The Sy siblings have retained their position as the Philippines’ wealthiest individuals in Forbes Asia’s 2025 list, even as their combined net worth dropped by $1.2 billion to $11.8 billion — the biggest absolute decline among the country’s top tycoons.

This marked the second straight year of wealth erosion for the heirs of the late Henry Sy Sr., with their fortune shrinking from $14.4 billion in 2023 to $13 billion in 2024, and now to $11.8 billion. Their lead remains unchallenged, however, edging out second-placer Enrique Razon Jr. whose wealth rose to $11.5 billion.

Despite the downturn, Forbes emphasized the Sy family’s resilience owing to their diversified holdings in retail, banking, property, logistics, and energy.

The family’s wealth is anchored on SM Investments Corporation and SM Prime Holdings, both pillars of the SM Group empire.

SM Prime is set to invest $9 billion over the next five years in malls, residential projects, and commercial developments — a sign the group remains bullish on the Philippine economy’s long-term growth.

Forbes attributed the dip in the Sy family’s wealth to a weakening peso and a 7-percent decline in the local stock index.

These headwinds offset a firmer peso that benefited nearly half of the tycoons on the list, many of whom recorded higher net worths year-on-year.

Overall, the collective wealth of the Philippines’ 50 richest reached $86 billion in 2025, up more than 6 percent from $80.8 billion a year earlier.

The increase comes amid a recovering economy, which expanded by 5.4 percent in the first quarter, bolstered by domestic demand and infrastructure spending. Still, external risks like the US tariffs and volatile equity markets weighed on valuations.

Rounding out the top three richest Pinoys is real estate magnate Manuel Villar, whose fortune held steady at $11 billion. Villar continues to develop the massive Villar City, a 3,500-hectare mixed-use estate envisioned to take three decades to complete.

Fourth is Ramon Ang, president and CEO of San Miguel Corporation, with $3.75 billion, followed by the Consunji family of DMCI Holdings whose fortune rose to $3.7 billion due to gains in construction, infrastructure, and energy.

Crashing elite group

A new entry in sixth place is the Que Azcona family with $3.6 billion. Following the death of Mercury Drug matriarch Vivian Que Azcona in April, her son, Steven, has taken the helm of the company.

Completing the top ten are Jaime Zobel de Ayala, $3.4 billion; Lucio Tan, $3.2 billion; Lucio and Susan Co, $3 billion; and Jollibee founder Tony Tan Caktiong, $2.9 billion.

Among the biggest winners were Converge ICT’s Dennis Anthony and Maria Grace Uy whose fortune surged 74 percent to $1.6 billion — this year’s highest percentage gain — driven by strong performance in the broadband sector.

In contrast, Wilcon Depot founder William Belo suffered the sharpest percentage loss. His net worth dropped by more than 40 percent to $520 million after the company’s stock hit an eight-year low in April.

The minimum net worth required to enter this year’s list rose to $185 million from $170 million in 2024, underscoring increased competition as valuations improved.

Forbes compiled the rankings based on shareholding data, financial disclosures, and market analysis as of 18 July.

Unlike the global billionaire list, this ranking includes family fortunes — even those spread across extended family members — and uses comparable public firms to value private companies.