MANILA – Shopping mall tycoon Henry Sy, whose firm owns SM Supermalls, has been named as the richest Filipino for the past eight years, with his net worth this year amounting to $14.4 billion, higher from last year’s $12.7 billion – up by &1.7 billion.
Sy topped Forbes Philippines’ list of the 50 richest persons in the country anew.
“The country’s richest man is even richer as the value of his publicly traded conglomerates, SM Investments and SM Prime Holdings, have increased by 17 percent and 20 percent, respectively over the past year,” Forbes magazine’s report read.
Following Sy and rounding out the top five of the list were other business leaders John Gokongwei Jr. with a net worth of $5.5 billion, Andrew Tan with $4.5 billion, Lucio Tan with $4.3 billion and Enrique Razon Jr. with $4.1 billion.
Completing the top 10 were George Ty of Metrobank Group, Aboitiz family of Aboitiz Equity Ventures, Jaime Zobel de Ayala of Ayala Group, David Consunji of DMCI Holdings and Tony Tan Caktiong of Jollibee Foods.
Forbes also acknowledged how the Philippines’ economy continuously grew in the previous years.
“The Philippines is seeing a boost in domestic wealth, even as its resource industries suffer from the same market drag hitting the sector throughout the region,” the report continued.