MANILA, Philippines – Mall magnate Henry Sy has jumped five spots in Forbes Magazine's real-time wealth rankings with an estimated net worth of $12.7 billion.
Sy, the Philippines’ richest man, currently ranks 92nd richest among the world’s billionaires and is richer by $1.2 billion in just three months.
In Forbes’ world’s billionaires list released in March, Sy was ranked 97 with an estimated net worth of $11.4 billion.
As of Friday afternoon, Forbes said Sy’s net worth is up 0.9 percent or $112.2 million in its real-time wealth rankings.
However, his current net worth is still nearly $1 billion short of his net worth in March 2013, which was estimated at $13.2 billion.
“Sy's fortune dropped by $1.8 billion [in 2014] mainly because shares of his holding firm SM Investments tumbled 30 percent in the past year. They took a hit when the company sold some shares to institutional investors at a discount to market price,” Forbes earlier said.