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Henry Sy remains PH’s richest person – Forbes

11 Pinoys make it to Forbes List

Mall-mogul Henry Sy, Sr. remains the Philippines’ richest person, according to Forbes Magazine.

Based on Forbes’ 2016 Global Billionaires’ list, the Sy family’s 91-year-old patriarch has an estimated net worth of $12.9 billion—roughly P562.3 billion—as of this month, making him the world’s 71st richest person.

However, Sy’s net worth dropped from $14.2 billion last year due to global market volatility, slump in oil prices as well as strengthening of the US dollar.

Sy, whose vast business empire includes retailing, real-estate, hospitality, banking, mining, education and healthcare services, was born in Xiamen, China in 1924 and migrated to the Philippines to become the nation’s Retail King.

Sy family’s holding firm, SM Investments Corporation (SMIC), has consistently been cited as one of the Philippines best-managed companies. The Chinese businessman’s eldest daughter Teresita Sy-Coson was also one of Asia’s most powerful businesswomen.

Meanwhile, the country’s second richest clan is the family of tycoon John Gokongwei Jr., 88, with an estimated net worth of $5.1 billion. Along with Sy, the JG Summit Holdings founder saw a decline in fortune this year from $5.8 billion in the previous year.

Started a cornstarch plant in the 1950s, Gokongwei transformed it into JG Summit with interests in food and beverages, airlines, property development, banking, hotels and power generation.

He also owns stake in publicly listed Robinson Retail Holdings and franchises for True Value, Top Shop, Toys R Us, Daiso. He has more than 1,500 retail outlets.

Meanwhile, tobacco king Lucio Tan kept his 3rd spot this year with an estimated net worth of $4 billion, which is also lower from last year’s $4.4, but just enough to keep him on the 380 spot in Forbes’ billionaires’ list.

Net worth of the Tan family includes the valuation of the clan’s shareholdings in flag-carrier Philippine Airlines (PAL).

Tan, who was also born in Xiamen in 1934, has also business interests in banking, liquor, tobacco and real estate industries. The 81-year-old taipan is also often seen aboard his personal helicopter in the Makati business district.

Also joining the country’s richest list is Metropolitan Bank and Trust Co. (Metrobank) owner George Ty, 83, who landed on the fourth rank, with his estimated net worth of $4.8 billion.

Today Ty’s Metrobank is the country’s second-largest bank in terms of assets, and has interests in power plants, car distribution, insurance, real estate and among others.
Trailing Ty is David Consunji, 94, who saw his net worth at $3 billion. The billionaire is the owner of DMCI Homes, the developer of the controversial Torre De Manila. Consunji, a former concrete inspector, gets most of its income from power generation, real estate and infrastructure.

Other Filipino businessmen who made in the Forbes’ billionaires’ list were real-estate developer Andrew Tan ($3 billion), fast food chain Jollibee founder Tony Tan Caktiong ($3 billion), casino and port operator Enrique Razon Jr. ($2.4 billion), Puregold-owners Lucio and Susan Co, car dealership magnate Robert Coyiuto Jr. ($1.5 billion) and former Senator Manuel Villar ($1.3 billion).

Meanwhile, Microsoft-founder Bill Gates was once again on top as the world’s richest person on Forbes 30th annual ranking of the world’s billionaires.

The technology guru has topped the list for 17 of the last 22 years, with a current net worth of $75 billion, down from $79.2 billion in 2015.

Spanish clothing retailer Amancio Ortega, best known for the Zara fashion chain, is now the second richest person on the planet, up two spots, after his net worth increased $2.5 billion for a total of $67 billion.

Coming in at number three is Warren Buffett despite having his net worth drop $11.9 billion to $60.8 billion.

Telecom mogul Carlos Slim Helu (No. 4) dropped two spots, and his net worth decreased to $50 billion from $77.1 billion last year.

Amazon’s Jeff Bezos (No. 5) moved up to the fifth from the fifteenth spot last year; his net worth increased to $45.2 billion.

  • johnny wang

    If only he could use a part of his wealth for the uplift and betterment of the local people. He could open up some schools, colleges and educational institutions of higher learning which could benefit the people and also the country would remember him for his generosity.
    All this would contibute towards the PH becoming a great and well educated country where the poor people in the PH would not have to go to work abroad as maids and helpers and could instead learn new skills and develop their country and make a decent living for themselves and their families