“His wealth soared by $3 billion to $11.1 billion,” Forbes Asia said in its latest list that tracks the wealthiest families in the Philippines.
“Shares of his International Container Terminal Services, which has been in expansion mode, jumped by nearly 80 percent in the past year amid the global trade rebound,” it added.
ICTSI, which operates cargo ports in the Philippines and all over the world, soared amid resurgent global trade in the post-pandemic era. Shares of the company continue to trade near all-time highs of P374 per share following a recent correction.
Razon also controls casino operator Bloomberry Resorts, valued at about P90 billion, and Prime Infrastructure, which owns energy and water utilities, including Manila Water Co.
Villar, the founder of property giant Vista Land & Lifescapes Inc., was previously the richest individual in the Philippines.
While his net worth increased by $1.2 billion to reach $10.9 billion, it wasn’t enough to outpace Razon’s surge.
He now holds the second spot on the individual rich list. He also owns several other listed companies, including cemetery plot developer Golden MV Holdings, which is worth over P950 billion in the stock market.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.