Metro Manila, Philippines – The heirs to a diversified conglomerate maintained their status as the country’s richest in 2024, according to business magazine Forbes Asia on Thursday.
The Sy siblings of the SM group posted a combined net worth of $13 billion, lower than the $14.4 billion in 2023. “Their group flagship, SM Investments, a conglomerate with interests in banking, property and retail, is expanding in geothermal energy with five new projects across the country,” said Forbes Asia. Ports billionaire Enrique Razon was at second spot, overtaking property magnate Manny Villar. Razon had a net worth of $11.1 billion, and Villar $10.9 billion.San Miguel Corporation President and CEO Ramon Ang remained at fourth, with $3.8 billion. Ang was featured in Forbes Asia’s August cover issue.“Under his leadership, the F&B (food and beverage) giant has repositioned itself as a nation builder with an ambitious push into infrastructure, winning bids for airports, toll roads and power plants,” Forbes said in a statement. Property developer and infrastructure builder Isidro Consunji and siblings rose to the fifth rank from the eight spot last year, posting a net worth of $3.4 billion. Other billionaires in the list are:
+ Tony Tan Caktiong and family – $2.9B
+ Lucio Tan – $2.65B
+ Jaime Zobel de Ayala and family- $2.6B
+ Lucio and Susan Co- $2.4B
+ Aboitiz family- $2.2B
The Gokongwei siblings were dropped from the list after their net worth shrank to $1.9 billion from $3 billion in 2023.The Forbes list was formed through shareholding and financial information from the families, stock exchanges, analysts, and other sources.“Net worths are based on stock prices and exchange rates as of the close of markets on July 19, 2024,” said Forbes.
