Henry Sy is richest Filipino on the planet for 11th year – Forbes
SM Group patriarch Henry Sy is still the richest man in the Philippines for the 11th year in a row with a net worth of a little more than P1 trillion, based on the annual ranking of Forbes magazine.
With an increased net worth of $20 billion from $12.7 billion last year, Sy, who started his empire with a humble footwear business, ranked 52nd all over the world, a big jump from being 94th. His estimated net worth, which is up 57.4 percent from 2017, is slightly higher than American tech billionaire Elon Musk’s $19.9 billion.
His family leads SM Investments Corp., a retail, property development and banking conglomerate. The 93-year old SM Group founder created the country’s largest real estate firm by merging all his property-related businesses including residential property arm SM Development Corp. and flagship shopping mall unit SM Prime Holdings into a single publicly listed entity. He also has stakes in other retail companies, education, mining, and logistics.
Industrialist John Gokongwei of the JG Summit group which owns regional powerhouse Universal Robina Corp., budget carrier Cebu Pacific and Robinsons Land Corp. retained his spot at second place with a net worth of $5.8 billion and ranked 305th worldwide.
Third placer Enrique Razon, who heads International Container Terminal Services Inc. and integrated gaming resort Solaire Casino and Resort, saw his wealth rise 44 percent to $4.9 billion. He is the world’s 404th wealthiest man.
In fourth place is taipan Lucio Tan, who has interests in tobacco, banking, liquor, airline and real estate, with a net worth of $4.7 billion.
Jollibee Foods Corp. founder Tony Tan Caktiong ranked fifth with a net worth of $4 billion. He also holds a stake in fast-growing realty firm DoubleDragon Properties Corp. of Mang Inasal founder Edgar Injap Sia II.
GT Capital Holdings founder George SK Ty placed sixth with a net worth of $3.9 billion, which came largely from his banking, automotive manufacturing and real estate businesses.
Former Senator Manuel Villar came in seventh as his net worth surged 100 percent to $3 billion.
Megaworld’s Andrew Tan took the eighth slot with a net worth of $2.7 billion. He owns Megaworld Corp. and liquor firm Emperador. He also has a stake in fast food chain McDonald’s through Golden Arches Corp, a joint venture with business magnate George Yang.
San Miguel Corp. president RAmon S. Ang ranked ninth with a net worth of $2.5 billion, largely due to the public listing of his cement firm, Eagle Cement Corp.
Insurance and car dealership magnate Robert Coyiuto claimed the 10th slot with a net worth of $1.4 billion.
San Miguel Corp. chairman Eduardo ” Danding” Cojuangco clinched the 11th spot with Forbes valuing his worth at $1.3 billion.
Former trade minister Roberto V. Ongpin bagged 12th place with a net worth of $1.1 billion.
|1) Henry Sy||$20B||#52||$12.7B||#94||up 57.4%|
|2) John Gokongwei||$5.8 B||#305||$5.8B||#250||unchanged|
|3) Enrique K. Razon||$4.9B||#404||$3.4B||#564||up 44%|
|4) Lucio Tan||$4.7B||#441||$3.4B||#564||up 38%|
|5) Tony Tan Caktiong||$4B||#550||$3.4B||#565||up 18%|
|6) George Ty||$3.9B||#572||$3.5B||#544||up 11.4%|
|7) Manny Villar||$3B||#791||$1.5B||#1,376||up 100%|
|8) Andrew Tan||$2.7B||#887||$2.5B||#814||up 8%|
|9) Ramon S. Ang||$2.5B||#965||$1.4B||#1,468||up 78%|
|10) Robert Coyiuto||$1.4B||#1,650||$1.5||#1,376||down 7%|
|11) Eduardo Cojuangco Jr.||$1.3B||#1,756||$1.2B||#1,678||up 8.3%|
|12) Roberto V. Ongpin||$1.1B||#1,999||$ 1.1B||#1.795||unchanged|