‘Philippines’ 50 Richest’ combined wealth up to $80B —Forbes

The combined wealth of the richest Filipinos jumped by double digits in the past year based on Forbes’ “Philippines’ 50 Richest” list for 2023, in where the Sy siblings remain on top.

In its writeup, Forbes said the richest Filipinos had a combined wealth of $80 billion in 2022, reflecting an 11% jump from $72 billion in 2021, with over half of the listees recording an expansion.

The Sy siblings — who control the SM Group — held on to the top spot in 2023 as they added $1.8 billion to their net worth to $14.4 billion, with SM Investments Corp.'s (SMIC) shares posting a 19% jump amid higher consumer spending.

SMIC reported a 32% increase in its first-half consolidated net income, which it attributed to “fundamental demand.” Revenues for the period grew 18% to P286.3 billion.

The Sys were followed by property tycoon Manuel “Manny” Villar Jr. who grew his fortune by $1.9 billion to $9.7 billion on the back of a strong housing market. He listed his power business Premiere Island Power REIT in December 2022.

The third spot was held by ports magnate Enrique Razon Jr., who saw his fortune increase by $2.5 billion to $8.1 billion, as shares in International Container Terminal Services Inc. grew by 24%.

San Miguel Corp. president and chief executive officer Ramon Ang moved up five spots to rank fourth as his wealth jumped by 40% to $3.4 billion following the acquisition of Eagle Cement Corp.

Rounding up the top five was Tony Tan Caktiong of Jollibee Foods Corp., whose net worth grew by $600 million to $3.2 billion. The fast food giant is set to open up to 600 new stores this year.

There were three newcomers for the year, all of whom were inheritors, including the Gotianun family, which ranked 22nd with $850 million. They took in stakes from Filinvest Development from matriarch Mercedes Gotianun, who passed away in December.

The Yuchengco family, heirs of the late Ambassador Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp.’s (RCBC), was ranked 33rd with $420 million.

Federico Lopez made his debut on the list as he ranked 42nd with $300 million, as he took over the Lopez Group businesses including media, property, and power interests from his father Oscar, who died in April.

For the list, Forbes took into consideration shareholding and financial information from families and individuals, stock exchanges, analysts, and other sources. The minimum net worth to be considered was $180 million.

Below is the full list for 2023:

1. Sy siblings — $14.4B
2. Manuel Villar — $9.7B
3. Enrique Razon Jr. — $8.1B
4. Ramon Ang — $3.4B
5. Tony Tan Caktiong & family — $3.2B
6. Aboitiz family — $3.15B
7. Lance Gokongwei & siblings — $3B
8. Isidro Consunji & siblings — $2.9B
9. Jaime Zobel de Ayala & family — $2.8B
10. Lucio Tan — $2.6B
11. Andrew Tan — $2.4B
12. Lucio & Susan Co — $2.3B
13. Ty siblings —$2.2B
14. Po family — $1.4B
15. William Belo — $1.3B
16. Vivian Que Azcona & siblings — $1.2B
17. Soledad Oppen-Cojuangco & family — $1B
18. Inigo Zobel —$990M
19. Campos siblings — $960M
20. Hartono Kweefanus & family —$950M
21. Dennis Anthony & Maria Grace Uy — $930M
22. Gotianun family — $850M
23. Dean Lao & family — $760M
24. Betty Ang — $695M
25. Eusebio Tanco — $605M
26. Mariano Tan Jr. — $550M
27. Manuel Zamora Jr. — $500M
28. Luis Yu Jr. — $495M
29. Henry Soesanto — $455M
30. Yap family — $445M
31. Dennis Uy — $440M
32. Jacinto Ng — $425M
33. Yuchengco family — $420M
34. Menardo Jimenez — $390M
35. Carlos Chan — $380M
36. Felipe Gozon — $355M
37. Gilberto Duavit Jr. — $350M
38. Robert Coyiuto Jr. — $345M
39. Edgar Sia II — $330M
40. Sylvia C. Wenceslao — $325M
41. Jose Antonio — $305M
42. Federico Lopez & family — $300M
43. Alfredo Yao — $295M
44. Tomas Alcantara — $275M
45. Wilfred Steven Uytengsu Jr. — $230M
46. Philip Ang — $225M
47. Frederick Dy — $220M
48. Mariano Martinez Jr. — $205M
49. Keng Sun and Peter Mar & family — $200M
50. Benedicto & Teresita Yujuico — $180M

—KBK, GMA Integrated News