An interesting insight into how the Philippines is doing is to look into how the billionaires are making it, too. This is a list made by Forbes of the top 50 richest people in the Philippines and it shows that there are currently 20 billionaires. Note that their net worth is not in PHP but in USD. However, there is a slight dive into the total wealth they all have. It dropped from USD 79 billion to the current USD 72 billion.
Why did the wealth of the richest people decline?
The Philippine economy saw a marked increase in the first quarter of 2022 at 8.3% as domestic demand was beginning to recover from the pandemic situation. The new-elected president, Ferdinand “Bongbong” Marcos, Jr. did pledge to keep this momentum in growth going in his administration. However, global trends that reverberate in a global economy as well as the pressures of inflation have seen a slight downturn in things. The rising commodity and energy prices along with reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The peso also lost some footing during the same period diving down to 12% of its value.
Top 10 Richest People in the Philippines
1. Sy brothers
Net worth: $ 12.6 billion
It’s a family affair and it’s working very well for the six Sy siblings namely, Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley. They inherited the estate from their late father Henry Sy Sr. and have made the businesses thrive. Their wealth mostly comes from stakes in SM Investments and SM Prime. The latest figures show that SM is one of the largest corporations in Southeast Asia, doing business in many different fields from department stores, supermarkets, banks, and hotels to real estate and mining.
2. Manuel Villar
Net worth: 7.8 billion USD
Sector: Real estate
Having been in the real estate business for most of his career, Manuel Villar chairs property developer Vista Land & Lifescapes run by his son Manuel Paulo. They are also planning to list a real estate investment trust in 2021. The most striking gem is Villar’s stake in Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and condos. He also made a move in 2019, taking his home improvement chain AllHome public. He also has been involved in politics and held positions including a congressman, Speaker of the House of Representatives, senator, and Senate President.
3. Enrique Razon, Jr.
Assets: $5.6 billion
Currently, Enrique Razon, Jr. chairs International Container Terminal Services (ICTSI), the country’s leading port operator. His company also has subsidiaries in the Asia-Pacific, Eastern Europe, Africa, and the Americas. His latest investments are in the casino resorts field with Bloomberry Resorts behind the Solaire Resort and Casino in the Philippines.
In greater detail, Razon’s ICTSI has gone global with ports in 18 countries: China, Indonesia, Pakistan, Australia, Brazil, Ecuador, Columbia, Argentina, Mexico, Congo, and Poland, among others. He has also received recognition from the Asian Development Bank as one of the top five major maritime terminal operators in the world.
4. Lance Gokongwei and siblings
Assets: $3.1 billion
Another perfect example of how a family-run business can achieve goals is seen in the six Gokongwei siblings: Lance, Robina, Lisa, Faith, Hope and Marcia. They inherited the fortune from founder John Gokongwei Jr.They have since further diversified the company and taken the right steps in managing their assets. Most come from shares in JG Summit, a multi-industry corporation from aviation and telecommunications to banking and food.
5. The Aboitiz Family
Net worth: $2.9 billion
There are five generations of the Aboitiz family that have nurtured and built on their company Aboitiz Equity Ventures (AEV) into becoming one of the leading conglomerates in the Philippines. Through the generations, growth and diversification were made and this moved the company forward fearlessly. They are now currently operating in a wide range of sectors such as energy, banking and financial services, food, infrastructure, land, and data.
6. Isidro Consunji and siblings
Assets: $2.65 billion
Sector: Construction and Engineering
The Consunji siblings: Isidro, Josefa, Jorge, Luz, Maria Cristina and Maria Edwina inherited the property from their late father David Consunji. From this solid foothold, they worked as a team and relentlessly built one of the largest real estate developers in the Philippines, DMCI Holdings. It is important to note that this was founded by Mr. Consunji back in 1954.
7. Tony Tan Caktiong & family
Assets: $ 2.6 billion
Nothing has made many Filipinos smile as much as Tony Tan Caktiong, the Founder and President of Jollibee Foods, one of the world’s fastest-growing Asian restaurant chains. Currently, Jollibee Foods has over 5,900 stores in the Philippines and many other countries around the world currently including Taiwan, Brunei, Indonesia, Kuwait, Saudi Arabia, Bahrain, United Arab Emirates, Malaysia, Guam, Hong Kong, Vietnam, Papua New Guinea, USA, Singapore, Canada, Oman, Italy, Macau, UK and Spain. In addition to the Jollibee and Highlands Coffee fried chicken brands, this business is also behind many other F&B chains such as Pho 24, Burger King, Coffee Bean & Tea Leaf, Tim Ho Wan and counting.
8. Jaime Zobel de Ayala and family
Assets: 2.55 billion USD
They have been a prominent family in the Philippines for generations. Jaime Zobel de Ayala served as Chairman of Ayala Group until his retirement in 2006 and the position was taken over by his son, Jaime II. At the moment, Jaime’s seven children hold more than a third of the shares of the Ayala Group. The family started with a distillery in Manila and diversified into other fields of business like banking, real estate, hotels, telecommunications and education.
9. Ramon Ang
Assets: $2.45 billion
Sector: Food and beverage
The self-made engineer Ramon Ang is the president and vice chairman of one of the nation’s oldest conglomerates, San Miguel. He also has a substantial stake in Eagle Cement, which he took public in 2016. The latest development for Eagle Cement shows that it is increasing its capacity to 8.6 million metric tons. He also has plans for a new international airport in Bulacan which, despite critics and colleagues harking bad news on this venture, he pushed on. The NMIA, located in Bulacan, is set to become the largest airport in the Philippines. It is currently 42% completed and will be a catalyst of progress for the majority of the Northern Luzon area.
10. Andrew Tan
Net worth: 2.4 billion USD
Self-made, Andrew Tan chairs Alliance Global, a holding company that has interests in food and beverage, gaming and real estate. Under its wing, Alliance Global also runs Emperador Brandy, the world’s largest brandy company by sales volume. In an anecdote, his first taste of brandy was back during his graduation from the University of the East in 1974, with his father splurging on a bottle of brandy to celebrate the occasion. It is notable that Alliance Global also runs Megaworld and Mcdonald’s Philippines. He considers thinking outside of the box and being open to new ideas as a driving force behind his success.
Full list of billionaires in the Philippines
|RANK||NAME||NET WORTH||AGE||ORIGIN OF WEALTH|
|1||Sy Siblings||USD 12.6 Billion||—||Diversified|
|2||Manuel Villar||USD 7.8 Billion||73||Real Estate|
|3||Enrique Razon, Jr.||USD 5.6 Billion||62||Ports|
|4||Lance Gokongwei & Siblings||USD 3.1 Billion||56||Diversified|
|5||Aboitiz Family||USD 2.9 Billion||—||Diversified|
|6||Isidro Consunji & Siblings||USD 2.65 Billion||73||Construction|
|7||Tony Tan Caktiong||USD 2.6 Billion||69||Food|
|8||Jaime Zobel de Ayala||USD 2.55 Billion||88||Diversified|
|9||Ramon Ang||USD 2.45 Billion||68||Diversified|
|10||Andrew Tan||USD 2.4 Billion||70||Diversified|
|11||Lucio Tan||USD 2.0 Billion||88||Diversified|
|12||Ty Siblings||USD 1.9 Billion||—||Banking|
|13||Dennis Anthony & Maria Grace Uy||USD 1.75 Billion||56||Telecommunications|
|14||Lucio & Susan Co||USD 1.70 Billion||68||Retail|
|15||Hartono Kweefanus||USD 1.50 Billion||72||Food Manufacturing|
|16||Po Family||USD 1.20 Billion||—||Canned Food|
|17||William Belo||USD 1.15 Billion||77||Home Improvement Stores|
|18||Vivian Que Azcona & Siblings||USD 1.10 Billion||67||Drugstores|
|19||Mercedes Gotianun||USD 1.09 Billion||95||Real Estate|
|20||Betty Ang||USD 1.05 Billion||68||Foods|
How many female billionaires are in the Philippines?
So far recent results are showing that there are three female billionaires. They are Vivian Que Azcona & siblings ranking 18th on the list with a total net worth of USD 1.1 billion with businesses mainly focused on drugstores.
Mercedes Gotianun at 19th ranking with a net worth of USD 1.09 billion involved in real estate.
Betty Ang with a net worth of USD 1.05 billion with businesses focused on foods.
Who is the youngest billionaire in the Philippines?
How old is the oldest billionaire in the Philippines?
The most senior of all the billionaires in the Philippines is Mercedes Gotianun at 95 years of age. Net worth is at USD 1.09 billion with businesses focused on the real estate field.
That wraps up the report on billionaires in the Philippines. It is inspiring to see that it is diverse and there are industries that are touched on wherein a lot of employees are needed to be hired to make things work. What about you dear, readers? Would you like to read more about their individual backgrounds, their history, and how they made it at the billionaire level? Just comment down below and share what you’d like us to feature in future articles. Hope to hear from you folks, soon! Cheers!