SM top-honcho Henry Sy has been named as the richest man in the Philippines for the 7th straight year, according to the latest list released by Forbes on Thursday, August 28, 2014.
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Based upon the latest rich list released by Forbes Magazine, the 89-year-old mall magnate dominated the elite list of 50 richest people in the Philippines with $12.8 billion net worth, up $700 million over a year ago primarily due to its income increase brought by SM Prime Holdings and Banco de Oro.
The Filipino-Chinese business tycoon also managed to retain its title on the Top 100 list of billionaires in the world. But this time, he landed on the 90th place of world’s wealthiest.
The top 50 richest in the country have a combined net income of $74 billion, which is 12 percent higher than 2013 with only $65.8 billion combined income.
According to its guidelines reported by ABS-CBN News, $170 million is the minimum amount required to be in this year’s rich list which is “compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Net worths are based on stock prices and exchange rates.”
Meanwhile, Microsoft’s Bill Gates was outlasted by telecom mogul Carlos Slim Helu who had an estimated net worth of $82.4 billion while the longest running No.1 billionaire only had $86.0 billion net income.
Facebook CEO Mark Zuckerberg on the other hand landed as one of the youngest billionaires in the world. The 30-year-old social networking site top-honcho was named as the 16th richest in the world.