Ports magnate Enrique Razon Jr. has emerged as the Philippines’ richest person for the first time after nearly doubling his fortune to a record $21.8 billion, widening the gap between himself and the country’s other billionaires despite a difficult year for the economy.

The latest Forbes Philippines’ 50 Richest list showed Razon added $10.3 billion to his net worth over the past year, driven by the strong performance and continued global expansion of International Container Terminal Services Inc. (ICTSI). The listed ports operator’s market value has also surpassed P2 trillion, reinforcing its position as one of the country’s most valuable companies.

Razon’s businesses span ports, infrastructure, mining and gaming through ICTSI, Bloomberry Resorts, Prime Infrastructure and Apex Mining.

The surge in Razon’s wealth came even as the combined fortune of the country’s 50 richest tycoons fell 8 percent to $79 billion from $86 billion a year earlier, reflecting slower economic growth, elevated inflation and a weaker peso.

The Sy siblings, heirs to the SM Group founded by the late Henry Sy Sr., slipped to second place with a net worth of $9.2 billion, while San Miguel Corp. president and chief executive Ramon Ang climbed to third with $3.5 billion.

The list also highlighted a widening wealth gap among the country’s billionaires. Former third-ranked Manuel Villar dropped to ninth after his fortune declined to $2.4 billion from $11.5 billion a year earlier.

Rounding out the top 10 were Lucio and Susan Co ($3.3 billion), Isidro Consunji and siblings ($3 billion), Lucio Tan ($2.9 billion), Jaime Zobel de Ayala and family ($2.8 billion), the Que-Azcona family ($2.5 billion), Villar and the Ty siblings ($2.3 billion).

Only 14 of the 50 individuals on this year’s list increased their wealth, with Razon posting the largest gain in dollar terms.