THE Philippines’ 50 richest tycoons amassed a combined wealth totaling $80.8 billion according to the August issue of Forbes Asia magazine, relatively flat compared to $80.4 billion last year.
Forbes said that more than half of the country’s 50 richest are less wealthy this year, due to slower growth in the Philippine economy in the first quarter at 5.7 percent, as well as inflation and high borrowing costs that weighed down domestic demand.
Heirs to the SM group of the late tycoon Henry Sy Sr., the Sy siblings were still the country’s richest in 2024, even though their net worth fell to $13 billion from $14.4 billion last year.
Ports and casino billionaire Enrique Razon Jr. jumped to the second spot as his wealth grew by $3 billion to $11.1 billion, ranking him one step higher than property tycoon Manuel Villar, whose net worth was $10.9 billion, up from $9.7 billion last year.
Razon was the biggest dollar gainer as shares of International Container Terminal Services have been in expansion mode, climbing 80 percent last year amid the global trade rebound.
Villar, meanwhile, capitalized on the property market as his Vista Land and Lifescapes and flagship Golden MV Holdings diversified into high rise apartments.
San Miguel’s Ramon S. Ang, who is on the cover for Forbes’ August issue, took fourth spot as he diversified his company to go into infrastructure, airports, toll roads and power plants.
The fifth spot was claimed by Isidro Consunji and his siblings of DMCI Holdings, with a net worth of $3.4 billion.
Forbes decreased the minimum net worth to make the list from $180 million last year to $170 million.
The country’s top 10 richest are:
Sy siblings, $13 billion
Enrique Razon Jr., $11.1 billion
Manuel Villar, $10.9 billion
Ramon Ang, $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, $2.6 billion
Lucio and Susan Co, $2.3 billion
Aboitiz Family, $2.2 billion
Lance Gokongwei and his siblings’ net worth declined by 37 percent to $1.9 billion, falling to the 11th spot from No. 7 last year as shares of their flagship JG Summit Holdings were down a year ago, and as their petrochemical units got hurt by weaker global prices and high operating costs.
Eusebio Tanco, ranked 22, on the other hand, was among the notable gainers this year as his wealth rose to $815 million due to his rising shares in the online gaming company DigiPlus Interactive, while construction tycoon Edgar Saavedra is back on the list and ranked 43, with a fortune of $270 million after the public listing of Citicore Renewable Energy last June.
Forbes Asia’s Philippines’ 50 Richest list was determined using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
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