with a net worth of $3 billion; Isidro Consunji and siblings with a net worth of $2.9 billion; Jaime Zobel de Ayala with $2.8 billion and taipan Lucio Tan with $2.6 billion.

The three new newcomers to the list are all inheritors, according to Forbes.

One is the Gotianun family, at No. 22 with $850 million, which inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun who died last December.

Another is the Yuchengco family, heirs of Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp. They joined the ranks at No. 33 with $420 million.

Federico Lopez, meanwhile, made his debut on the list at No. 42 with $300 million, shared with his family, after taking over the media, property and power empire from his father, Oscar, who died in April at age 93.

According to Forbes, the minimum net worth to make the list was $180 million, slightly down from $185 million last year. The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.

Net worth is based on stock prices and exchange rates as of the close of markets on July 21, according to Forbes, while private companies are valued based on similar companies publicly traded.