Some Filipino tycoons fell off Forbes’ 2023 richest list

*This photo shows Mary Grace Uy (L) and Dennis Anthony Uy (R), founders of Converge ICT Solutions.*

MANILA, Philippines — Forbes’ annual list of the wealthiest Filipinos saw some movement in 2023, as mainstays lost some of their glimmer in the new ranking.

Noticeable in the new Forbes ranking was the absence of the Uys of Converge ICT wealth, Betty Ang of food giant Monde Nissin Corp., and the late Roberto Ongpin.

Dennis Anthony Uy and wife Maria Grace Uy, who runs publicly-traded broadband provider Converge, and Ang, co-founder of Monde Nissin, joined the list in 2022.

A Zobel made the list, however. Inigo Zobel, a cousin of Jaime Zobel de Ayala, and whose wealth came from a stake in Ang-led San Miguel Corp., eked out a net worth of $1 billion based on the list.

The list was built and compiled using stock prices and exchange rates from March 10.

Besides that, some mainstays saw their fortunes seesaw in the new list.

Real estate and retail tycoon Manuel Villar, headlining the list as the wealthiest in the country, saw his net worth balloon to $8.6 billion in 2023 from $8.3 billion a year ago.

Ports and casino tycoon Enrique Razon Jr saw his fortunes turn for the better this year as well. His net worth, estimated at $7.3 billion, grew from $6.7 billion a year ago.

Ramon Ang of San Miguel Corp. posted a net worth of $3.4 billion in 2023, larger compared to his $2.45 billion wealth in the previous outing. He bested the Sy family and Andrew Tan of Alliance Global Group Inc. in the 2023 ranking.

The Sys, topbilled by Henry Sy Jr., ranked fourth in country in 2023. His net worth slid down to $2.5 billion from $2.8 billion a year ago. His family saw their wealth slid down in the same period as well.

Tycoon Lucio Tan saw his net worth double to $2.4 billion in 2023 from $1.2 billion in the previous outing.

The net worth of Lance Gokongwei of conglomerate JG Summit retreated in 2023 as well. His wealth stood at $1.4 billion, a far cry from the $1.6 billion a year ago.

Tony Tan Caktiong, founder of global fast-food giant Jollibee Foods Corp, suffered a similar fate. His net worth in 2023 slid down to $1.2 billion from $1.3 billion in the previous list. — Ramon Royandoyan

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The article was originally published in PhilStar Global.