The Sy siblings, fortune inheritors of the late business tycoon Henry Sy, remain the richest in the country this year with a combined net worth of $13 billion, according to Forbes.
Clinching the second spot is Enrique Razon Jr., with a wealth of $11.1 billion, mostly gained from his shares in the logistics industry.
Razon Jr. chairs International Container Terminal Services Inc., the country’s largest port operator by revenue, and has subsidiaries in the Asia-Pacific, Eastern Europe, Africa, and the Americas.
Henry Sy, the founder of SM, has six children with his wife Felicidad Tan: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley. Their combined wealth is mainly comprised of stakes in publicly listed SM Investments, founded by Henry Sy in the 1950s, and SM Prime Holdings, which is among the largest integrated property developers in Southeast Asia, with units in department stores, supermarkets, banks, properties, hotels, and mining.
Despite maintaining their position in the top spot, the successors’ fortunes slid by $1.4 billion, the most in dollar terms, to $13 billion, reflecting the weaker peso, Forbes said.
Besides ports operations, Razon's hospitality firm, Bloomberry Resorts, owns and operates Solaire Resort Entertainment City.
Forbes said Razon Jr., for the second year straight, is the biggest dollar gainer. This is the first time the billionaire has been named the country’s second-richest person.
Third on the list is property developer Manuel Villar, last year's topnotcher, with a $10.9 billion net worth.
“To capitalize on the property market’s hot streak, Villar’s Vista Land & Lifescapes as well as his mass-housing and memorial park flagship Golden MV Holdings have both diversified into high-rise apartments,” Forbes said.
Meanwhile, San Miguel Food and Beverage Inc. chairman Ramon Ang, with a $3.8 billion net worth, was fourth on the list, followed by Isidro Consunji and siblings with $3.4 billion, and Tony Tan Caktiong and family at $2.9 billion.
Ranking seventh on the list of the country’s richest is Lucio Tan with a $2.65 billion net worth, followed by Jaime Zobel de Ayala and family with $2.6 billion, Lucio and Susan Co. with $2.3 billion, the Aboitiz family with $2.2 billion, and Lance Gokongwei and siblings with $1.9 billion.
The Ty siblings claimed the 12th spot with a $1.85 billion net worth, followed by Andrew Tan with $1.8 billion and Vivian Que Azcona and her siblings with $1.7 billion.
The Po family, the heirs of late Century Pacific founder Ricardo Po, places 15th on the list with a net worth of $1.65 billion.