The Top 10 Richest Man in the Philippines
Known for their business acumen, it’s small wonder that the most well-heeled in the Philippines have Chinese blood running in their veins. Here are the people that keep the wheels of the country’s economic growth turning.
Henry Sy & Family Net Worth $12 Billion
The family of Chinese Filipino businessman Henry Sy tops the list of the most affluent in the Philippines with a net worth of $12 Billion according to Forbes. The family fortune got a boost from its investments in SM Malls which the Sy family pioneered. Henry Sy heads SM Prime Holdings, Inc., the country’s biggest developer of world-class shopping malls.
Lucio Tan and Family Net Worth $7.5 Billion
The second richest person in the Philippines is Lucio Tan, also a Chinese Filipino businessman like Sy. Tan owns Asia Brewery, the country’s second largest brewery. He set up cigarette company Fortune Tobacco in 1966, a venture that catapulted him to financial success. The company later invested in banking and securities, distillery, hotels, property development and tourism, among others. He also owns most of the stake in Philippine Airlines, the country’s national flag carrier.
Andrew Tan Net Worth $4.6 Billion
Chinese-born businessman liquor and real estate tycoon Andrew Tan was a son of a factory worker. He worked as a kitchen appliance salesman and later bought a distillery from his savings. He now manages Alliance Global, the mother company of Emperador Distillers, Inc., Megaworld Corp., and Golden Arches Development Corp.
Enrique Razon, Jr. Net Worth $4.5 Billion
Enrique Razon, Jr. is chairman and CEO of port-handling company, International Container Services, Inc. (ICTSI), which recently scored a $624-million contract to operate a port in Honduras. He has further amassed wealth from his stakes in Bloomberry Resorts and Hotels. Solaire Resorts & Casino, the company’s world-class resort complex, is worth at least $1.2 billion.
John Gokongwei, Jr. Net Worth $3.4 Billion
Chinese Filipino businessman John Gokongwei, Jr. started out peddling soap on a bike. Past forward seven decades later and he is now chairman of JG Summit Holdings, one of the country’s biggest conglomerates. His family owns Cebu Pacific Air, Universal Robina Corporation, and property development company Robinsons Land.
Jaime Zobel de Ayala is chairman emeritus of Ayala Corp., the country’s oldest and largest conglomerate which has diverse investments in real estate, banking, retail, information technology, telecommunications, and business process outsourcing.
The family’s private holding company, Aboitiz & Company, Inc. has business interests in diverse industries such as power, food production, banking, air/land/sea transportation, shipbuilding and property development. Family scion Jon Ramon is now president and CEO of the company.
Construction magnate David Consunji formerly worked as a concrete inspector. He later founded and became the chairman of DMCI Holdings which has business interests in real estate, ore and mineral mining, water and power utilities. Consunji controls the country’s largest producer of coal, Semirara Mining.
George Ty & Family Net Worth $2.6 Billion
Finance tycoon and philanthropist George Ty is the founder of Metropolitan Bank, the second largest bank in the Philippines, and has stakes in several other banks in the country. In July 2013, Ty’s Federal Land, Inc., the property arm of his holding firm, GT Capital Holdings, announced that it has raised $5 billion.
This husband-and-wife team owns the country’s second largest retailing firm, Puregold Price Club. The supermarket and discount store chain is popular among middle-class shoppers and convenience stores and is expected to be worth $75 billion by 2017.