The Combined Wealth of the 50 Richest Filipinos Surged to P4.5 Trillion This Year

The 50 richest people in the country saw their combined fortunes rise over 11 percent from $72 billion last year to $80 billion (about P4.5 trillion) in 2023, according to the latest study by American business news platform Forbes magazine. That’s more than the GDP of a country like Croatia. 

On Thursday (August 10), Forbes released its annual ranking of the richest people in the Philippines. Taking the top spot this year are the children of the late Henry Sy Sr.: Tessie, Elizabeth, Henry Jr., Hans, Herbert, and Harley, whose combined net worth is estimated at $14.4 billion, or around P806.7 billion.

Photo by Igi Talao.

Henry Sy Sr, of course, made his fortune through retail giant SM, although today, the company has interests in real estate, banking, mining, hospitality, among others, and is one of the largest conglomerates not just in the Philippines but in the entire Southeast Asia.

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Coming in at second place is former politician Manny Villar, whose estimated net worth is at $9.7 billion (about P543.2 billion). Villar, who was a former Senate President and unsuccessfully ran for President in 2010, went back to being a businessman after his tint in politics, further growing his real estate business. Today his vast conglomerate includes listed businesses involved in shopping malls, home improvement, supermarkets, and two real estate investment trust companies, as well as property developer company Vista Land & Lifescapes.

Third in the list is 67-year-old Enrique “Ricky” Razon Jr., who chairs the country’s leading ports operator International Container Terminal Services (ICTSI). He also owns hospitality firm Bloomberry Resorts, which operates Solaire Resort and Casino in Entertainment City. In 2021, he took over operations of Manila Water, one of the two water concessionaires in Metro Manila from Ayala Corp.

Rounding out the top five are Ramon Ang, chairman of diversified conglomerate San Miguel Corp. with a net worth of $3.4 billion (P190.4 billion), and who moved up five spots to land at number four; and Jollibee chairman Tony Tancaktiong and family, with a net worth of $3.2 billion, following just behind Ang. 

The rest of the top 10 includes:

6. Aboitiz family ($3.15 billion)
7. Lance Gokongwei and his siblings ($3 billion)
8. Isidro Consunji and his siblings ($2.9 billion)
9. Jaime Zobel de Ayala and family ($2.8 billion)
10. Lucio Tan ($2.6 billion) 

Photo by Igi Talao.

Making it to the list for the first time are the Gotianun family of Filinvest Development Corp. at number 22 with an estimated net worth of $850 million; the Yuchengco family of Rizal Commercial Banking Corp., with $420 million; and Federico “Piki” Lopez, whose father, Lopez family patriarch Oscar Lopez, died last April.