Fortunes expand for some of the Philippines richest people, according to the latest Forbes Philippines rich list. The nation’s 50 wealthiest are worth a combined US$74 billion, up 12% from $65.8 billion in 2013. The complete list is available at www.forbes.com/philippines as well as in the latest issue of Forbes Asia, available on newsstands now.
Henry Sy tops the list for the seventh consecutive year with a net wealth of $12.7 billion, up $700 million from last year, largely thanks to the rising share prices of his SM Prime Holdings, the Philippines’ largest mall operator, and Banco de Oro, one of the country’s largest banks. Lucio Tan remains in the No. 2 spot with a net worth of $6.1 billion.
Port and casino tycoon Enrique Razon Jr. also saw his wealth rise to $5.2 billion, up from $4.5 billion a year ago, ranking him No. 3 on the list. The casino chief is placing a big bet on expanding his Solaire Resort & Casino and is eying future expansion plans in Macau, Japan and Latin America.
This year’s list reflects two driving forces of the Philippines’ economy: construction and consumption. Riding high on the country’s prosperity is Manuel Villar of Starmalls, operator of huge shopping centers. His net worth reached $1.46 billion, up $410 million from a year ago, to No. 14.
Real estate developer, David Consunji, the founder of DMCI Holdings, also added more than $1 billion to his net worth to $3.9 billion (No.6). Strength in DMCI stock helped to boost the construction tycoon’s fortunes.
There are four newcomers on this year’s list: Ricardo S. Po and family of canned food company, Century Pacific Group (No. 21, $770 million); Dean Lao, co-founder of D&L Industries (No. 26, $625 million); Raul and Jose Concepcion and family, twin brothers who took over their father’s manufacturing and food businesses, Concepcion Industrial and RFM Corporation (No. 34, $320 million); and pawnshop titan P.J. Lhuillier of Cebuana Lhuillier, (No. 49, $180 million).
The minimum amount required to make the list was $170 million, up from $105 million last year.
The top 10 richest in the Philippines are:
(1) Henry Sy; US$12.7 billion
(2) Lucio Tan; $6.1 billion
(3) Enrique Razon Jr.; $5.2 billion
(4) Andrew Tan; $5.1 billion
(5) John Gokongwei Jr.; $4.9 billion
(6) David Consunji; $3.9 billion
(7) George Ty; $3.7 billion
(8) Aboitiz Family; $3.6 billion
(9) Jaime Zobel de Ayala & family; $3.4 billion
(10) Tony Tan Caktiong; $2 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Unlike the Forbes billionaire rankings, this list includes family fortunes, including those shared among extended amilies such as that of John Gokongwei Jr. and his relatives.
Net worths are based on stock prices and exchange rates as of the close of markets on August 18. Private companies were valued based on similar companies that are publicly traded.
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