Sy, who ranked second in last year's Forbes list, has an estimated net worth of US$3.1 billion. The 83-year old mall mogul and his family control SM Investments, which owns stakes in a dozen companies including the nation’s second largest bank, Banco de Oro Unibank. Their wealth is up by $1.4 billion, the biggest gain on the list in absolute terms.
In second place is business tycoon Lucio Tan and family with a net worth of $1.5 billion, down by $100 million from last year. Their holdings include the nation’s largest cigarette maker, Fortune Tobacco, Philippines Airlines, Asia Brewery, mining operations and Hong Kong property.
Forbes Asia said the collective wealth of Philippines’ 40 richest has fallen 18 percent to $14 billion from $17 billion in 2007 as the global financial turmoil took its toll on stock prices.
The top 10 richest in the Philippines are:
1. Henry Sy & family; US$3.1 billion
2. Lucio Tan & family; $1.5 billion
3. Jaime Zobel de Ayala & family; $1.2 billion
4. Andrew Tan; $700 million
5. Tony Tan Caktiong & family; $690 million
6. John Gokongwei Jr. & family; $680 million
7. Eduardo Cojuangco Jr.; $610 million
8. Enrique Razon Jr.; $525 million
9. George Ty & family; $435 million
10. Inigo & Mercedes Zobel; $430 million
To compile the list, Forbes Asia calculated net worths using October 3 stock prices and exchange rates. Public wealth was estimated using shareholder and financial information while privately held assets were estimated based on what they would be worth if public.
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