Henry Sy still richest in PH - Forbes Asia | Inquirer Business

Henry Sy still richest in PH – Forbes Asia

By: - Business Features Editor / @philbizwatcher
/ 01:50 PM August 25, 2016

TYCOON Henry Sy remained as the wealthiest person in the Philippines for the ninth year in a row, based on the annual ranking of Forbes Asia magazine.

Sy topped the annual ranking with an estimated net worth of $13.7 billion, followed by industrialist John Gokongwei and the Aboitiz family.

This is the complete list of top 50 richest in Philippines and their estimated net worth:


1)  Henry Sy; US$13.7 billion
2)  John Gokongwei Jr.; $6.8 billion
3)  Aboitiz family; $5 billion
4)  Lucio Tan; $4.9 billion
5)  George Ty; $4.6 billion
6)  Tony Tan Caktiong; $4.3 billion
7)  Jaime Zobel de Ayala & family; $4.1 billion
8)  Enrique Razon Jr.; $3.5 billion
9)  David Consunji; $3.1 billion
10) Andrew Tan; $3 billion
11) Lucio and Susan Co; $2 billion
12) Manuel Villar; $1.8 billion
13) Robert Coyiuto, Jr.; $1.7 billion
14) Inigo & Mercedes Zobel; $1.5 billion
15) Gotianun family; $1.3 billion
16) Ramon Ang; $1.21 billion
17) Edgar Sia; $1.2 billion
18) Roberto Ongpin; $1.19 billion
19) Dean Lao; $1.15 billion
20) Eduardo Cojuangco; $1.14 billion
21) Yap family; $1.1 billion
22) Ricardo Po family; $950 million
23) Oscar Lopez; $940 million
24) Vivian Que Azcona; $900 million
25) Alfredo Yao; $810 million
26) Betty Ang; $800 million
27) Beatrice Campos; $700 million
28) Carlos Chan; $550 million
29) Frederick Dy; $480 million
30) Concepcion family; $450 million
31) Jorge Araneta; $430 million
32) Alfonso Yuchengco; $400 million
33) Mariano Tan Jr.; $370 million
34) Manuel Zamora; $300 million
35) Michael Cosiquien; $265 million;
36) Wilfred Steven Uytengsu Jr.; $260 million
37) Edgar Saavedra; $255 million
38) Eric Recto; $250 million
39) Jacinto Ng; $200 million
40) Jose Antonio; $195 million
41) Tomas Alcantara; $190 million
42) Gilberto Duavit; $185 million
43) Menardo Jimenez; $180 million
44) Ben Tiu; $175 million
45) P.J. Lhuillier; $170 million
46) Bienvenido Tantoco Sr.; $165 million
47) Felipe Gozon; $160 million
48) Juliette Romualdez; $155 million
49) Michael Romero; $150 million
50) Luis Virata; $145 million


Forbes Asia said the year’s biggest winner percentage-wise was new billionaire Edgar Sia II (No. 17, $1.2 billion). The 39-year old saw his wealth increase by 200 percent, thanks to DoubleDragon Properties, the fast-growing real estate development company he owns with Tony Tan Caktiong (No. 6, $4.3 billion). Shares of DoubleDragon Properties soared by 350 percent due to strong rental revenues and growth of its CityMalls brand.

Ramon Ang (No. 16, $1.21 billion), who runs conglomerate San Miguel, saw his net worth increase by $700 million to $1.21 billion, attributed to the company’s growth strategy in energy and other infrastructure which propelled its stock value by 50 percent.

New to the list this year is Ben Tiu (No. 44, $175 million). The eldest son of self- made steel magnate John Tiu Ka Cho took over TKC Metals in 1987 and led its entry into financial services with thrift bank Sterling Bank of Asia. He also co-founded one of the country’s largest non-banking remittance companies, I-Remit.

Bienvenido Tantoco Sr. (No. 46, $165 million) suffered the biggest loss percentage- wise this year. His wealth fell by 65 percent from $480 million last year. Amid a competitive market and an increase in expenses, his publicly-listed SSI Group saw its first-quarter net profit fall by half compared to the year before.

The wealth of mining tycoons also took a blow last year as nickel prices dropped and the new president is taking measures to tighten regulations for the sector. Three mining magnates dropped off from this year’s list, including Philip Ang, who ranked No. 41 last year.

The minimum amount required to make the list was $145 million, up from $120 million last year.

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TAGS: Forbes Asia, Henry Sy, richest Filipinos

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