MANILA, Philippines - Eighty-six-year-old mall magnate Henry Sy remains the richest man in the Philippines while port operator Enrique Razon Jr. joined the elite billionaires' list this year, according to the annual listing conducted by Forbes Magazine.
The annual listing said the country's 40 richest men are now worth a collective $34 billion, up from last year's $22.8 billion. Forbes said a 27% uptick in the stock exchange's composite index lifted the fortunes of the country’s richest to an all time high.
It said there are now 11 billionaires in the Philippines this year, compared to only 5 last year. Forbes compiles the list based on information from individuals, stock exchanges, public documents and analysts as well as estimates of the privately held assets of the businessmen. The minimum net worth to make the list this year increased to $85 million, up from $50 million previously.
For the fourth year in a row, Sy remained the Philippines' richest man with a net worth of $7.2 billion, up from $5 billion last year. Forbes said shares in SM Investments, the Sy family's largest asset, is up nearly 40%. Sy's listed property developer Belle Corp. is expected to open its first casino in Manila in 2012.
Second on the list is tycoon Lucio Tan with an estimated $2.8 billion in assets, up from $2.1 billion in 2010. The 77-year-old tycoon owns a bevy of businesses which include Fortune Tobacco, Asia Brewery, and Hong-Kong based Eton Properties.
Third on the list is JG Summit founder John Gokongwei Jr. The 83-year-old is worth $2.4 billion, up from his net worth last year of $1.5 billion.
Fourth on the list is Alliance Global Group's Andrew Tan with an estimated net worth of $2 billion from last year's $1.2 billion.
Fifth on the list is 90-year-old construction manage David Consunji, who has an estimated net worth of $1.9 billion from last year's $715 million.
"He moved into top 5 as shares of his DMCI Holdings more than doubled in past year. Value of Semirara Mining nearly tripled," Forbes said.
Below is the Philippines billionaires list:
1. Henry Sy $7.2 billion
2. Lucio Tan $2.8 billion
3. John Gokongwei Jr. $2.4 billion
4. Andrew Tan $2 billion
5. David Consunji $1.9 billion
6. Jaime Zobel de Ayala $1.7 billion
7. Enrique Razon Jr. $1.6 billion
8. Eduardo Cojuangco Jr. $1.4 billion
9. Roberto Ongpin $1.3 billion
10. George Ty $1.1 billion
11. Tony Tan Caktiong $1 billion
ICTSI's Razon now a billionaire
Forbes said the biggest gainer in percentage terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Forbes said most of that gain was thanks to an increase in his stake in listed miner Atok-Big Wedge, "though Ongpin says the company’s stock price overinflates its value."
Another newly minted billionaire is port operator Enrique Razon Jr., who saw his net worth jump to $1.6 billion from $975 million last year. His International Container Terminal Service (ICTSI) has bought controlling stakes in two terminal ports, one in India's Tamil Nadu and one in Croatia. His private company, Bloomberry, also put $350 million into a hotel complex in Manila's Bagong Nayong Pilipino Entertainment City.
Mang Inasal founder joins PH's richest
Forbes, meanwhile, listed 4 newcomers to the richest list. They are: Jose Antonio, founder of high-end property developer Century Properties; Jacinto Ng Sr., founder of biscuit maker Rebisco; and 34-year-old Edgar Sia II, founder of Mang Inasal
Mang Inasal is now the country's third largest fastfood chain, after Jollibee and Chowking. Last year, Jollibee purchased a 70% stake of Mang Inasal for $68 million, catapulting Sia's net worth to $85 million. He is ranked 40th in the Forbes list of richest Filipinos, and is the youngest in the list.
Four from 2010 list didn’t make the cut, including Lourdes Montinola, whose family owns 41% of Far Eastern University; and Jesus Tambunting, who controls Planters Development Bank. Forbes said their gains couldn’t match the stellar performance of others on the list.
The remaining names in the Philippines' 40 richest list are as follows:
12. Inigo and Mercedes Zobel $980 million
13. Emilio Yap $930 million
14. Andrew Gotianun $795 million
15. Jon Ramon Aboitiz $760 million
16. Beatrice Campos $685 million
17. Manuel Villar $620 million
18. Vivian Que Azcona $555 million
19. Robert Coyiuto Jr. $400 million
20. Mariano Tan $375 million
21. Alfonso Yuchengco $370 million
22. Enrique Aboitiz $310 million
23. Oscar Lopez $280 million
24. Jose Antonio $245 million
25. Eric Recto $200 million
26. Gilberto Duavit $190 million
27. Menardo Jimenez $185 million
28. Alfredo Ramos $180 million
29. Betty Ang $165 million
30. Felipe Gozon $163 million
31. Tomas Alcantara $160 million
32. Benjamin Romualdez $155 million
33. Wilfred Uytengsu Jr. $150 million
34. Manuel Zamora Jr. $145 million
35. Jacinto Ng Sr. $115 million
36. Frederick Dy $110 million
37. Luis Virata $100 million
38. Bienvenido Tantoco Sr. $95 million
39. Eugenio Lopez III $90 million
40. Edgar Sia II $85 million.