Wealth Of Philippines’ 50 Richest On Forbes List Rises 30%
SINGAPORE (September 9, 2021) – Tycoons on the 2021 Forbes list of the Philippines’ 50 richest staged a robust recovery and saw their collective wealth rise 30% to US$79 billion. The complete list can be found here and in the September issue of Forbes Asia.
Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter. Investor sentiment remained buoyant, fuelling a 13% rise in the benchmark stock index from a year ago. The wealth of more than half the list members was up this year with four listees adding over $1 billion each.
The top three are the biggest dollar gainers on this year’s list, collectively richer by nearly $6 billion. The Sy siblings, heirs to the group built by the late Henry Sy Sr., added $2.7 billion to remain at No. 1 with $16.6 billion. Property tycoon Manuel Villar, whose net worth rose by $1.7 billion to $6.7 billion, retains the second spot. Enrique Razon Jr., who expanded his portfolio by taking control of Manila Water, saw a $1.5 billion increase in his wealth to remain the third richest with $5.8 billion.
Despite pandemic headwinds, an active IPO market in the Philippines made Betty Ang, cofounder and president of Monde Nissin, this year’s biggest percentage gainer. Ang climbed 20 spots to No. 18 following more than a seven-fold jump in her wealth to $1.4 billion after Monde Nissin’s June listing, which raised a record $1 billion. The IPO produced three newcomers to the ranks – Monde Nissin chairman Hartono Kweefanus (No. 11, $1.95 billion); the company’s CEO Henry Soesanto (No. 25, $795 million); and brothers Keng Sun and Peter Mar (No. 35, $410 million), heirs to a biscuit business that was sold by their family to Monde Nissin.
Listing gains also produced this year’s richest newcomers– Dennis Anthony and Maria Grace Uy (No. 6, $2.8 billion), cofounders of Converge ICT Solutions, which saw demand for its broadband services by homebound Filipinos rocket during the pandemic. Their company went public last October, raising $522 million.
A total of eight newcomers created a healthy churn in this year’s list. They include Luis Yu Jr. (No. 32, $445 million) and Mariano Martinez Jr. (No. 49, $205 million), owners of 8990 Holdings, a builder of low-cost homes, as well as husband and wife Benedicto and Teresita Yujuico (No. 48, $210 million) who reaped riches from the listing of DDMP REIT, an office landlord they co-own with fellow listee Edgar Sia II.
More than a dozen people on the list saw their fortunes decline including liquor and airline billionaire Lucio Tan (No. 12, $1.9 billion). The pandemic affected his Philippine Airlines, which racked up losses and filed for bankruptcy in the U.S.
The minimum net worth to make the list this year was $200 million, up from $100 million last year.
The top 10 richest in the Philippines are:
- Sy siblings; US$16.6 billion
- Manuel Villar; $6.7 billion
- Enrique Razon Jr.; $5.8 billion
- Lance Gokongwei & siblings; $4 billion
- Jaime Zobel de Ayala; $3.3 billion
- Dennis Anthony & Maria Grace Uy; $2.8 billion
- Tony Tan Caktiong; $2.7 billion
- Andrew Tan; $2.6 billion
- Ramon Ang; $2.3 billion
- Ty siblings; $2.2 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts, and other sources. Unlike the billionaire 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 August 20, 2021. 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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