The Philippines’ wealthiest man Henry Sy, who rose from being a penniless Chinese immigrant to leading a multi-billion dollar business empire, died on Saturday, his conglomerate has announced.
The 94-year-old, from the Chinese city of Xiamen, founded the Philippines’ largest shopping center chain.
He had a net worth of $19 billion as of Friday, according to Forbes.com magazine.
“Henry Sy… passed away peacefully in his sleep early Saturday morning. There are no further details at the moment,” his SM group said in a statement to AFP.
Sy put up his first shoe store in downtown Manila in 1956, a business which later grew into a diversified empire with interests in property, banking, mining, education, and health care among others.
In recent years he has turned over the day-to-day running of his businesses to his children although he remained chairman emeritus of SM Investments, one of the country’s largest conglomerates.
Henry Sy’s life was a true "rags to riches" story. Henry Sy, the Philippine’s richest man started from selling surplus G.I. boots and tending a sari-sari store.Little did he know that 60 years later his small store would become the behemoth that it is today.#SilverLining #ArchlightMediaSILVER LINING is a video series from Archlight Media featuring TRUE STORIES of Resilience, Hope, Determination and Success. Catch more of these inspiring videos on Archlight Media
Posted by Archlight Media on Thursday, 15 November 2018