The Sy siblings, heirs to the SM Group’s vast business empire, have once again been named the wealthiest individuals in the Philippines for 2024, according to Forbes Asia’s latest rankings released on Thursday.
Despite a drop in their collective net worth from $14.4 billion in 2023 to $13 billion this year, the Sy family remains at the pinnacle of the country’s financial elite.
The SM Group, which has interests spanning retail, banking, property development, and now geothermal energy, continues to dominate the Philippine business landscape. Forbes Asia noted the conglomerate’s recent foray into renewable energy, with five geothermal projects underway across the nation.
Enrique Razon, the ports magnate, secured the second spot with a net worth of $11.1 billion, edging out real estate tycoon Manny Villar, who slipped to third place with $10.9 billion.
Razon’s ascent in the rankings reflects his strategic expansions in infrastructure and energy sectors, solidifying his position among the nation’s most powerful businessmen.
Ramon Ang, the dynamic leader of San Miguel Corporation, maintained his hold on the fourth spot with a net worth of $3.8 billion. Forbes Asia’s August cover featured Ang, highlighting his transformative role in turning San Miguel into a key player in infrastructure, with significant investments in airports, toll roads, and power generation.
Meanwhile, the Consunji siblings, known for their ventures in property development and infrastructure through DMCI Holdings, climbed to fifth place from eighth last year, boasting a net worth of $3.4 billion.
Other prominent billionaires in the 2024 list include: Tony Tan Caktiong & Family ($2.9 billion), Lucio Tan ($2.65 billion),
Jaime Zobel de Ayala & Family ($2.6 billion), Lucio & Susan Co ($2.4 billion), and Aboitiz Family ($2.2 billion).
In a significant shift, the Gokongwei siblings fell off the top 10 list, with their collective wealth decreasing from $3 billion in 2023 to $1.9 billion this year.
