MANILA - The Sys of the Philippines are among the top 20 richest families in Asia, with a net worth of $19.7 billion or nearly P1 trillion, according to this year's Bloomberg Billionaires Index.
The Sys are the only family from the Philippines in the list, which tracks the fortune of the region's richest dynasties. They ranked 10th place.
Leading the pack of the ultra-rich families in Asia are the Ambanis of India, Kwoks of Hong Kong, Chearavanont of Thailand, Hartonos of Indonesia and Lees of South Korea.
The Sy patriarch, who founded the shopping mall culture in the Philippines, passed away on Jan. 19, 2019. He was 94.
Henry Sy Sr. started his business in 1958 with a Shoemart footwear shop in downtown Manila.
"From a tiny shop in downtown Manila, it has grown into a conglomerate with interests including retail, banking and property," Bloomberg said. "Today, the group runs almost 2,800 retail stores and has more than 2,000 banking branches."
SM has 74 malls in the Philippines, with Megamall and Mall of Asia among the biggest. It also has 7 malls in China, with plans to build its eighth.
Sy Sr.'s fortune includes the Philippines' largest lender by assets, BDO Unibank, Chinabank, condominium developer SM Development Corp. and National University.
The SM Group's most recent venture before the patriarch's death is the Philippines' first IKEA store, which will be the largest in the world. It will be housed at the SM Mall of Asia complex.
The Sy-led conglomerate also has stakes in logistics firm 2GO, Atlas Consolidated Mining and Development Corp., and Belle Corp., a partner in City of Dreams, a casino-hotel complex.
The tycoon has 6 children: Teresita Sy-Coson, Elizabeth Sy, Henry Sy Jr., Hans Sy, Herbert Sy, and Harley Sy.
Here's a full list of the top 20 wealthiest families in Asia:
- Ambani of India - net worth of $76 billion
- Kwok of Hong Kong - net worth $33 billion
- Chearavanont of Thailand - net worth $31.7 billion
- Hartono of Indonesia - net worth of $31.3 billion
- Lee of South Korea - net worth of $26.6 billion
- Yoovidhya of Thailand - net worth of $24.2 billion
- Cheng of Hong Kong - net worth of $22.6 billion
- Mistry of India - net worth of $22 billion
- Pao/Woo of Hong Kong - net worth of $20.2 billion
- Sy of the Philippines - net worth of $19.7 billion
- Tsai of Taiwan - net worth of $19 billion
- Lee of Hong Kong - net worth of $17.3 billion
- Kwek/Quek of Singapore and Malaysia - net worth of $16.5 billion
- Torii/Saji of Japan - net worth of $16.3 billion
- Kadoorie of Hong Kong - net worth of $16.1 billion
- Hinduja of India - net worth of $15.1 billion
- Ho of Hong Kong - net worth of $14.6 billion
- Chung of South Korea - net worth of $14.1 billion
- Ng of Singapore - net worth of $13.8 billion
- Chirathivat of Thailand - net worth of $12.9 billion
Bloomberg said the ranking of Asia’s richest families was compiled as of Nov. 13. It excludes first-generation wealth such as that of Alibaba Group Holding Ltd.’s Jack Ma, as well as those in the hands of a single heir.
As a result, the list doesn’t have any families from mainland China, where fortunes are relatively young and often focused on tech, it added.