WHO ARE THE PHILIPPINES' WEALTHIEST? Forbes Philippines Rich List released
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MANILA - The Forbes Philippines Rich List was released Thursday (Aug. 25), with retail tycoon Henry Sy, Sr. topping the list for nine years in a row.
Forbes used as usual, Net Worth to rank the businessmen, with Sy having a net worth of US$13.7 billion.
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Unlike the billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Lucio Tan and his relatives, Forbes explained.
Net worth is calculated based on stock prices and exchange rates as of the close of markets on August 12. Private companies were valued based on similar companies that are publicly traded.
Here, are the Top 10 on the Forbes Philippines Rich List:
1) HENRY SY, SR. - 91 years old - Retail tycoon - US$13.7B
Sy entered the retail market in 1958 with a footwear shop in Manila. Sy’s family-owned SM Investments is now the largest retailer in the Philippines with stakes in banking, property and retail.
2) JOHN GOKONGWEI JR.- 90 Yrs. Old - Airline, Food, Power, Hotels - $6.8B
The founder of JG Summit built his business into Philippines’ fifth largest company with a market capitalization of $13.2 billion. He is handing over the reins of the family business to the next generation.
3) ABOITIZ FAMILY - Power, Banking - $5B
4) LUCIO TAN - Airline, Banking, Tobacco, Property Development - $4.9B
5) GEORGE TY - Banking, Hospital, Property Development - $4.6B
6) TONY TAN CAKTIONG - Food, Property Development - $4.3B
7) JAIME ZOBEL DE AYALA & FAMILY - Property Development, Banking - $4.1B
8) ENRIQUE RAZON JR. - Ports, Gaming, Hotel - $3.5B
9) DAVID CONSUNJI - Construction, Property Development - $3.1B
10) ANDREW TAN - Property Development - $3 billion
NOTABLE TRENDS IN THIS YEAR'S LIST, ACCORDING TO FORBES PHILIPPINES:
• The year’s biggest winner percentage-wise is new billionaire Edgar Sia II (No. 17, $1.2 billion). The 39-year old saw his wealth increase by 200%, thanks to DoubleDragon Properties, the real estate development company he owns with Tony Tan Caktiong.
• Ramon Ang (No. 16, $1.21 billion), who runs conglomerate San Miguel, saw his net worth increase by $700 million to $1.21 billion due to the company’s growth strategy in energy and other infrastructure which propelled its stock value by 50%. In May, Ang announced plans to build three power plants and a food complex in Mindanao.
• New to the list this year is Ben Tiu (No. 44, $175 million). The eldest son of selfmade steel magnate John Tiu Ka Cho took over TKC Metals in 1987 and led its entry into financial services with thrift bank Sterling Bank of Asia. He also co-founded one of the country’s largest non-banking remittance companies, I-Remit.
• Bienvenido Tantoco Sr. (No. 46, $165 million) suffered the biggest loss percentagewise this year. His wealth fell by 65% from $480 million last year.
• The wealth of mining tycoons also took a blow last year as nickel prices dropped and the new administration took steps to tighten regulations for the sector. Three mining magnates dropped off from this year’s list, including Philip Ang, who ranked No. 41 last year. The minimum amount required to make the list was $145 million, up from $120 million last year.