Sy siblings, Manny Villar, Enrique Razon Jr. top 2023 Forbes list of Philippines' 50 richest
Forbes has released its annual record listing down the 50 Filipinos who are the richest in the country, with the Sy siblings of the SM group headlining the bunch.
Out of the 50 individuals on the list, 13 are from the Food and Beverage industry, six from Real Estate, four from Media and Entertainment, and three from Finance and Investments. Other industries include Logistics, Fashion and Retail, Construction and Engineering, Healthcare, Telecom, Metals and Mining, and Energy.
The six Sy siblings, Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, garnered a net worth of $14.4 billion (P809 billion) and are followed by the same individuals who topped the 2022 list.
This includes former senator and real estate tycoon Manuel Villar Jr., ports operator and casino owner Enrique Razon Jr., and businessman Ramon Ang, among others. The only difference this year is that Ang rose from ninth to fourth while Tony Tan Caktiong of Jollibee Foods Corp. climbed from seventh to fifth.
Here are the names, net worths, and business interests of the individuals who made it to the top ten:
Sy siblings
Net worth: $14.4 billion (P809 billion)
Source of weath: diversified, comprised largely of stakes held in the group's publicly traded SM Investments and SM Prime
Manuel Villar
Net worth: $9.7 billion (545 billion)
Source of wealth: real estate, chairman of property developer Vista Land & Lifescapes, developer Golden MV Holdings, mall operator Vistamalls, home improvement chain AllHome, supermarket chain AllDay Marts and Premiere Island Power REIT
Enrique Razon Jr.
Net worth: $8.1 billion (455 billion)
Source of wealth: ports, chairman of Philippines' leading ports operator International Container Terminal Services
Ramon Ang
Net worth: $3.4 billion (P191 billion)
Source of wealth: diversified, president and vice chairman of San Miguel, one of the oldest conglomerates in the Philippines
Tony Tan Caktion and family
Net worth: $3.2 billion (P179 billion)
Source of wealth: restaurants, founder and chairman of Jollibee Food, owns a stake in developer DoubleDragon Corporation
Aboitiz family
Net worth: $3.15 billion (P177 billion)
Source of wealth: diversified, heads the Aboitiz Equity Ventures that has interests in power, banking and financial services, food, infrastructure and real estate
Lance Gokongwei and siblings
Net worth: $3 billion (P168 billion)
Source of wealth: diversified, derived largely from stakes held in JG Summit that has interests in airlines, telecom, banking, food, power and property
Isidro Consunji and siblings
Net worth: $2.9 billion (P163 billion)
Source of wealth: construction, wealth stems from DMCI Holdings, which is one of the Philippines' largest property developers
Jaime Zobel de Ayala and family
Net worth: $2.8 billion (P157 billion)
Source of wealth: diversified, heads the Ayala Corporation that operates in real estate, financial services, water, telecommunications, transport infrastructure, electronics manufacturing services, business process outsourcing, education, and healthcare industries.
Lucio Tan
Net worth: $2.6 billion (P146 billion)
Source of wealth: diversified, founder and chairman of LT group that has interests in tobacco, spirits, airline, banking, and property development.
According to the report, the combined wealth of the country’s 50 richest saw an 11 percent increase, rising to $80 (P4.4 trillion) from $72 billion (P4 trillion) last year.
The full "Philippines' 50 Richest" list can be accessed on the Forbes website. The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources, with the net worths based on stock prices and exchange rates as of the close of markets on July 21 this year.