The collective fortunes of the country’s 50 richest individuals and families barely grew in 2024 to $80.8 billion from $80.4 billion in 2023 as high inflation and interest rates dragged domestic demand, according to Forbes Philippines’ latest list.
More than half of county’s billionaires experienced reduction in their wealth, according to the magazine.
The Sy siblings, the heirs of retail tycoon Henry Sy Sr., retained the No. 1 position despite $1-billion reduction in their wealth to $13 billion. The group investments span property, banking and retail and recently included geothermal energy.
Port and casino tycoon Enrique Razon Jr. claimed the second spot with a net worth of $11.1 billion, up by $3 billion from a year ago, on the back of improving global trade and rebound on casino business. He is the richest individual in the Philippines.
Real estate mogul Manuel Villar ranked third with $10.9 billion in net worth.
Rounding up the top 10 list are Ramon Ang with $3.8 billion; Isidro Consunji and siblings, $3.4 billion; Tony Tan Caktiong, $2.9 billion; Lucio Tan, $2.65 billion; Jaime Zobel de Ayala and family, $2.6 billion; Lucio and Susan Co, $2.3 billion; and the Aboitiz family, $2.2 billion.
Lance Gokongei and his family dropped outside the top 10 with their wealth falling 37 percent $1.9 billion. The financial performance of JG Summit Holdings Inc., the listed holding company of the Gokongwei Group, was affected by the weak performance of its petrochemical business.
Forbes Philippines also highlighted the significant increase in businessman Eusebio Tanco’s fortune, whose wealth increased 35 percent to $815 million, thanks to the surge in the share price of his gaming firm DigiPlus Interactive.
While there were no new names in the list, Forbes Philippines reported the return of Edgar Saavedra of Megawide Construction Corp., Michael Cosiquien of ISOC Holdings and Philip Ang of Nickel Asia Corp.
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