Mall tycoon Sy still PH’s top billionaire


FOR the sixth straight year, Forbes magazine declared shopping mall tycoon Henry Sy Sr. the Philippines’ richest man, with a net worth of $12 billion.

Sy is also in the magazine’s top billionaires list, occupying the 68th spot.

The country’s richest man controls the biggest retail group, which includes SM Prime, which has 42 malls.

The second richest is Lucio Tan, whose net worth is $7.5 billion.

Tan, who is also this year’s biggest gainer, “got a $3-billion boost after consolidating his private holdings into LT Group, including Asia Brewery, maker of popular Beer na Beer, and stake in Philip Morris Fortune Tobacco, which has an estimated 80 percent market share of the country’s cigarette market.

Shares are up five fold since last year’s listing,” Forbes said.
He was also the second richest man in the country in 2012 and ranks as the world’s 248th billionaire.

Andrew Tan, with a net worth of $4.6 billion, is the third richest.
From the 6th spot in 2012, Tan climbed to the third and is now the world’s 345th richest billionaire.

Forbes said Andrew Tan doubled his fortune as shares of his holding firm, Alliance Global, zoomed. With interests in food and beverage, real estate, and gaming, the company reported an 18-percent jump in net profits to $113 million during the first quarter of 2013.

Fourth in the list is Enrique Razon Jr., the owner of International Container Terminal Services and Bloomberry Resorts Corp. He has a net worth of $4.5 billion.

Behind Razon is John Gokongwei, Jr., the founder of one of the country’s largest conglomerates, JG Summit.

Gokongwei has a $3.4-billion net worth and has interests in food, beverage and airlines.
From being the country’s seventh richest man in 2012, Jaime Zobel de Ayala, is now sixth, with a net worth of $3.1 billion.

Replacing Ayala in seventh spot is the Aboitiz family, net worth $3 billion.
“The family that controls Cebu-based conglomerate Aboitiz Equity Ventures, enters top 10 as their fortune, earlier split and listed separately under patriarch Enrique who died in January, and his nephew Jon Ramon, now represents combined interest of wider clan. The cash- rich company is planning to spend $1.4 billion this year, mostly earmarked for its power business,” Forbes said.

DMCI Holdings, Inc. founder David Consunji is in eighth spot with a net worth of $2.7 billion. In 2012, Consunji ranked fifth and has been the world’s 503rd billionaire.

Construction giant DMCI gets most of its income from power generation, water, real estate and infrastructure.

Tycoon George Ty and retailing duo Lucio and Susan Co were ranked ninth
and tenth for having net worth of $2.6 billion and $1.9 billion, respectively.
The magazine said the country had two new billionaires–former senator Manuel Villar (net worth $1.05 billion) and securing the 16th spot. The other new billionaire is the Aboitiz family.

The magazine said the combined wealth of the country’s 50 richest people—$65.8 billion or P2.8-trillion—equaled more than a quarter of the Philippines’ total gross domestic product.

It said that those in the list benefited from a buoyant stock market, which went up 28 percent in the past year, since most of them are significant players in the Philippine Stock Exchange.


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