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Nov 10, 2016 @ 18:35

Staying rich for three generations: Sys, Ayalas and Aboitizes remain among Asia’s wealthiest families

 

Three prominent Filipino clans remained on the Forbes list of 50 richest families in Asia with a combined networth of $22.85 billion (roughly P1.11 trillion).

Retail tycoon Henry Sy, who runs conglomerate SM Investments Corp.- the dominant player in Philippine banking, retailing, and property development – ranked 17th on Forbes Asia’s ranking of the top 50 business dynasties, four notches lower than its last year’s ranking.

The family’s networth was placed at $12.8 billion, up from $12.3 billion a year ago.

Sy remained the wealthiest person in the Philippines for the ninth straight year, based on Forbes’ 2016 ranking.

The Zobel-de Ayala family occupied the 37th spot with an estimated wealth of $5.1 billion. It owns Ayala Corp., one of the country’s oldest holding companies. Under its fold are Ayala Land, Globe Telecom, Manila Water Co. and Bank of the Philippine Islands. Ayala’s ranking fell two notches lower.

The Cebu-based Aboitiz clan was 39th on the list, up by five notches as its networth jumped to $4.95 billion from only $3.6 billion the previous year. It controls Aboitiz Equity Ventures Inc., which has interests in power, banking, food and property.

To qualify, Forbes took into account the family’s wealth and participation in building that fortune, which has to extend at least three generations.

Collectively, the families on Forbes Asia’s 50 richest list are worth $519 billion.

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