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second generation of billionaires emerge

Sy siblings on top of Forbes PH richest list

/ 10:37 AM September 26, 2019

Two of the six Sy siblings: Hans Sy (L) and Henry Sy Jr. (R) (AFP)

MANILA, Philippines–The Sy siblings remain the wealthiest family in this part of the world, with a combined net worth of $17.2 billion coming from their market-leading property, banking and retailing businesses, based on Forbes magazine’s “2019 Forbes Philippines Rich.”

The second generation Sys made it to the list for the first time this year, replacing their father Henry Sy Sr., as the new No. 1, a position which the late SM group patriarch held for 11 consecutive years. The six Sy siblings are Teresita (Sy-Coson), Elizabeth, Henry “Big Boy” Jr., Hans, Herbert and Harley.

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The Ty siblings of GT Capital — Arthur, Alfred, Alesandra and Anjanette — also entered the list at No. 9 with a combined net worth of $2.6 billion. They succeeded their father George Ty, who built GT into a major conglomerate with interests in automotive, banking, insurance, power generation and real estate.

Based on the list, which can be found at www.forbes.com/philippines and in the October issue of Forbes Asia, the top 10 richest in the Philippines are:

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1)  Sy siblings; US$17.2 billion 

2)  Manuel Villar; $6.6 billion 

3)  John Gokongwei, Jr.; $5.3 billion 

4)  Enrique Razon, Jr.; $5.1 billion 

5)  Jaime Zobel de Ayala; $3.7 billion 

6)  Lucio Tan; $3.6 billion 

7)  Tony Tan Caktiong; $3 billion 

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8)  Ramon Ang; $2.8 billion 

9)  Ty siblings; $2.6 billion 

10)  Andrew Tan; $2.55 billion.

In a press statement on Thursday, Forbes Magazine said another new listee and second generation successors, the Campos siblings — Jocelyn, Joselito and Jeffrey — debuted on the list at No. 23, replacing their late family matriarch Beatrice Campos. Their combined net worth of $650 million comes from the country’s pharmaceutical giant Unilab. Jocelyn, the eldest of the three, now chairs the company cofounded by their late father Jose Campos.

The Sy, Ty and Campos siblings are among the six newcomers on the list which also included three self-made entrepreneurs.

The list also includes Davao-based logistics and energy tycoon Dennis Uy who made the list after net assets of his Udenna group rose 28 percent in 2018. Uy, who has been one of the most acquisitive businessmen in town since 2016, leads the consortium that bagged the slot for the third telecom provider in the country.

Delfin Wenceslao (No. 25) made his debut with a net worth of $500 million after taking real estate developer D.M. Wenceslao & Associates public in June 2018.

Antonio Lee Tiu, also a first-timer, is ranked No. 49 with a net worth of $135 million as shares of AgriNurture, the agri-products company he founded 22 years ago, rose steadily over the past three years. /jpv

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TAGS: Business, Forbes Magazine, local news, Philippine news update, Philippines’ richest, richest, Sy
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