MANILA (UPDATE) - Tycoon and former Senate president Manny Villar is now the richest man in the Philippines, Forbes Magazine said Tuesday.

Villar has a net worth of $5.5 billion, up from last year's $5 billion, and ranked 317th worldwide, Forbes said in its 2019 ranking of the world’s billionaires.

The chairman of Starmalls, one of Philippines' largest mall operators, Villar succeeded the late Henry Sy, Sr., who led the country's billionaires for 11 years in a row.

The retail tycoon passed away last January 19 at the age of 94.

• Retail tycoon Henry Sy Sr passes away

Villar is also the founder and chairman of Vista and Landscapes, the largest homebuilder in the Philippines.

John Gokongwei of the JG Summit Group placed second in the country and 343rd worldwide with a net worth of $5.1 billion.

Enrique Razon, who owns Solaire Casino and Resort, ranked third in the Philippines and 379th worldwide with $4.8 billion.

Here are the Philippines' richest in 2019, according to Forbes:

1. Manny Villar ($5.5 billion)
2. John Gokongwei Jr ($5.1 billion)
3. Enrique Razon Jr. ($4.8 billion)
4. Lucio Tan ($4.4 billion)
5. Tony Tan Caktiong and family ($3.9 billion)
6. Ramon Ang ($2.9 billion)
7. Andrew Tan ($2.7 billion)
8. Hans Sy and Herbert Sy ($2.4 billion)
9. Harley Sy, Henry Sy, Jr., and Teresita Sy-Coson ($2.2 billion)
10. Elizabeth Sy ($1.9 billion)
11. Eduardo Cojuangco and Robert Coyiuto, Jr. ($1.4 billion)
12. Ricardo Po Sr. and family ($1.2 billion)
13. Roberto Ongpin ($1.1 billion)

Meanwhile, Amazon's Jeff Bezos is still the world's richest man with a fortune of $131 billion.

There are 55 fewer billionaires this year at 2,153, Forbes said.