Most of the Philippines’ 50 Richest on the Forbes Magazine list continue to increase their wealth with three newcomers on the list as the fortunes of the Gotianun, Yuchengco, and Lopez families have been passed on to the next generation.
The combined wealth of tycoons on the 2023 Forbes list of Philippines’ 50 Richest rose 11 percent to $80 billion from 72 billion last year. The complete list can be found in the August issue of Forbes Asia.
Based on the Forbes list, the Sy siblings remain the richest family in the country with a combined wealth of $14.4 billion followed by the richest individuals: real estate and retail maganate Manuel B. Villar Jr. ($9.7 billion), ports and gaming mogul Enrique Razon Jr. ($8.1 billion), and San Miguel Corporation’s Ramon S. Ang ($3.4 billion).
Completing the top 10 are: Jollibee founders Tony Tan Caktiong and family ($3.2 billion), the Aboitiz family ($3.15 billion), JG Summit’s Lance Gokongwei and siblings ($3 billion), DMCI’s Isidro A. Consunji and siblings ($2.9 billion), Jaime Zobel de Ayala family ($2.8 billion), and tobacco and liquor taipan Lucio Tan ($2.6 billion).
More than half of those on the list are wealthier this year, led by the top three. The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain the top spot, adding $1.8 billion to their net worth, which now stands at $14.4 billion.
Shares of their flagship SM Investments, a conglomerate with interests in banking, property and retail, jumped 19 percent from a year ago amid a rebound in consumer spending.
Property tycoon Manuel Villar continues to hold second place with a fortune of $9.7 billion, up $1.9 billion, on the back of a resilient housing market. Villar also listed his power business, Premiere Island Power REIT, in December 2022.
Rounding out the top 3 is this year’s biggest dollar gainer, ports tycoon Enrique Razon Jr., who saw his fortune rise $2.5 billion to $8.1 billion. Shares in his company International Container Terminal Services jumped 24 percent from a year ago, thanks to sustained improvement in supply chains.
Another notable gainer is Ramon Ang, President and CEO of listed conglomerate San Miguel Corp., who moves up five spots to No. 4. His wealth was up nearly 40 percent to $3.4 billion following the acquisition of his majority owned Eagle Cement, one of the archipelago’s largest cement makers, by San Miguel.
Taking the fifth spot on the list is Tony Tan Caktiong of Jollibee Foods, who saw his net worth rise $600 million to $3.2 billion.
The three new newcomers to the list are all inheritors.
The Gotianun family, at No. 22 with $850 million, inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun, who passed away last December.
The Yuchengco family, heirs of Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp., one of the country’s largest lenders, also joins the ranks at No. 33 with $420 million.
Federico Lopez debuts on the list at No. 42 with $300 million, shared with his family, after taking over the media, property and power empire from his late father, Oscar.
The minimum net worth to make the list was $180 million, slightly down from $185 million last year.
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes Billionaires’ rankings, this list includes family fortunes, including those shared among extended families.
Net worths are based on stock prices and exchange rates as of the close of markets on July 21, 2023. Private companies were valued based on similar companies that are publicly traded.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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