For the ninth consecutive years, tycoon Henry Sy, still made it to the top of wealthiest in the Philippines.
Henry Sy, the owner and founder of SM malls all around the Philippines, is still the wealthiest Filipino, according to the latest issue of Forbes Philippines Magazine up for September 2016.
Sy has a networth of $13.7 billion, billions away from number two, Cebu Pacific CEO John Gokongwei Jr.
Sy’s fortune blossomed from a simple shoe retail store founded in Manila in 1958.
The Forbes Philippines Rich List 2016, released yesterday, counted the country’s 50 richest individuals and families, with Sy in top spot and Nickel Asia’s Luis Virata at 50th, with a net worth of $145 million, the minimum amount required for one to make it to the list.
The 91-year-old Gokongwei, founder of JG Summit, remains at No. 2 with a net worth of $6.8 billion, up from $5.5 billion last year.
“Over the years, the founder of JG Summit has built his business into Philippines’ fifth largest company with a market capitalization of $13.2 billion and diverse business interests including an airline, banking, food, hotels, power, chemicals, real estate and telecommunications. As he turns 90 this year, he is handing over the reins of the family business to the next generation,” Forbes said.
Forbes noted that several tycoons with interests in development and construction enjoyed a particularly robust year in 2015.
Among the 50 richest individuals and families, Forbes said the biggest winner is Mang Inasal founder Edgar “Injap” Sia II, who is No. 17 on the list with a net worth of $1.2 billion.
“The 39-year-old saw his wealth increase by 200 percent, thanks to DoubleDragon Properties, the fast-growing real estate development company he owns with Tony Tan Caktiong (No. 6, $4.3 billion),” Forbes said.
“Shares of DoubleDragon Properties soared by 350 percent due to strong rental revenues and growth of its CityMalls brand. The company announced in August 2016 that it was acquiring a majority stake in Hotel of Asia Inc.,” it added.
Another winner is Ramon Ang who is No. 16 on the list with $1.21 billion.
The Philippines’ 50 Richest are as follows: 1) Henry Sy and family, 2) John Gokongwei Jr., 3) Aboitiz family, 4) Lucio Tan & family, 5) George Ty & family, 6) Tony Tan Caktiong & family, 7) Jaime Zobel de Ayala & family, 8) Enrique Razon, Jr., 9) David Consunji, 10) Andrew Tan, 11) Lucio and Susan Co, 12) Manuel Villar, 13) Robert Coyiuto Jr., 14) Inigo & Mercedes Zobel, 15) Gotianun family, 16) Ramon Ang, 17) Edgar Sia, 18) Roberto Ongpin, 19) Dean Lao, 20) Eduardo Cojuangco Jr., 21) Yap family, 22) Ricardo Po family, 23) Oscar Lopez & family, 24) Vivian Que Azcona & family, 25) Alfredo Yao, 26) Betty Ang, 27) Beatrice Campos & family, 28) Carlos Chan, 29) Frederick Dy, 30) Concepcion family, 31) Jorge Araneta, 32) Alfonso Yuchengo & family, 33) Mariano Tan Jr., 34) Manuel Zamora Jr., 35) Michael Cosiquien, 36) Wilfred Steven Uytengsu Jr. & family 37) Edgard Saavedra, 38) Eric Recto, 39) Jacinto Ng, 40) Jose Antonio, 41) Tomas Alcantara, 42) Gilberto Duavit & family 43) Menardo Jimenez, 44) Ben Tiu, 45) P.J. Lhuiller, 46) Bienvenido Tantoco Sr. & family, 47) Felipe Gozon, 48) Juliette Romualdez, 49) Michael Romero and 50) Luis Virata.
