The Sy siblings maintained their reign as the Philippines’ wealthiest in the 2025 Forbes Asia list, despite a decline in their combined fortune to $11.8 billion, down from $13 billion in 2024. The $1.2-billion drop represents the largest absolute decline among the country’s top tycoons this year.

This marks the second consecutive year of wealth erosion for the family, whose net worth had already slipped from $14.4 billion in 2023. In total, the siblings have lost around $2.6 billion in value over two years. Yet even with this contraction, they continue to hold a strong lead over the country’s second-richest, port magnate Enrique Razon Jr., whose wealth grew to $11.5 billion.

The Sy family's fortune is closely tied to the publicly listed SM Investments Corporation and SM Prime Holdings, two pillars of the late Henry Sy Sr.’s business empire. Forbes cited the weakening of the Philippine peso against the US dollar as a key factor in the valuation decline, along with a 7-percent dip in the local benchmark stock index since last year’s list was published.

Despite the drag on paper wealth, the SM Group shows no signs of slowing down. SM Prime, the conglomerate’s property arm, is set to invest $9 billion over the next five years to expand its shopping malls, residential projects, and commercial developments across the country. The group's sustained investments highlight confidence in the long-term trajectory of the Philippine economy, buoyed by strong domestic consumption and infrastructure growth.

Forbes emphasized that the Sy siblings remain “unchallenged” at the top of the 2025 ranking. The family's diversified holdings across retail, banking, logistics, property, and energy continue to provide resilience amid global and local headwinds. SM’s flagship businesses – BDO Unibank, SM Supermalls, and its growing renewable energy portfolio – remain dominant players in their respective sectors.