SINGAPORE (August 11, 2022) – The combined wealth of tycoons on the 2022 Forbes’ list of Philippines’ 50 richest fell to US$72 billion from $79 billion last year, amid the country’s recovery from pandemic headwinds. More than two-thirds of the listees saw their wealth shrink. The complete list can be found here and in the August issue of Forbes Asia.
The Philippines’ economy grew 8.3% in the first quarter of 2022, as domestic demand started recovering from the pandemic. Newly elected president Ferdinand “Bongbong” Marcos Jr. pledged to keep up the growth momentum. Nonetheless, the pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The Philippine peso also plunged 12% over the same period.
The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain the 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, fell 19% from last year as investors turned skittish.
Forbes Asia
Overcoming the odds, property billionaire Manuel Villar 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 and remains at No. 2 with a fortune of $7.8 billion. Villar is also featured on the cover of the August issue of Forbes Asia.
Rounding out the top 3 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 for $3 billion. At No. 4 are Lance Gokongwei and siblings, who saw their net worth fall to $3.1 billion from $4 billion last year.
Among the two returnees this year is the Aboitiz family, appearing at No. 5 with a collective fortune of $2.9 billion, which includes holdings of the broader family. Shares in their flagship Aboitiz Equity Ventures got a boost from its power interests amid rising energy prices. Record first-quarter earnings of $200 million at engineering conglomerate DMCI Holdings lifted the fortune of Isidro Consunji and siblings by 47% to $2.65 billion. They notched up the biggest percentage rise this year and moved up seven spots to No. 6.
On the other hand, husband and wife Dennis Anthony and Maria Grace Uy (No. 13), who are cofounders of Converge ICT Solutions, saw their wealth fall by just over $1 billion to $1.75 billion. Shares in their broadband services provider slid following the May announcement that Warbug Pincus was selling a chunk of its holding.
Two new entrants replaced their late family members. Among them is the Po family (No. 16, $1.2 billion), who inherited the food empire of Ricardo Po Sr. after his death last October. Sylvia C. Wenceslao took over as chairman of real estate developer D.M. Wenceslao & Associates and is at No. 39 with $340 million, following her husband Delfin J. Wenceslao Jr.’s death last September.
The minimum net worth to make the list was $185 million, down from $200 million last year.
The top 10 richest in the Philippines are:
- Sy siblings; US$12.6 billion
- Manuel Villar; $7.8 billion
- Enrique Razon Jr.; $5.6 billion
- Lance Gokongwei & siblings; $3.1 billion
- Aboitiz family; $2.9 billion
- Isidro Consunji & 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 list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike Forbes’ Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 22, 2022. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/philippines
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