(Updated 2:15 p.m.) Shopping mall magnate Henry Sy remains the Philippines’ richest with a net worth of $9.1 billion, up by $1.9 billion from a year earlier, Forbes Asia reported Thursday.
Forbes said the most “impressive” gainer is 52-year-old tycoon Enrique Razon Jr., whose wealth increased to $3.6 billion from $1.6 billion. Razon, owner of the International Container Terminal Services, became a billionaire only last year and is now the Philippines third richest.
Forbes Asia said Razon’s wealth surged because of his stake in the casino resort Bloomberry Resorts, which had a public offering in May.
The list of Philippines’ top 40 richest people showed their wealth totaled $47.4 billion, up 37.8 percent from $34.4 billion.
Their wealth grew because of “an ongoing consumer boom, a surge in tourism and outsourcing, a stock market which gained 17 percent in the past year, and economic growth of 6.4 percent in the last quarter,” according to Forbes Asia.
Rounding out the Top 40 richest of the Philippines is Edgar Sia, a trained architect and at 35 is the youngest on list.
He started Mang Inasal, a popular Filipino-style grilled chicken chain, in 2003 with wife, Shella, and younger brother Ferdinand. The Sias sold 70 percent stake to Tony Tan Caktiong's Jollibee Foods Corp. for $65 million in 2010.
Tan Caktiong is the 12th richest person in the Philippines, Forbes Asia noted.
Tobacco King Lucio Tan is second with $4.5 billion, up $1.7 billion. The 78-year-old billionaire is part owner of Phillip Morris Fortune Tobacco, which has an 80 percent share of the cigarette market.
Thirty-four of the 37 richest who returned to the list this year saw their wealth increase, with Robert Coyiuto Jr.–part-owner of power transmission outfit National Grid Corp.– having the biggest increase to $1.3 billion from $400 million.
Forbes Asia listed three newcomers, including Lucio and Susan Co, a married couple who owns hypermarket chain Puregold Price Club. The Cos ranked 13th richest with $1.2 billion. Civil engineer Michael Cosiquen, owner of Megawide Construction, ranked 39th with $150 million.
The list is based on “shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources,” according to a Forbes Asia statement Thursday.
Wealth must be at least $140 million or an increase of $85 million from last year’s threshold to make it to the list.
The top 10 richest Filipinos are:
- Henry Sy at $9.1 billion
- Lucio Tan at $4.5 billion
- Enrique Razon Jr. at $3.6 billion
- John Gokongwei Jr. at $3.2 billion
- David Consunji at $2.7 billion
- Andrew Tan at $2.3 billion
- Jaime Zobel de Ayala at $2.2 billion
- George Ty at $1.7 billion
- Roberto Ongpin at $1.5 billion
- Eduardo Cojuangco Jr. at $1.4 billion
Marc Cayabyab/VS, GMA News
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