Forbes' list: Philippines' 50 richest sees combined wealth drop to $72 billion

·Senior Editor
·3 min read
Manuel Vilar is one of the 50 richest people in the Philippines according to Forbes
Property tycoon Manuel Vilar is among those on the Forbes list of the 50 richest people in the Philippines. (Photo: ROMEO GACAD/AFP via Getty Images)

The combined wealth of tycoons on the 2022 Forbes’ list of the Philippines’ 50 richest people fell by $72 billion even as the country recovered from pandemic headwinds.

According to the business magazine, the total wealth of the 50 fell to $72 billion from $79 billion last year, with more than two-thirds seeing their wealth shrink. The minimum net worth to make the list was also $185 million, down from $200 million last year.

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.

The top 10 richest individuals in the Philippines are:

  1. Sy siblings; US$12.6 billion

  2. Manuel Villar; $7.8 billion

  3. Enrique Razon Jr.; $5.6 billion

  4. Lance Gokongwei and siblings; $3.1 billion

  5. Aboitiz family; $2.9 billion

  6. Isidro Consunji and siblings; $2.65 billion

  7. Tony Tan Caktiong; $2.6 billion

  8. Jaime Zobel de Ayala; $2.55 billion

  9. Ramon Ang; $2.45 billion

  10. 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.

Among the two returnees this year is the Aboitiz family, in fifth spot with a collective fortune of $2.9 billion, which includes holdings of the broader family. Record first-quarter earnings of $200 million at engineering conglomerate DMCI Holdings also lifted the fortune of Isidro Consunji and his siblings by 47 per cent to $2.65 billion and into sixth spot

According to a Forbes statement on Thursday (August 11), 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.

The complete list can be found in the August issue of Forbes Asia.