Forbes crowns Razon richest Filipino
The combined wealth of the country’s 50 richest tycoons declined eight percent to $79 billion from $86 billion a year ago.
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The combined wealth of the country’s 50 richest tycoons declined eight percent to $79 billion from $86 billion a year ago.
Ports magnate Enrique Razon Jr. emerged as the Philippines’ richest person for the first time after nearly doubling his fortune to a record $21.8 billion, according to the latest Forbes Philippines 50 Richest list.
Razon added $10.3 billion to his net worth over the past year, fueled by the strong performance and continued global expansion of International Container Terminal Services Inc. (ICTSI).
The listed port operator’s market capitalization has also exceeded P2 trillion, making it one of the country’s most valuable companies.
Razon’s business interests span ports, infrastructure, mining, and gaming through ICTSI, Prime Infrastructure, Apex Mining and Bloomberry Resorts, respectively.
As this developed, the combined wealth of the country’s 50 richest tycoons declined eight percent to $79 billion from $86 billion a year ago, reflecting slower economic growth, elevated inflation and a weaker peso.
The Sy siblings, heirs of the SM Group founded by the late Henry Sy Sr., slipped to second place with a combined fortune of $9.2 billion, while San Miguel Corp. president and chief executive Ramon Ang climbed to third with $3.5 billion.
Lucio and Susan Co ranked fourth with $3.3 billion, followed by Isidro Consunji and siblings with $3 billion, Lucio Tan with $2.9 billion, Jaime Zobel de Ayala and family with $2.8 billion, the Que-Azcona family with $2.5 billion, Manuel Villar with $2.4 billion, and the Ty siblings with $2.3 billion.
Villar posted one of the steepest declines on this year’s list, dropping from third to ninth after his fortune fell to $2.4 billion from $11.5 billion a year earlier.
Only 14 of the 50 individuals on this year’s list increased their wealth, with Razon recording the biggest dollar gain.
Kokoy’s widow back in
Meanwhile, Juliette Gomez-Romualdez, widow of former Leyte governor Benjamin “Kokoy” Romualdez and mother of Leyte Rep. Martin Romualdez, returned to the Forbes Philippines 50 Richest list after a five-year absence.
She last appeared in 2019 and previously ranked 35th in 2012.
According to Forbes, her wealth largely comes from the 2012 sale of a minority stake in BDO Unibank and her remaining interest in Benguet Corp., the country’s oldest mining company.
Her return follows a Sandiganbayan ruling earlier this year rejecting the government’s bid to revive a civil forfeiture case involving more than $5.19 million in Swiss bank deposits belonging to the late Benjamin Romualdez and Juliette Romualdez.
The Office of the Solicitor General has since elevated the dispute to the Supreme Court.
Forbes compiles its annual ranking using publicly available shareholdings, financial disclosures, stock prices, and information from companies, analysts, and the individuals themselves.
Net worth estimates for this year’s list were based on share prices and exchange rates as of the market close in July. -30-
