The children of the late business mogul Henry Sy maintained their pole position on Forbes Magazine's "Philippines' 50 Richest" list this year—even as much of the people's wealth in the list saw a decline amid the COVID-19 pandemic and inflation, among other factors.
According to Forbes, Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley are still on top with $12.6 billion in 2022, from $16.6 billion last year.
Their empire—comprising department stores, supermarkets, real estate, banks, hotels, and mining—is among the largest conglomerates in Southeast Asia.
Manny Villar, whose interests include high-rise condos, townships, and a casino, came second with $7.8 billion.
In fact, Villar was able to increase his fortune this year by $1.1 billion, from $6.7 billion in 2021, becoming the biggest dollar earner in the Forbes list. He's the country's richest man to date according to the magazine.
Ports tycoon Enrique Razon Jr., meanwhile, ranked third with $5.6 billion, which Forbes said went "down slightly."
Razon Jr., chairman and CEO of International Container Terminal Services, is also leading the Bloomberry Resorts Corp., the developer of Solaire Resort and Casino.
He also has interests in renewable energy, with plans to build the world’s largest solar farm in the Philippines, Forbes noted.
The Top 10 richest in the Philippines according to the Forbes 2022 report are as follows:
- Sy siblings - $12.6 billion
- Manuel Villar - $7.8 billion
- Enrique Razon Jr. - $5.6 billion
- Lance Gokongwei and siblings (JG Summit Holdings) - $3.1 billion
- Aboitiz family (Aboitiz Equity Ventures) - $2.9 billion
- Isidro Consunji and siblings (DMCI Holdings) - $2.65 billion
- Tony Tan Caktiong (Jollibee Foods Corp.) - $2.6 billion
- Jaime Zobel de Ayala (Ayala Corp.) - $2.55 billion
- Ramon Ang (San Miguel Corp.) - $2.45 billion
- Andrew Tan (Alliance Global) - $2.4 billion
The full "Philippines' 50 Richest" list can be accessed on the Forbes website.
The combined wealth of the country's most affluent amounted to $72 billion in 2022, from $79 billion last year.
"[T]he pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured," Forbes said of the decrease, adding that the Philippine peso also plunged 12% over the same period.
Forbes said the minimum net worth to make the list was $185 million, down from $200 million in 2021.
For its methodology, Forbes said it compiled shareholding and financial information obtained from the families and individuals, stock exchanges, and analysts, among others. Net worths are also based on stock prices and exchange rates as of the close of markets on July 22, 2022.