Forbes: Henry Sy, family still Philippines' richest


Posted at Mar 04 2014 02:24 AM | Updated as of Mar 05 2014 01:34 AM

MANILA - Shopping mall tycoon Henry Sy and his family are still the richest Filipinos, according to Forbes magazine's 2014 global billionaires' list.

Although the Sy family's net worth dropped to $11.4 billion in Forbes' 2014 list from $13.2 billion last year, they remained in the top 100 billionaires list in the world.

"The Philippines' richest person, Henry Sy, merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion. In November his property unit SM Land snatched a $1.2 billion contract to reclaim land in Manila, next to his Mall of Asia complex," Forbes said in a report released late Monday.

It added that despite the merger and the Manila reclamation deal, the Sys' fortune dropped by $1.8 billion mainly because shares of their holding firm SM Investments tumbled 30% in 2013.

"They took a hit when the company sold some shares to institutional investors at a discount to market price," Forbes explained.

The other Filipino billionaires who made it into the 2014 Forbes are:

No. 227 Lucio Tan and family - $6.1 B
No. 319 Andrew Tan - $4.7 B
No. 354 Enrique Razon, Jr. - $4.2 B
No. 388 John Gokongwei, Jr. - $3.9 B
No. 483 David Consunji - $3.3 B
No. 764 George Ty and family - $2.3 B
No. 1046 Tony Tan Caktiong and family - $1.7 B
No. 1154 Robert Coyiuto, Jr. - $1.5 B
No. 1565 Andrew Gotianun - $1 B

Meanwhile, the surging price of Microsoft shares returned US tech tycoon Bill Gates back to the top of Forbes's world's billionaires list, with his $76 billion beating out Mexico's Carlos Slim's $72 billion.

The annual list counted 1,645 men and women as billionaires, with an average wealth of $4.5 billion and a collective wealth of $6.4 trillion, up $1 trillion from a year ago.

Spanish clothing retailer Amancio Ortega of the Zara fashion chain remained at No. 3, followed by investor Warren Buffett, and American gambling tycoon Sheldon Adelson, according to Forbes.

Facebook's Mark Zuckerberg was the top gainer in the 2014 billionaires list. His net worth soared by $15.2 billion to $28.5 billion, as shares of his social network rose, Forbes said. - with a report from Agence France-Presse