According to Forbes' Philippines' 50 Richest, the Sy siblings held a combined net worth of $13 billion as the SM Group continued to expand in its core banking, property, and retail segments alongside newer businesses such as transport and renewable energy.
Enrique Razon Jr. climbed to second place in 2024 from third last year, thanks to an 80 percent surge in International Container Terminal Services’ share price, boosting his fortune by 37 percent to $11.1 billion.
Manuel Villar Jr., the founder of Vista Land & Lifescapes and several other listed companies, including the richly valued Golden MV Holdings, moved to the third spot with a net worth of $10.9 billion, an increase of 12.4 percent from last year.
Ramon Ang, featured on the cover of Forbes Asia, remained steady in fourth place with a net worth of $3.8 billion, up by $400 million. Under his leadership, San Miguel Corp. has become a major player in infrastructure.
Isidro Consunji, who leads the family conglomerate DMCI Holdings, and his siblings rounded out the top five, with their fortune rising to $3.4 billion from $2.9 billion. The family previously occupied the 8th spot.
Lance Gokongwei and his siblings saw their combined fortune drop by 37 percent to $1.9 billion, dropping to 11th place from 7th, due to challenges faced by JG Summit Holdings.
No new entries appeared on the list due to a lackluster initial public offering market.
Edgar Saavedra, whose Citicore Renewable Energy went public this year this year, and Michael Cosiquien, re-entered the list at 43rd and 48th places, respectively.
Eusebio Tanco, whose wealth increased by 35 percent to $815 million, rose to the 20th spot, driven by the success of online bingo company, DigiPlus Interactive, which he chairs.
The minimum net worth required to make the list was $170 million, down from $180 million last year.
The top 10 richest individuals in the Philippines are: the Sy siblings ($13 billion), Razon ($11.1 billion), Villar ($10.9 billion), Ang ($3.8 billion), Consunji & siblings ($3.4 billion), Tony Tan Caktiong ($2.9 billion), Lucio Tan ($2.65 billion), Jaime Zobel de Ayala ($2.6 billion), Lucio & Susan Co ($2.3 billion), and the Aboitiz Family ($2.2 billion). Net worths are based on stock prices and exchange rates as of July 19, 2024, according to Forbes.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
