SINGAPORE (8 August 2024) – The total wealth of the tycoons on Forbes’ 2024 list of the Philippines’ 50 richest people remained almost unchanged at $80.8 billion, compared to $80.4 billion last year. The full list can be found here and in the August issue of Forbes Asia.
Forbes Asia
The Philippine economy grew 5.7% in the first quarter of 2024, slower than the 6.4% growth in the same period last year, as inflation and high borrowing costs weighed on domestic demand. While the country’s benchmark index gained 2% since the last wealth measurement, the peso fell 6%. As a result, more than half of the country’s 50 richest people are less wealthy this year.
The Sy siblings, heirs to the SM Group founded by the late Henry Sy Sr., remained at No. 1 this year. Their net worth was $13 billion, compared to $14.4 billion last year, reflecting the weaker peso. Their group Its flagship, SM Investments, a conglomerate with interests in banking, real estate and retail, is expanding into geothermal energy with five new projects across the country.
Port and casino billionaire Enrique Razon Jr. took second place for the first time and was the biggest dollar gainer for the second year in a row. His fortune rose by $3 billion to $11.1 billion. Shares in his expanding company, International Container Terminal Services, rose nearly 80 percent last year as global trade recovered.
Real estate magnate Manuel Villar’s net worth rose by $1.2 billion to $10.9 billion, but he slipped to third place. To capitalize on the rebound in the real estate market, Villar’s Vista Land & Lifescapes and his flagship mass housing and memorial parks company, Golden MV Holdings, have added high-rise apartments to their portfolios.
On the cover of the August issue of Forbes Asia is San Miguel’s Ramon Ang, who ranks fourth as his net worth increased by $400 million to $3.8 billion. Under his leadership, the F&B giant has repositioned itself as a nation builder with an ambitious push into infrastructure, winning tenders for airports, toll roads and power plants.
Rounding out the top five on the list are Isidro Consunji and his siblings from DMCI Holdings, with assets of $3.4 billion (up from $2.9 billion a year earlier).
Another notable winner is education magnate Eusebio Tanco (22nd), whose wealth rose 35 percent to $815 million on the back of rising shares of his online gaming company DigiPlus Interactive, which benefited from the government’s crackdown on illegal gambling companies abroad.
The wealth of Lance Gokongwei and his siblings shrank 37% to $1.9 billion, and they fell from seventh place to 11th. Shares of their flagship JG Summit Holdings fell year-on-year as the company’s petrochemicals division suffered from weaker global prices and high operating costs.
Thanks to the lackluster IPO market, there were no new additions to the rankings this year, but two listers returned after a hiatus. Citicore Renewable Energy’s IPO in June, one of only three IPOs on the Philippine Stock Exchange this year, brought construction magnate Edgar Saavedra (No. 43) back to the list after a four-year hiatus. His former business partner Michael Cosiquien is the other returnee at No. 48. Cosiquien now runs his own company ISOC Holdings with interests in logistics, energy, real estate and infrastructure.
The minimum net worth to make the list was $170 million, slightly lower than the previous year’s $180 million.
The 10 richest people in the Philippines are:
- Sy siblings; $13 billion
- Enrique Razon Jr.; $11.1 billion
- Manuel Villar: $10.9 billion
- Ramon Ang: $3.8 billion
- Isidro Consunji & siblings; $3.4 billion
- Tony Tan Caktiong; $2.9 billion
- Lucio Tan: $2.65 billion
- Jaime Zobel de Ayala; $2.6 billion
- Lucio & Susan Co; $2.3 billion
- Aboitiz family; $2.2 billion
The list was compiled using holdings and financial information obtained from families and individuals, exchanges, analysts and other sources. Unlike the Forbes World’s Billionaires rankings, this list includes family wealth, including that shared within extended families. Net worth is based on stock prices and exchange rates as of the market close on July 19, 2024. Private companies were ranked based on similar publicly traded companies. The list may also include foreign nationals with business, residential or other ties to the country, or nationals who do not 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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