SM’s Sy makes Forbes world’s 100 richest list
MANILA, Philippines–Henry Sy Sr.—whose SM group dominates property, banking and retailing businesses in the Philippines—has earned the distinction of being the only Filipino among the Top 100 richest people on the planet, according to the 2015 annual ranking of Forbes Magazine.
Forbes said Sy and 10 other Filipinos belonged to the list of the world’s dollar billionaires.
Sen. Manuel Villar, a real estate magnate, who focused on growing Vista Land & Lifescapes after losing to President Aquino in the 2010 presidential election, was among the 290 newcomers to the elite roster.
Sy has an estimated net worth of $14.2 billion and is ranked 73rd on the Forbes’ global list. His net worth is more than double the level of the next Filipino tycoon on the list.
The 90-year-old tycoon, whose empire is now run by the second-generation Sys, improved his global ranking from 97th place the previous year.
Gokongwei rises to 2nd
Among the richest Filipinos, John Gokongwei, 87, rose to second place this year with net worth estimated at $5.8 billion. He ranked 254th globally.
Enrique Razon Jr., an international port terminal and gaming operator, is the third Filipino billionaire on the list, with an estimated net worth of $5.2 billion. At 54, he is the youngest Filipino to make it to the global list.
Property tycoon Andrew Tan, 62, came in fourth with an estimated net worth of $4.8 billion.
Lucio Tan drops to 5th
Lucio Tan, who ranked second to Sy for several years, saw his ranking drop to fifth place. The 80-year-old patriarch of the LT Group of companies, which is into tobacco, beverage, banking, airline and property development, had an estimated net worth of $4.4 billion.
Also in fifth place is George Ty, founder of the Metrobank and GT Capital group, with the same net worth as Lucio Tan’s.
With an estimated net worth of $4.1 billion, construction magnate David Consunji, 93, also made it to the global list.
Jollibee retired founder
He was followed by Jollibee Foods Corp. founder Tony Tan Caktiong, 62, with a net worth of $2.7 billion. The recently retired CEO of Jollibee has invested in fast-growing Double Dragon Properties, a partnership with young business magnate Edgar Sia II.
Lucio and Susan Co, best known for the fast-growing grocery chain Puregold, also landed on the list with an estimated net worth of $2.3 billion.
The ninth richest Filipino is Robert Coyiuto Jr., 62, with $1.8 billion in net worth, according to Forbes. His wealth comes mostly from the family-held private insurance business and a 30-percent stake in National Grid Corp. of the Philippines.
Completing the local roster is Villar. The 65-year-old businessman has an estimated net worth of $1.6 billion.
Forbes said Henry Sy’s net worth had increased by 10 digits on the back of continued growth of conglomerate SM Investments Corp.
City of Dreams
The magazine noted one of the Sy family’s more recent ventures (via a separate company called Belle Corp.): the $1.3-billion City of Dreams Manila, an integrated resort and casino that opened last December.
“Sy studied retail at his father’s elbow in the family convenience store. Not satisfied with merely filling dad’s shoes, he saved up to start a footwear shop, the humble origins of his empire,” the magazine said.
As for the runner-up on the Philippine list, the magazine said: “Prosperity abounds at John Gokongwei’s conglomerate, JG Summit Holdings, which he founded. Its stock has skyrocketed on strong revenue growth.”
JG Summit has interest in airlines, telecoms, property development, banking, hotels and power. Its food manufacturing arm, Universal Robina Corp., is deemed one of the country’s best representatives in terms of regional play or Asia-Pacific footprint.
Villar, a self-made billionaire, has stakes in shopping mall developer Starmalls and Vista Land. Forbes noted that Wharton-educated son Paolo was the one running Vista Land. The family is also into the retailing business.
“As a kid, Manuel helped his mother sell seafood in Manila markets,” the magazine noted.
A former senator and congressman, Villar has retired from politics since losing in the 2010 presidential election, focusing more on his businesses. His wife, Cynthia, is now a senator.
1,826 billionaires
Now in its 29th year of ranking the richest in the world, Forbes Magazine found 1,826 billionaires with a cumulative net worth of $7.05 trillion, up from $6.4 billion a year ago.
There were 290 newcomers, 71 of whom are from China. Young people are also rising, with a record 46 under age 40.
To compile net worths, Forbes valued individuals’ assets, including stakes in public and private companies, real estate, yachts, art and cash, and took into account estimates of debt. The magazine ranks individuals rather than multigenerational families who share large fortunes.
The list does not include royal family members or dictators who derive their fortunes entirely as a result of their position or power.
