Heirs of the late mall tycoon Henry Sy Sr. continued to dominate the list of Philippines’ richest in the latest round of ranking by Forbes magazine.
The Sy siblings raked in a combined $12.6 billion in net worth to top Forbes’ list of Philippines’ 50 richest, though their combined wealth dropped by $4 billion compared to a year ago.
A reduction in wealth is the main theme of the rich’s prosperity in 2022 as recorded by Forbes using publicly-available data like the company valuations in the stock market.
The Philippines’ top richest saw their combined wealth drop by $7 billion to $72 billion from $79 billion last year.
Forbes said more than two-thirds of those in the list saw their wealth shrink amid challenges posed by the country’s recovery from pandemic headwinds.
Realty tycoon and former Senator Manuel Villar, however, leads the pack for those who bucked the trend of reduced wealth with his net worth rising by $1.1 billion to $7.8 billion after listing his real estate business trust VistaREIT this year, keeping his place as the second richest man in the Philippines.
Rounding out the top three is ports, infrastructure and casino tycoon Enrique Razon Jr. with his net worth of $5.6 billion, also down.
At No. 4 are the Gokongwei siblings, children of the late tycoon John Gokongwei, with a net worth of $3.1 billion, down from $4 billion last year.
“Among the two returnees this year is the Aboitiz family, appearing at No. 5 with a collective fortune of $2.9 billion, which includes holdings of the broader family. Shares in their flagship Aboitiz Equity Ventures got a boost from its power interests amid rising energy prices,” Forbes said.
DMCI Group’s Consunji siblings, ranked 6th with a net worth of $2.65 billion, rising seven spots compared to last year’s 13th.
Completing the top 10 are Tony Tan Caktiong, 7th at $2.6 billion; Jaime Zobel de Ayala, 8th at $2.55 billion; Ramon Ang, 9th at $2.45 billion; and Andrew Tan, 10th at $2.4 billion.
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Unlike Forbes’ Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 22, 2022.
