Sy, Zobel families land on Forbes 2017 list of Asia’s most successful business clans
Only two Filipino clans landed on Forbes magazine’s latest rundown of the richest families in Asia.
Bilyonaryo Henry Sy’s family broke into the top 10 rankings while bilyonaryo Jaime Augusto Zobel de Ayala managed to squeeze into the bottom of the Top 50 list.
The Sy family was ranked No. 9 richest in Asia with a $20.1 billion net worth, a 57 percent jump from last year.
“Henry Sy, the Philippines’ richest person, started out with a small shoe store in Manila and built it into mall developer SM Prime.
The family’s SM Investments Corp. is now the Philippines’ largest retailer, with over 200 outlets. His 6 children are all involved in management, and his grandchildren also have active roles,” Forbes said.
The Zobel family was ranked No. 43 richest in Asia with a $6.13 billion fortune.
“Seven siblings control more than one third of Ayala Corp., one of the Philippines’ oldest companies, run by members of the seventh generation.
The business started as a small Manila distillery and is now a holding company for Ayala Land, Bank of the Philippine Islands, Globe Telecom and Manila Water. Jaime II is chairman and CEO, brother Fernando is the president and chief operating officer,” said Forbes.
“The family also has stakes in San Miguel, the largest publicly listed food, beverage and packaging company in Southeast Asia. Inigo Zobel, Jaime’s cousin, sits on San Miguel’s board,” it added.
Forbes said Asia’s richest families have a combined worth of $699 billion,a staggering 40 percent or $200 billion increase in value from last year. Indian families dominated the list with 18. \
“Nearly half of the richest families in Asia are in China, yet none of 50 we ranked this year are based in the mainland, where conglomerates are young, run by first and second generations who were able to muster billions of dollars in wealth in an open economy,” Forbes said.