Sy siblings, Enrique Razon Jr., Manny Villar top Forbes' 2024 list of Philippines' 50 richest
Forbes has released its annual list of the 50 Filipinos who are the richest in the country, with the Sy siblings of the SM group remaining at the top.
Out of the 50 individuals on the list, 13 are from the Food and Beverage industry, five from Real Estate, four from Media and Entertainment, and three from Finance and Investments. Other industries include Logistics, Fashion and Retail, Construction and Engineering, Healthcare, Telecom, Metals and Mining, and Energy.
The six Sy siblings, Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, garnered a net worth of $13 billion (P745 billion). This is lower than their previous net worth of $14.4 billion (P809 billion) in 2023.
While they are followed by the same individuals who topped the 2023 list, casino owner Enrique Razon Jr. managed to overtake former senator and real estate tycoon Manuel Villar Jr. in second place.
Isidro Consunji and siblings, Lucio Tan, Jaime Zobel de Ayala and family, and Lucio and Susan Co have also moved up from their previous places.
Here are the names, net worths, and business interests of the individuals who made it to the top ten:
The Sy siblings
Net worth: $13 billion (P745 billion)
Source of wealth: diversified, comprised largely of stakes held in the group's publicly traded SM Investments and SM Prime
Enrique Razon Jr.
Net worth: $11.1 billion (P636 billion)
Source of wealth: ports, chairman of International Container Terminal Services Inc., the Philippines' largest ports operator by revenue
Manuel Villar
Net worth: $10.9 billion (P625 billion)
Source of wealth: real estate, chairman of property developer Vista Land & Lifescapes, developer Golden MV Holdings, mall operator Vistamalls, home improvement chain AllHome, supermarket chain AllDay Marts and Premiere Island Power REIT
Ramon Ang
Net worth: $3.8 billion (P217 billion)
Source of wealth: food and beverage, chairman of San Miguel, one of the oldest conglomerates in the Philippines
Isidro Consunji and siblings
Net worth: $3.4 billion (P195 billion)
Source of wealth: construction, wealth stems from DMCI Holdings, which is one of the Philippines' largest property developers
Tony Tan Caktiong and family
Net worth: $2.9 billion (P166 billion)
Source of wealth: food and beverage, founder and chairman of Jollibee Food, owns a stake in developer DoubleDragon Corporation
Lucio Tan
Net worth: $2.65 billion (P152 billion)
Source of wealth: diversified, founder and chairman of LT group that has interests in tobacco, spirits, airline, banking, and property development
Jaime Zobel de Ayala and family
Net worth: $2.6 billion (P149 billion)
Source of wealth: diversified, heads the Ayala Corporation that operates in real estate, financial services, water, telecommunications, transport infrastructure, electronics manufacturing services, business process outsourcing, education, and healthcare industries
Lucio and Susan Co
Net worth: $2.3 billion (P132 billion)
Source of wealth: fashion and retail, runs Puregold Price Club, a chain of hypermarkets and supermarkets they cofounded in 1998, and Cosco Capital, which has stakes in liquor distribution and real estate businesses
Aboitiz family
Net worth: $2.2 billion (P126 billion)
Source of wealth: diversified, heads the Aboitiz Equity Ventures that has interests in power, banking and financial services, food, infrastructure and real estate
According to the report, the collective wealth of the country’s 50 richest nearly flatlined at $80.8 billion (P463 billion) from $80.4 billion (P461 billion) last year.
The full "Philippines' 50 Richest" list can be accessed on the Forbes website. The list was compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts, and other sources, with the net worths based on stock prices and exchange rates as of the close of markets on July 19 this year.