Metro Manila (CNN Philippines, August 11) — The combined wealth of the country’s top 50 richest tycoons rose to $80 billion from $72 billion last year, Forbes’ annual list reported.
Forbes said the increase in the combined wealth reflected half of the listees’ recorded expansion,\” the report said.
It added that the Philippines’ rising economy may have been an additional factor for the big raise.
The report noted that the Philippine economy logged 6.4% growth in the first quarter of 2023, marking two years of continuous expansion since its recovery from the pandemic.
\”More than half of those on the list are wealthier this year, led by the top three,\” it showed.
The Sy siblings, heirs of the SM Group, retained the No.1 spot after adding $1.8 billion to their net worth, gathering a sum of $14.4 billion.
\”Shares of flagship SM Investments, a conglomerate with interests in banking, property and retail, jumped 19% from a year ago amid a post-pandemic rebound in consumer spending,\” the report said.
Property tycoon Manuel Villar remained far second with $9.7 billion, a $1.9-billion raise from the previous year.
Forbes said Villar also listed his power business Premiere Island Power REIT in December 2022.
Enrique Razon Jr. was tagged as \”the biggest dollar gainer\” with a $2.5 billion increase, boasting of $8.1 billion in total to secure the third slot.
Forbes attributed this rise to sustained improvement in supply chains that led International Container Terminal Services’ shares to jump 24% from a year ago.
Ramon Ang, president and CEO of listed conglomerate San Miguel Corp., moved up four spots to No. 4 after the acquisition of his majority owned Eagle Cement, one of the archipelago’s largest cement makers.
The report compiled the list using shareholding and financial data from families and individuals, stock exchanges, experts, and other sources. The required minimum net worth was $180 million.
Here is Forbes’ full list for 2023:
1. Sy siblings $14.4B
2. Manuel Villar $9.7B
3. Enrique Razon Jr. $8.1B
4. Ramon Ang $3.4B
5. Tony Tan Caktiong & family $3.2B
6. Aboitiz family $3.15B
7. Lance Gokongwei & siblings $3B
8. Isidro Consunji & siblings $2.9B
9. Jaime Zobel de Ayala & family $2.8B
10. Lucio Tan $2.6B
11. Andrew Tan $2.4B
12. Lucio & Susan Co $2.3B
13. Ty siblings $2.2B
14. Po family $1.4B
15. William Belo $1.3B
16. Vivian Que Azcona & siblings $1.2B
17. Soledad Oppen-Cojuangco & family $1B
18. Inigo Zobel $990M
19. Campos siblings $960M
20. Hartono Kweefanus & family $950M
21. Dennis Anthony & Maria Grace Uy $930M
22. Gotianun family $850M
23. Dean Lao & family $760M
24. Betty Ang $695M
25. Eusebio Tanco $605M
26. Mariano Tan Jr. $550M
27. Manuel Zamora Jr. $500M
28. Luis Yu Jr. $495M
29. Henry Soesanto $455M
30. Yap family $445M
31. Dennis Uy $440M
32. Jacinto Ng $425M
33. Yuchengco family $420M
34. Menardo Jimenez $390M
35. Carlos Chan $380M
36. Felipe Gozon $355M
37. Gilberto Duavit Jr. $350M
38. Robert Coyiuto Jr. $345M
39. Edgar Sia II $330M
40. Sylvia C. Wenceslao $325M
41. Jose Antonio $305M
42. Federico Lopez & family $300M
43. Alfredo Yao $295M
44. Tomas Alcantara $275M
45. Wilfred Steven Uytengsu Jr. $230M
46. Philip Ang $225M
47. Frederick Dy $220M
48. Mariano Martinez Jr. $205M
49. Keng Sun and Peter Mar & family $200M
