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The Filipino rich are richer than ever thanks to the “booming” stock market, and mall magnate Henry Sy remains on top for the fourth year in a row, according to the latest list by Forbes magazine.
It said the stock market boom expanded the Philippines’ billionaires’ list to a record 11, with the combined wealth of the 40 richest also hitting an all-time high.
The 86-year-old Sy has a net worth of $7.2 billion, up from $5 billion last year, according to Forbes’ list posted on the magazine’s website on June 22.
The Sy family owns shopping mall developer SM Prime, as well as SM Investments and Banco de Oro Unibank.
The Philippines’ richest are collectively worth $34 billion, up from last year’s $22.8 billion.
Richest 11
- Following Sy on the list is tobacco magnate Lucio Tan, 77, with a net worth of $2.8 billion. Tan owns the national flag carrier Philippine Airlines and Hong Kong-based Eton Properties.
- John Gokongwei, 83, founder of JG Summit, a conglomerate with interests in airlines, telecoms, power, banking and real estate, and owner of Robinson’s department stores, is third with $2.4 billion.
- Andrew Tan, 58, of the Alliance Global Group, owner of the country’s McDonald’s franchise, is fourth with a net worth of $2 billion.
- David Consunji, 90, who founded construction company DMCI Holdings in 1954, is in fifth place with $1.9 billion. He climbed up the list from 12th place last year.
- Jaime Zobel de Ayala, 77, chairman emeritus of Ayala Corp., one of the country’s largest conglomerates, is sixth with a net worth of $1.7 billion, followed by Razon, at 7th.
- Eduardo Cojuangco Jr., 76, who controls food and beverage conglomerate San Miguel Corp. (SMC), is in eighth place with $1.4 billion, followed in 9th place by Ongpin.
- The Supreme Court recently affirmed with finality Cojuangco’s hold on 20 percent of the shares of stock in SMC, ruling that it wasn’t ill gotten, as alleged by the Presidential Commission on Good Government.
- In 10th place is Metrobank founder George Ty, 78, with $1.1 billion.
- The last billionaire on the list is Jollibee Foods’ Tony Tan Caktiong, 58, with a billion dollars.
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