3 Pinoy families on Forbes Asia's top 50 rich list

Three Filipinos families were cited by Forbes Asia magazine as among the top 50 richest in Asia on its 2016 list dominated by Indian families.

The Sy family, which owns SM Investments Corp. (SMIC), ranked 17th, with a net worth of $12.8 billion.

SMIC is the holding company of the SM Group of Companies, which include shopping malls, banks, residential and commercial developments.

The company reported a P22-billion net income in January to September this year, mainly driven by its property, banking, and retail businesses.

The Zobel family of the Ayala Group ranked 37, with a net worth of $5.1 billion.

Ayala Corp., the holding company of the Ayala Group of Companies, has interests in healthcare, automotive, education, telecommunications, power generation, transport infrastructure, real estate and hotels, financial services and insurance, water distribution and wastewater services, and business process outsourcing. It also has exposures in overseas projects and ventures.

The Aboitiz family ranked 39th, with a net worth of $4.95 billion. Its flagship Aboitiz Equity Ventures Inc. (AEV) has five main business groups: infrastructure, real estate, food manufacturing, financial services, as well as power generation and retail electricity supply.

It has portfolio investments in aviation through AEV Aviation Inc., biogas production through AseaGas Corp., underwriting insurable risks of AEV through Archipelago Insurance Pte. Ltd., and bulk water treatment through Apo Agua Infrastructures Inc.

Samsung's Lee family of South Korea, with a net worth of $29.6 billion, topped the 2016 Forbes list.

The Chearavanonts of Thailand ($27.7 billion), the Ambanis of India ($25.8 billion), and the Kwoks ($25.2 billion) and Lees ($24.7 billion) of Hong Kong complete the top five richest families in the region. — Jon Viktor Cabuenas