PH's richest club still led by Henry Sy; Villar gains
The Philippines' richest people is still led by the man who built the country's largest shopping mall chain, while a former senator accumulated the biggest wealth in year.
2018 Forbes Philippines Rich List said there has been a general uplift in the wealth of the country’s real estate and construction tycoons.
For instance, Henry Sy, Chairman of SM Investments, one of the Philippines' largest conglomerates, retains his top spot on the list as his net worth continues to rise to US$18.3 billion this year, from $18 billion previously.
Meanwhile, the year’s biggest gainer is Manuel Villar, who saw his wealth triple over the past year to $5 billion from $1.65 billion, making him the country’s second richest.
This, as shares in his Golden Bria leapt a staggering 1,300 percent in the first quarter, as a profitable business in burial services was joined with a new Villar vehicle for developing housing projects and condominium for middle-class families.
John Gokongwei Jr., on the other hand, takes the third spot this year with a net worth of $4.4 billion.
In April, his only son, Lance Gokongwei, was elevated to Chief Executive of JG Summit Holdings, the Philippines’ second-largest family-run conglomerate which was founded by the senior Gokongwei in 1957. The company has interests ranging from banking and real estate to airlines, telecommunications, power and food.
Jaime Zobel de Ayala then rose one spot to number 4 and saw his fortune rise by $300 million to $4 billion.
Rounding out the top five of the list is Enrique Razon Jr., with a net worth of $3.9 billion. He's followed by Tony Tan Caktiong of Jollibee Foods Corp., Lucio Tan of LT Group, Inc., and Ramon Ang of San Miguel Corp.
The seven newcomers on the list are Isidro Consunji and his siblings (No. 12, $2.45 billion) who replace their founder father, David, who died last September; William Belo (No. 22, $600 million) of big-box chain Wilcon Depot; Necisto Sytengco (No. 41, $180 million) of chemical-trading outfit SBS Philippines; Alberto Villarosa (No. 42, $170 million) and Rafael Simpao (No. 44, $155 million) of Security Bank; self-made fashion designer Josie Natori (No. 45, $150 million), and Jerry Liu (No. 46, $145 million) of semiconductor maker Cirtek Holding.
Meanwhile, this year’s list also saw a notable 27 fortunes decline.
Betty Ang (No. 32, $270 million) of noodle giant Monde Nissin, lost 70 percent of her wealth on a sharp fall in net income, according to the company’s latest available annual report.
The wealth of media tycoons Gilberto Duavit (No. 48, $135 million), Menardo Jimenez (No. 49, $130 million) and Felipe Gozon (No. 50, $125 million) also fell as shares in their GMA Network dropped 11 percent.
Mining magnates Philip Ang and Luis Virata dropped off the list as the sector suffered from tighter state regulations on nickel extraction and increased competition from Indonesia.