Top 10 Richest People In Philippines 2023 and The Full List of 50
|Top 50 Richest And Wealthiest People By Forbes In Philippines Knowinsiders.com|
The combined wealth of tycoons on the 2022 Forbes’ list of the Philippines’ 50 richest people fell by $72 billion even as the country recovered from pandemic headwinds.
According to the business magazine, the total wealth of the 50 fell to $72 billion from $79 billion last year, with more than two-thirds seeing their wealth shrink. The minimum net worth to make the list was also $185 million, down from $200 million last year.
The Philippines’ economy grew 8.3 per cent in the first quarter of 2022, as domestic demand started recovering from the pandemic.
However, inflation, rising commodity and energy prices and reduced exports to China dragged the benchmark stock index down 6 per cent from when fortunes were last measured 11 months ago. The Philippine peso also plunged 12 per cent over the same period.
The top 10 richest People in the Philippines 2023
|The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain top spot but their net worth fell by $4 billion to $12.6 billion, the biggest drop in dollar terms. Shares in the family’s flagship SM Investments, also fell 19 per cent from last year as investors turned skittish. |
In second spot with a fortune of $7.8 billion is property billionaire Manuel Villar, who listed his VistaREIT in June and is this year’s biggest dollar gainer. Villar, who is revving up the development of high-rise condos, townships and a casino, added $1.1 billion to his wealth.
Rounding out the top three is ports tycoon Enrique Razon Jr., though his net worth is down slightly to $5.6 billion. Razon is doubling down on casinos and renewable energy with plans to build the world’s largest solar farm in the Philippines.
Among the two returnees this year is the Aboitiz family, in fifth spot with a collective fortune of $2.9 billion, which includes holdings of the broader family. Record first-quarter earnings of $200 million at engineering conglomerate DMCI Holdings also lifted the fortune of Isidro Consunji and his siblings by 47 per cent to $2.65 billion and into sixth spot
According to a Forbes statement on Thursday (August 11), the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Unlike 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 22, 2022. Private companies were valued based on similar companies that are publicly traded.
The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
1. Sy siblings; US$12.6 billion
|Photo: The Summit Express|
When Sy family patriarch Henry Sy Sr. passed away in 2019, he left behind the country’s biggest conglomerate for his six children to run--as well as a hefty inheritance worth more than $19 billion (P914 billion).
The six children of the late taipan now head SM Group as a unit, carrying on the legacy their father left behind.
The SM Group is now one of Southeast Asia’s biggest conglomerates with diversified interests in malls, real estate, supermarkets, and banks. The Sy-led BDO Unibank also happens to be the Philippines’ biggest bank.
The six Sy siblings, by order of age, are:
Teresita Sy-Coson, chair of BDO Unibank and co-vice chair of SM Investments.
Elizabeth Sy, head of SM Hotels and Conventions.
Henry Sy, Jr., chairman of SM Prime and co-vice chairman of SM Investments.
Hans Sy, chair of SM Prime’s executive committee and China Banking Corp.
Herbert Sy, director of SM Prime.
Harley Sy, exective director of SM Investments, director of China Banking, and adviser to BDO Unibank.
Their combined net worth is comprised largely of stakes held in the group's publicly traded SM Investments and SM Prime.
SM traces its roots to Henry Sr., who sold overrun shoes in 1958 at a store in Manila he aptly called Shoemart.
Today SM is one of Southeast Asia's largest conglomerates, with interests in department stores, supermarkets, banks, hotels, real estate and mining.
While daily operations are now managed by outside professionals, the siblings sit on the group's boards and guide SM's overall strategy.
2. Manuel Villar; $7.8 billion
Manuel Bamba Villar, Jr. (born December 13, 1949) commonly known as Manny Villar, is a Filipino billionaire businessman and former politician. He was elected senator from 2001 to 2013, and served as the Senate president from 2006 to 2008. Previously, he represented the district of Las Piñas–Muntinlupa from 1992 to 1998, and Las Piñas's at-large district from 1998 to 2001. He also became the speaker of the House of Representatives from 1998 to 2000; in this term, he presided over the impeachment of President Joseph Estrada. From 2019 to 2022, Forbes magazine named Villar as the richest individual in the Philippines, with an estimated net worth of $8.3 billion.
Villar was born to a poor family in Tondo, an impoverished and densely populated district of Manila. After graduating from the University of the Philippines, he worked as an accountant and financial analyst, then launched a highly successful business in real estate. Villar's companies have built over 200,000 homes, and his business career made him the wealthiest person in the Philippines.
He ran for president in the 2010 presidential elections under the Nacionalista Party, but lost to Benigno Aquino III.
As a junior at the University of the Philippines Diliman, Villar became friends with Cynthia Aguilar, his classmate at the UP College of Business Administration. They married at age 25. They have three children: Manuel Paolo, Mark, and Camille.
3. Enrique Razon Jr.; $5.6 billion
|Photo: Getty Images|
Enrique Anselmo Klar Razon Jr. (born March 3, 1960) is a Filipino billionaire and the chairman and CEO of the Manila-listed company International Container Terminal Services, Inc. (ICTSI), the Philippine port-handling giant. He is also Chairman of Bloomberry Resorts Corp., developer of Solaire Resort and Casino, a US$1.2 billion integrated resort complex in the Philippines’ Entertainment City and Manila Water, the private concessionaire of Metropolitan Waterworks and Sewerage System that serves the more than 7 million population of the East Zone of Metro Manila and the Rizal Province. ICTSI, BRC and MWC are listed in the Philippine Stock Exchange.
In 2020, Forbes named Razon the third richest Filipino and the 565th individual in the world, with a personal wealth of $5.1 billion.
Razon chairs the ICTSI Foundation, Inc., which oversees and implements the ICTSI Group's corporate social responsibility advocacies. He has been a long-time patron of Philippine golf in the country by way of the Philippine Golf Tour (PGT), backed by sports management company, Pilipinas Golf Tournaments Inc. (PGTI), where he is chairman. Razon likewise extends help to the country's amateur golf development through the ICTSI-The Country Club program supported by the ICTSI Foundation.
In 2003, Razon donated P50 million for DLSU's sports development. The P50 million pesos were broken down into the following: P25 million for equipment and facilities of the Enrique M. Razon Sports Complex, named after his father; P20 million for athletic scholarships; and P5 million for a sports solidarity fund.
4. Lance Gokongwei and siblings; $3.1 billion
|Photo: JG Summit|
John Robinson Lim Gokongwei Jr. (11 August 1926 – 9 November 2019) was a Filipino businessman, investor, and philanthropist. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply of business and investment holdings across the Filipino economy, including shipping, telecommunications, retail, financial services, petrochemicals, utilities, aviation, food, beverages, and livestock farming.
On 29 August 2007, at the Ateneo de Manila University, Gokongwei's biography, John L. Gokongwei Jr.: The Path of Entrepreneurship, by the university's Dr. Marites A. Khanser, was launched, and it narrated the "riches-to-rags-to-riches" story of the tai-pan. Gokongwei stated that entrepreneurship is a way out of poverty. Khanser's book also enumerated the Nine Rules of business success that Gokongwei followed since he was still a young businessman. In 2002 Gokongwei donated P200-million to the undergraduate school of management. He also gave donations to University of San Carlos, Xavier School, De La Salle University, Sacred Heart School – Ateneo de Cebu and Immaculate Conception Academy (ICA).
Gokongwei married Elizabeth Yu in 1958 and had six children (one son and five daughters) – Lisa, Robina, Lance, Faith, Hope and Marcia. All his children play an active role in the Gokongwei group. His eldest daughter, Robina, heads the operations of Robinsons Retail Holdings, Inc. (it owns Robinsons Malls), as the company's COO since 2002. His only son, Lance, currently leads the group as president and CEO of JG Summit.
He was a second cousin once removed of Andrew Gotianun Sr., the founder of Filinvest Development Corporation. Gokongwei's great-grandfather was a half brother of Gotianun's grandfather. He is also second cousins with the Gaisano family, with Doña Modesta Singson-Gaisano being his grandaunt (his grandfather's sister) which he used to call in Hokkien Chinese: 老阿姑; Pe̍h-ōe-jī: Lǎu á-ko͘; lit. 'Old Auntie', under his great-grandfather, Don Pedro Singson Gotiaoco, whose illegitimate son was also President Sergio Osmeña.
Lance Gokongwei (pictured) and his siblings, Robina, Lisa, Faith, Hope and Marcia, inherited their fortune from their late father John Gokongwei Jr.
Their combined fortune is derived largely from stakes held in JG Summit, which has interests in airlines, telecom, banking, food, power and property.
Lance runs JG Summit as its chief executive while his older sister Robina is chief executive of Robinson Retail.
Their portfolio also includes Universal Robina, one of the country's largest F&B companies, started by their father as a cornstarch plant in 1957.
In June 2021, Gokongwei acquired a minority stake in local pizza chain Shakey's Pizza.
5. Aboitiz family; $2.9 billion
|Photo: Aboitiz Eyes|
Jon Ramon Melendez Aboitiz (April 26, 1948 – November 30, 2018) was a Filipino businessman, and president of the Aboitiz & Company Inc. (ACO) and Aboitiz Equity Ventures (AEV), part of the Aboitiz Group.
He started with the Aboitiz Group in 1970 after graduating from the University of Santa Clara, California with a B.S. Commerce degree, major in management. From Manager, he became President of Aboitiz Shipping Corporation in 1976. From 1991 until 2008, he was president and chief executive officer (CEO) of Aboitiz & Company. He was President of Aboitiz Equity Ventures (AEV) from 1994 until 2008. Afterwards, he became its chairman until the time of his death.
He held various positions in the Aboitiz Group, including chairman and CEO of Davao Light & Power Co., Inc.; Chairman of Visayan Electric Company (VECO) and Aboitiz Jebsen Bulk Transport Corporation; Vice Chairman of Aboitiz Power Corporation (APC) and Union Bank of the Philippines; and Director of International Container Terminal Services, Inc. (ICTS), Bloombury Resorts Corporation, Hapag-Lloyd Philippines, Cotabato Ice Plant Inc. and Bukidnon Hydropower Corporation.
Aboitiz also served as chairman and President of the Ramon Aboitiz Foundation Inc. (RAFI Microfinance), the NGO microfinance arm of the Aboitiz Group; a Trustee of the Aboitiz Foundation Inc. (AFI) and the Association of Foundations (AF); and was a member of the Board of Advisors of the Washington SyCip Policy Forum, now the AIM Policy Center (APC), at the Asian Institute of Management.
6. Tony Tan Caktiong; $2.6 billion
Tony Tan Caktiong, CM (simplified Chinese: 陈觉中; traditional Chinese: 陳覺中; pinyin: Chén Juézhōng; Pe̍h-ōe-jī: Tân Kak-tiong; born January 5, 1953) is a Filipino billionaire businessman. He is the founder and chairman of Jollibee Foods Corporation, and the co-chairman of DoubleDragon Properties.
Tan Caktiong founded the fast food chain Jollibee in 1978, after having started it as an ice cream parlor in 1975. Expansion and acquisition of Greenwich Pizza Corp. enabled it to enter the pizza-pasta segment. In early 2006, Jollibee Foods Corporation bought out the remaining shares of its partners in Greenwich Pizza Corporation, equivalent to a 20% stake, for P384 million in cash.
As of August 2008, Tan Caktiong's Jollibee has a total of 1,480 stores worldwide including Jollibee, Red Ribbon, Chowking, Greenwich, Manong Pepe's and Mang Inasal.
As of November 2015, Forbes estimated his net worth at US$4.1 billion.
In 2012, Tan Caktiong, through his holding company, Honeystar Holdings Corporation, invested in Injap Land Corporation, a property company founded by Edgar Sia II. With Tan Caktiong's entry, the company was renamed DoubleDragon Properties Corporation.
7. Isidro Consunji and siblings; $2.65 billion
Consunji is a very wealthy man that is included on the top ranking of billionaires in the Philippines. The successful entrepreneur finished his education at the University of the Philippines’ centre for Research and Communication. In addition to this, the representative sits on the boards of directors for both the Asian Institute of Management and Semirara Mining & Power Corp.
On the social site, Consunji has not communicated with his wife in any way. It appeared as though he was concentrating on his career while also taking his father’s business to the next level. Isidro Consunji, president of DMCI, provided a response to the directive given to him by President Duterte to investigate the collapsed Ecoland 4000 condominium in Davao.
They consented to the terms of the offer to settle the claims of the homeowners at 150% of the acquisition cost and will hold a general assembly on January 20. According to Consunji, practically all of its subsidiaries had growth in the triple digits in 2021 as a result of increased productivity as well as the beginning of what they believe to be a commodities supercycle.
In the past, Phase 1 of the North-South Commuter Railway Project was completed successfully by the joint venture consisting of DM Consunji and Japan’s Taisei Corp. His company, Semirara Mining and Power Corp., presided over the annual stockholders’ meeting that was held by the corporation.
This year, they looked into consolidating SCC and DMCI Mining, and the chairman Consunji stated that they are studying the possibility of DMCI Mining Corp. being acquired by SCC. The chairman went on to say that DMCI Mining owns a number of properties in Palawan that are now waiting for approvals leading to MPSA.
Maggie Wilson, a Filipina beauty queen, and Victor Consunji wed in 2007 and celebrated their one wedding anniversary in December 2010. In a similar vein, Dodgers Vice-President Lon Rosen wed the woman he loved, Laurie Rosen, and the couple went on to have two children.
The combined wealth of Consunji and his siblings is over $1.3 billion. Earnings are generated by the company’s involvement in the construction and real estate industries. After the passing of Victor’s father, the family fortune was distributed among Victor’s surviving children and siblings, including Josefa, Jorge, Luz, Maria Cristina, Maria Edwina, and others.
8. Jaime Zobel de Ayala; $2.55 billion
Jaime Zóbel de Ayala y Pfitz GCLH (born 18 July 1934), also known as Jaime Zóbel, is a Filipino businessman who served as the chairman of the Ayala Corporation from 1984 to 2006 and as its president from 1984 to 1994. Presently, he holds the honorary title as "Chairman Emeritus".
Zóbel also served as a former diplomat previously serving as the Ambassador of the Republic of the Philippines to the United Kingdom from 1970 to 1975. He is also known as a noted art photographer being the first Filipino photographer to be given a Licentiate by the Royal Photographic Society of the United Kingdom.
Zóbel joined Ayala y Compañía in 1958 as executive assistant upon the invitation of his father. His father placed him under the wing of his cousin Enrique and uncle Col. Joseph McMicking. As an executive assistant in the company, he took down notes during management meetings and gradually learned the ropes of the family business. He was later transferred to the training section of the insurance companies of the Ayala group. In 1975, he became president of Filipinas Life Assurance Company (now, BPI-Philam Life Assurance Corporation).
In 1984, he succeeded Enrique, as chairman and president of Ayala Corporation. Zóbel successfully steered Ayala through the tense, final years of the Marcos dictatorship. In 1988, the real estate division was spun off as Ayala Land, Inc. Ayala Corporation also ventured into new businesses, like automotive (Ayala Automotive Holdings Corporation).
Zóbel stepped down as president of Ayala in 1994 and was succeeded by his son, Jaime Augusto. He continued as chairman until his retirement in 2006 and became the chairman emeritus of Ayala.
9. Ramon Ang; $2.45 billion
Ramon See Ang (born January 14, 1954), also known by his initials RSA, is a Filipino businessman. He is the president and chief executive officer (CEO) of Top Frontier Investment Holdings, Inc., the largest shareholder of San Miguel Corporation. He is also the president and CEO of SMC and the chairman of Cyber Bay Corporation (PSE: CYBR) and Eagle Cement Corporation.
Ang was elected vice-chairman of SMC in January 1999; and later as president and chief operating officer (COO) in March 2002. In June 2012, he gained control of SMC after acquiring the shares owned by Eduardo Cojuangco, Jr., a fellow Filipino businessman and politician. On April 15, 2021, ten months following the death of Cojuangco, SMC amended its by-laws to unify the role, functions and duties of chief executive officer (CEO) to that of the president. Based on the PSE disclosure following the 2021 annual stockholders' meeting of SMC, Ang remains as vice-chairman, president (CEO) and COO of the company.
10. Andrew Tan; $2.4 billion
Andrew Lim Tan (traditional Chinese: 吳聰滿; simplified Chinese: 吴聪满) is a Chinese Filipino billionaire with business interests in real estate, liquor and fast food. In 2011, Forbes magazine rated him fourth on the list of the "Philippines 40 richest" with an estimated net worth of $2 billion. As of May 2018, Forbes magazine ranks him as the 10th-wealthiest person in the Philippines, with his net worth of US$2.6 billion.
Tan runs the Alliance Global Group Inc. (AGI). It is composed of four companies:
Megaworld Corporation – A real estate corporation engaged in developing condominiums. It has subsidiaries called Empire East Land Holdings and Suntrust Properties. It was dubbed by Finance Asia, a business tabloid, as the "best managed company" and the "best in corporate governance" in the Philippines for 2006.
Emperador Distillers, Inc. – Best known for its Emperador Brandy which became the world's best-selling brandy in 2006, and Emperador Light. What made it successful was how it was promoted. Instead of following other liquor advertisements that feature attractive women and other dainty images, the ads of Emperador Brandy emphasize successes in life and moral values.
Golden Arches Development Corporation – Operates McDonald's franchises.
Full list of 50 richest people in Philippines, according to Forbes
1. Sy siblings $12.6 B
2. Manuel Villar $7.8 B
3. Enrique Razon Jr. $5.6 B
4. Lance Gokongwei & siblings $3.1 B
5. Aboitiz family $2.9 B
6. Isidro Consunji & siblings $2.65 B
7. Tony Tan Caktiong & family $2.6 B
8. Jaime Zobel de Ayala & family $2.55 B
9. Ramon Ang $2.45 B
10. Andrew Tan $2.4 B
11. Lucio Tan $2 B
12. Ty siblings $1.9 B
13. Dennis Anthony & Maria Grace Uy $1.75 B
14. Lucio & Susan Co $1.7 B
15. Hartono Kweefanus & family $1.5 B
16. Po family $1.2 B
17. William Belo & family $1.15 B
18. Vivian Que Azcona & siblings $1.1 B
19. Mercedes Gotianun & family $1.09 B
20. Betty Ang $1.05 B
21. Soledad Oppen-Cojuangco & family $985 M
22. Inigo Zobel $930 M
23. Roberto Ongpin $830 M
24. Dennis Uy $810 M
25. Campos siblings $780 M
26. Dean Lao & family $710 M
27. Henry Soesanto $625 M
28. Luis Yu Jr. $545 M
29. Jacinto Ng $490 M
30. Eusebio Tanco $450 M
31. Yap family $440 M
32. Manuel Zamora Jr. $430 M
33. Robert Coyiuto Jr. $420 M
34. Menardo Jimenez $380 M
35. Mariano Tan Jr. $375 M
36. Gilberto Duavit Jr. $360 M
37. Felipe Gozon $355 M
38. Carlos Chan $350 M
39. Sylvia C. Wenceslao $340 M
40. Edgar Sia II $330 M
41. Keng Sun and Peter Mar & family $310 M
42. Alfredo Yao $280 M
43. Jose Antonio $270 M
44. Mariano Martinez Jr. $250 M
45. Oscar Lopez $245 M
46. Tomas Alcantara $240 M
47. Wilfred Steven Uytengsu Jr. $230 M
48. Frederick Dy $220 M
49. Philip Ang $190 M
50. Benedicto & Teresita Yujuico $185 M
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