The Philippines economy has seen some growth in the past decades driven by the input of the business sector and wealthy individuals. This has helped other billionaires pop up around the country and also propelled more people into the middle class.
According to Forbes, the Philippines’ wealth landscape is becoming dynamic, and this has made the country home to a significant number of wealthy people. These individuals have made fortunes in industries like real estate, logistics, gaming, and food.
So, in this post, we will be looking at the top 5 richest men in the Philippines and what they do to make that much money.
Top 5 Richest Men in the Philippines 2024
Here is our list of the top 5 richest billionaires in the Philippines in no particular order.
Manuel Villar – $14.3b
Not everyone gets to have a slum-to-riches story and ends up on the list of richest men in the Philippines, but Manuel Villar did it. From humble beginnings, Manuel ‘Manny’ Villar was able to build a name and wealth that only a few can imagine.
This 74-year-old Philippine national did it in grand style and today he is worth around 14.3 billion USD. His wealth accumulation is one we would say is diversified as he is involved in so many business enterprises. One of this tycoon’s biggest businesses is the real estate empire, Vista Land, which provides commercial spaces and upscale homes.
This company has a huge portfolio that covers over 50 cities and towns nationwide and this has paid Manuel Villar handsomely. Aside from business, Villar is also a leading voice in the Filipino political space as he held top political positions in the country from 2001 up until 2023.
Enrique Razon Jr. – $12.4b
One of the richest people in the Philippines is Enrique Razon Jr., and he has had a claim to that title for years. This is because he is one of the leading entrepreneurs in the country and this has seen him amass so much wealth. All this was made possible by his visionary leadership of the International Container Terminal Services, Inc. (ICTSI).
As the chairman of the ICTSI, he has helped cement the firm’s place as a stalwart in global trade and commerce. Like Rockefeller once said, “The secret to making money is to find a need and fill it.”
This is the mindset of Razon, as most of his wealth comes from knowing how to stay ahead of the curve and understand the country’s economic landscape.
Henry Sy and Siblings – $12.6b
Henry Sy Sr. was one of the richest men in the Philippines, and when he died in 2019, most of his wealth went to his kids. This is why Henry Sy Jr. and siblings are regarded as one of the richest in the country. They have built an empire that would continue to linger for a long time and boost the family’s net worth to new heights.
The Sy siblings – Teresita Sy-Coson, Hans Sy, Herbert Sy, Elizabeth Sy, and Harley Sy have all continued to grow the family’s wealth in various fields. They have continued to expand the SM Group’s reach by opening more malls, banks and properties. As a result, they have a combined wealth of 12.6 billion USD as recorded by Forbes in 2024.
Herbert Sy, the chairman of SM Prime Holdings has also opened up the family to new markets while Harley Sy, has expanded the digital frontiers of SM Prime Holdings.
Ramon Ang – $3.8b
To make enough wealth to be a billionaire, one has to be able to take calculated risks. This is what Ramon Ang did which earned him a fortune with an estimated net worth of about 3.5 billion USD.
Most of his wealth came from his mastermind project, San Miguel Corp. This company is responsible for the production of food, beer, and spirits, and distributing them throughout the Philippines. Ang’s taste for adventure also led to him investing in power generation and infrastructure, which helped boost his wealth. Robert Kiyosaki once said, “The best way to make money is to solve a problem,” Ang seemed to understand this, and became a billionaire doing that.
Lance Gokongwei – $1.1b
Lance Gokongwei is a name that resounds in the Philippines, and this can be backed by the amount of wealth he has gathered. He is estimated to be worth around 1.1 billion USD, and all this comes from being the top dog and CEO of Robinsons Retail Holdings. This company is a leading retailer in the country with over 2000 stores that offer a wide range of products.
He also has his fingers in the petrochemical industry with JG Summit Petrochemicals, a firm that has established itself as a major player in that industry. Another of his many businesses is Cebu Pacific, which is a low-cost airline company that has changed the aerospace industry in the Philippines. This company has made air travel much more accessible and affordable for the everyday person.
Lance Gokongwei doesn’t seem to be resting on his laurels, as he continues to invest in several other areas. Latest reports say he has invested a fortune in the Philippine casino industry. This seems to be a smart call as studies show the Filipino online gaming industry is growing at an unprecedented rate. This can only mean Gokongwei will increase his net worth soon.
Like Gokongwei, if you are also interested in the Filipino gambling industry, especially as a player, you should check this Pagcor license list 2024 to discover the gaming sites that are worth your time and money in the country.
Other Names Worth Mentioning
Other notable top Filipino male billionaires in 2024 include:
- Andrew Tan – $1.9b
- Tony Tan Caktiong – $1.3b
- Lucio Tan – $2.5b
Conclusion
This list of wealthiest individuals in the Philippines are shaping the nation’s economic future, fueled by innovation, strategic investments, and entrepreneurial spirit. Their success stories inspire and drive growth, solidifying the country’s position as a rising economic powerhouse.