MANILA, Philippines – Henry Sy is still the Philippines’ richest person, according to Forbes Asia, while Enrique Razon Jr. saw the biggest gain in wealth in the past year.
Sy, who owns SM Prime, one of the country’s largest mall developers, remains on top of the list of 40 richest people in the Philippines with a net worth of $9.1 billion. His net worth is up $1.9 billion from last year.
Second on the list is the Philippine Airlines’ Lucio Tan, with a net worth of $4.5 billion, up $1.7 billion from last year. Tan also has interests in beer production, tobacco and real estate.
At third place is Razon, whose net worth surged by $2 billion to $3.6 billion. He heads the International Container Terminal Services (ICTS), one of the largest port operators in Asia. He has expanded from shipping to gambling and resorts, holding a stake in Bloomberry Resorts, which had a public offering in May.
Former Trade Minister Roberto Ongpin ranked 9th with $1.5 billion. He has investments in property, gaming, mining and telecommunications. Last year, Ongpin was involved in a Senate inquiry over an allegedly behest loan given by the Development Bank of the Philippines.
Newcomers to the list include Puregold Price Club owners Lucio and Susan Co, who are number 13 on the list with a net worth of $1.2 billion; and Megawide Construction’s Michael Cosiquien, whose net worth of $150 million put him at the 39th spot.
Also in the list is real estate developer Senator Manuel Villar with a $720 million net worth. He is 18th on the list.
Media patriarchs Oscar Lopez, Gilberto Duavit, Menardo Jimenez and Felipe Gozon are also on the list.
Lopez, 31st on the list with a net worth of $245 million, is chairman emeritus of Lopez Holdings, which controls ABS-CBN.
Duavit (26, $270 million), Jimenez (27, $265 million) and Gozon (32, $240 million) meanwhile, hold shares in GMA Network.
There are now 15 billionaires in the Philippines, Forbes said, who benefited from an ongoing consumer boom, a surge in tourism and outsourcing, a stock market which gained 17% in the past year and economic growth of 6.4% in the last quarter.
Forbes’ list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Net worths are based on stock prices, and exchange rates as of the close of markets on June 8. Private companies were valued based on similar companies that are publicly traded.
The top 10 richest in the Philippines are:
1) Henry Sy; US$9.1 billion
2) Lucio Tan; $4.5 billion
3) Enrique Razon Jr.; $3.6 billion
4) John Gokongwei Jr.; $3.2 billion
5) David Consunji; $2.7 billion
6) Andrew Tan; $2.3 billion
7) Jaime Zobel de Ayala; $2.2 billion
8) George Ty; $1.7 billion
9) Roberto Ongpin; $1.5 billion
10) Eduardo Cojuangco Jr.; $1.4 billion
See the full list