The combined wealth of the richest individuals in the Philippines has increased by 11%, reaching a total of $80 billion as compared to $72 billion last year, according to the 2023 Forbes list,
Topping the list are the Sy siblings, who inherited their father's business empire from the late Henry Sy Sr.
They have added $1.8 billion to their wealth, bringing their net worth to $14.4 billion.
The value of shares in their main company, SM Investments which operates in banking, real estate, and retail, went up by 19% from the previous year due to increased consumer spending.
Real estate mogul Manuel Villar maintained his second place position, with his fortune growing by $1.9 billion to reach $9.7 billion.
This is attributed to a strong housing market performance. Villar also introduced his power business, Premiere Island Power REIT, in December 2022.
Ports tycoon Enrique Razon Jr. has made the most significant dollar gain this year, with his fortune increasing by $2.5 billion to $8.1 billion.
His company, International Container Terminal Services, saw its shares rise by 24% from the previous year due to improvements in supply chains.
Ramon Ang, President and CEO of San Miguel Corp., moved up five spots to secure the fourth position.
His wealth surged by nearly 40% to $3.4 billion after San Miguel acquired his majority-owned Eagle Cement, one of the country's major cement manufacturers.
Tony Tan Caktiong of Jollibee Foods took the fifth spot on the list, with his net worth growing by $600 million to $3.2 billion.
Featured on the cover of Forbes Asia's August issue is Sabin Aboitiz, a fourth-generation member of the Aboitiz family and No. 6 in Forbes' wealthiest list with $3.15 billion.
Aboitiz is leading a $7 billion transformation of Aboitiz Equity Ventures, the Philippines' second-largest electricity producer, into a significant player in banking, infrastructure, and technology.
Introducing newcomers
Among the newcomers to the list, all of whom are inheritors, are the Gotianun family at No. 22 with $850 million.
They inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun, who passed away last December.
The Yuchengco family, heirs of Alfonso Yuchengco and the largest shareholders of Rizal Commercial Banking Corp., one of the country's biggest lenders, also joined the list at No. 33 with $420 million.
Federico Lopez made his debut at No. 42 with $300 million, shared with his family.
He took over the media, property, and power empire from his father, Oscar, who passed away in April at age 93.
The top 10 richest in the Philippines include:
- Sy siblings; $14.4 billion
- Manuel Villar; $9.7 billion
- Enrique Razon Jr.; $8.1 billion
- Ramon Ang; $3.4 billion
- Tony Tan Caktiong; $3.2 billion
- Aboitiz Family; $3.15 billion
- Lance Gokongwei & siblings; $3 billion
- Isidro Consunji & siblings; $2.9 billion
- Jaime Zobel de Ayala; $2.8 billion
- Lucio Tan; $2.6 billion
This compilation is based on ownership details and financial data obtained from families, individuals, stock exchanges, analysts, and various sources.
Unlike the Forbes Billionaires' rankings, this list encompasses family wealth, including that shared among extended family members.
The net worth figures are determined by stock prices and exchange rates as of the end of markets on July 21, 2023.
Here's the complete list:
