According to the Forbes magazine, 20 richest Filipinos hold more than $72 billion worth assets and bank balances by second quarter of 2022.
The Philippines’ economy grew 8.3 per cent in the first quarter of 2022, as domestic demand started recovering from the pandemic.
However, inflation, rising commodity and energy prices and reduced exports to China dragged the benchmark stock index down 6 per cent from when fortunes were last measured 11 months ago. The Philippine peso also plunged 12 per cent over the same period.
Here are the top 10 richest individuals in the Philippines:
- Sy siblings; US$12.6 billion
- Manuel Villar; $7.8 billion
- Enrique Razon Jr.; $5.6 billion
- Lance Gokongwei and siblings; $3.1 billion
- Aboitiz family; $2.9 billion
- Isidro Consunji and siblings; $2.65 billion
- Tony Tan Caktiong; $2.6 billion
- Jaime Zobel de Ayala; $2.55 billion
- Ramon Ang; $2.45 billion
- Andrew Tan; $2.4 billion
The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain top spot but their net worth fell by $4 billion to $12.6 billion, the biggest drop in dollar terms. Shares in the family’s flagship SM Investments, also fell 19 per cent from last year as investors turned skittish.
In second spot with a fortune of $7.8 billion is property billionaire Manuel Villar, who listed his VistaREIT in June and is this year’s biggest dollar gainer. Villar, who is revving up the development of high-rise condos, townships and a casino, added $1.1 billion to his wealth.
Rounding out the top three is ports tycoon Enrique Razon Jr., though his net worth is down slightly to $5.6 billion. Razon is doubling down on casinos and renewable energy with plans to build the world’s largest solar farm in the Philippines.
