The combined wealth of the Philippines’ 50 richest tycoons climbed to $86 billion in 2025, up more than 6 percent from $80.8 billion a year ago, according to the latest Forbes Asia list released this August.

The increase in fortune comes amid signs of recovery in the Philippine economy, which grew 5.4 percent in the first quarter, supported by robust domestic demand and higher infrastructure spending.

However, the overall outlook was tempered by external pressures such as U.S. tariffs, while the local benchmark stock index slipped 7 percent since last year’s wealth measurement. A firmer peso helped soften the blow, with nearly half of the listed tycoons recording higher net worths compared to 2024.

Topping the list for another year are the Sy siblings, heirs to the SM Group empire founded by the late retail magnate Henry Sy Sr. Their combined fortune declined by $1.2 billion — the biggest drop in absolute dollar terms on the list — bringing their total net worth to $11.8 billion. Despite the dip, their lead remains unchallenged as SM Prime Holdings, the group’s real estate arm, is set to invest $9 billion over the next five years to expand its property portfolio across the country.

Maintaining the second spot is Enrique Razon Jr., whose wealth increased modestly to $11.5 billion. His company, International Container Terminal Services Inc. (ICTSI), recorded a 66 percent jump in net profit to $850 million for 2024 and continues to pursue global expansion initiatives.

Manuel Villar remained the third-richest Filipino with a fortune of $11 billion, backed by his ongoing transformation of Golden MV Holdings into Villar Land Holdings. The firm is spearheading the long-term development of Villar City, a massive 3,500-hectare mixed-use estate expected to take three decades to complete.

At fourth place is Ramon Ang, president and CEO of San Miguel Corp., with a net worth of $3.75 billion. Completing the top five is the Consunji family of DMCI Holdings, whose wealth rose to $3.7 billion, driven by gains across their infrastructure, construction, and energy businesses.

Newly occupying sixth place is the Que Azcona family with $3.6 billion, succeeding the late Vivian Que Azcona, who passed away in April shortly after Mercury Drug celebrated its 80th anniversary. Leadership of the drugstore chain has since passed to her son, Steven.

The remaining top 10 include Jaime Zobel de Ayala with $3.4 billion, Lucio Tan with $3.2 billion, Lucio and Susan Co with $3 billion, and Tony Tan Caktiong of Jollibee Foods Corp. with $2.9 billion.

Among this year’s standout performers are Dennis Anthony and Maria Grace Uy, the husband-and-wife team behind Converge ICT Solutions. Ranked 16th, their combined wealth soared 74 percent to $1.6 billion, the largest percentage gain on the list, thanks to the strong performance of their broadband services company.

On the other end of the spectrum, William Belo, founder of Wilcon Depot, experienced the sharpest percentage decline. His net worth fell over 40 percent to $520 million, following an eight-year low in the company’s stock price in April.

The minimum net worth required to make this year’s list rose to $185 million, up from $170 million in 2024, indicating a more competitive threshold as business valuations improve.

Forbes compiled the rankings using shareholding and financial data from individuals, families, public disclosures, and market analysts. Unlike the Forbes World’s Billionaires ranking, this list accounts for family fortunes, including those distributed among extended family members. Private companies were assessed based on comparable publicly traded firms, while exchange rates and stock prices were measured as of 18 July.