HENRY Sy was named the country’s richest man for the ninth consecutive year, with Forbes magazine pegging his net worth at $13.7 billion.
Forbes Philippines’ Richest List for 2016, placed Sy, who built the SM mall empire, at the top spot, followed by John Gokongwei Jr. of the rival Robinsons malls ($6.8 billion) and the Aboitiz family ($5 billion).
Forbes said the Filipino tycoons, who have interests in property, infrastructure development and construction, are poised to further expand their fortunes as the administration of President Rodrigo Duterte has committed to invest in infrastructure.
The rest of the top 10 are airline and tobacco magnate Lucio Tan and family, No. 4, with a net worth of $4.9 billion; George Ty of Metrobank, No. 5, $4.6 billion; Tony Tan Caktiong of Jollibee, No. 6, $4.3 billion; Jaime Zobel de Ayala and the Ayala group, No. 7, $4.1 billion; ports and casino tycoon Enrique Razon Jr., No. 8, $3.5 billion; construction taipan David Consunji of DMCI, No. 9, $3.1 billion; and property tycoon Andrew Tan of Megaworld, No. 10, $3 billion.
Edgar Sia 2nd grew his net worth fastest—three times to $1.2 billion from a year ago—with his DoubleDragon Properties Corp., a joint venture with Tan Caktiong. Sia was named 17th richest in the country.
San Miguel’s Ramon Ang landed on 16th place with a net worth of $1.21 billion.
A newcomer to the list was Ben Tiu (No. 44, $175 million), the eldest son of a self-made steel magnate, John
Tiu Ka Cho who took over TKC Metals in 1987 and led its entry into financial services with thrift bank Sterling Bank of Asia. Tiu also co-founded one of the country’s largest non-banking remittance companies, I-Remit.
The biggest loser was Bienvenido Tantoco Sr. of Rustans and SSI Group (No. 46, $165 million), as his wealth fell by 65 percent from $480 million last year on the back of the competitive retail sector and increased expenses involved in his foray into the luxury market.
Three mining businessmen dropped off from this year’s list, including Philip Ang, who ranked No. 41 last year.
The minimum wealth required to make it to the list was $145 million, higher than the $120 million threshold last year.
Forbes Magazine said the list was compiled using share and financial information obtained from families and individuals, stock exchanges, analysts and other sources.
The magazine said the list covered family fortunes, including those shared among extended families such as that of Lucio Tan and his relatives.
“Net worth is calculated based on stock prices and exchange rates as of the close of markets on August 12. Private companies were valued based on similar companies that are publicly traded,” Forbes said.