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11 PH tycoons on Forbes’ 2016 roster of billionaires

Henry Sy, John Gokongwei, Lucio Tan top PH list
/ 09:02 AM March 02, 2016

Billionaires

Eleven tycoons from the Philippines led by tycoon Henry Sy landed on Forbes Magazine’s 2016 roster of the richest people on the planet.

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And despite the global stock market volatility, oil price slump and strengthening of the US dollar which have led to what Forbes magazine described as a “dynamic reshuffling of wealth around the globe and a drop in ten-figure fortunes for the first time since 2009,” the list of Philippine tycoons who made it to this year’s roster was pretty much the same as in 2015. However, there was mostly a decline in fortunes as well as some slight realignment of ranking among mid-ranked local tycoons.

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Forbes Magazine, which has ranked the world’s richest for the 30th year, found 1,810 billionaires globally, down from a record 1,826 a year ago. The publication estimated their combined net worth at $6.48 trillion, $570 billion less than last year.

“It was also the first time since 2010 that the average net worth of a billionaire dropped – it is now $3.6 billion, $300 million less than last year,” the magazine said.

Henry Sy, founder of the SM group which dominates local property, banking and retailing businesses, remains the richest person in the Philippines with an estimated net worth of $12.9 billion – down from last year’s $14.2 billion. He remains the only person from this country who is part of the Forbes’ top 100 richest.

JG Summit Holdings founder John Gokongwei, who remained number two on the list, also saw a decline in fortune to $5 billion from $5.8 billion.

Tycoon Lucio Tan kept his number three ranking with an estimated net worth of $4 billion, lower than $4.4 billion last year.

The complete list of tycoons from the Philippines who made it to the Forbes 2016 roster and their estimated net worth is as follows:

Henry Sy: $12.9 billion
John Gokongwei Jr.: $5 billion
Lucio Tan: $4 billion
George TY: $3.7 billion
David Consunji: $3 billion
Andrew Tan: $3 billion
Tony Tan Caktiong: $3 billion
Enrique Razon Jr.: $2.4 billion
Lucio and Susan Co: $1.6 billion
Robert Coyiuto Jr.: $1.6 billion
Manuel Villar: $1.3 billion

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Globally, Forbes reported a reshuffling starting at the top.

“Only two people in the top 20 managed to hold onto their ranks. Bill Gates remains the richest person in the world with a net worth of $75 billion, despite being $4.2 billion poorer than a year ago,” the magazine said. Gates has topped the list for three years in a row and top the list 17 out of 22 years.

Legendary American investor Warren Buffett remained at No. 3. while Zara ’s Amancio Ortega climbed to No. 2 for the first time, displacing Mexico’s Carlos Slim, who slipped to No. 4. The magazine estimated that Slim’s fortune had fallen by $27.1 billion to $50 billion in the past year, as shares of his telecom business América Móvil tumbled.

Facebook founder Mark Zuckerberg had “the best year of all billionaires,” the magazine said, with the 31-year-old adding $11.2 billion to his fortune and moving up to No. 6 from 16.

Zuckerberg and Amazon’s Jeff Bezos both made it to the top 10 list for the first time.

Meanwhile, a billionaire from China’s mainland, Wang Jianlin – whose company owns AMC Theaters and soon will own Legendary Pictures – has climbed into the top 20, the magazine said.

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TAGS: Andrew Tan, Billionaires, David Consunji, Enrique Razon Jr., Forbes 2016 billionaires, George Ty, Henry Sy, John Gokongwei, Lucio and Susan Co., Lucio Tan, Manuel Villar, richest, Robert Coyiuto, Tony Tan Caktiong
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