The top 10 business magnates in 2021 Forbes Philippines Rich list have seen their wealth rise significantly during the COVID-19 pandemic by up to 30%, proving that their net worth has only increased over the years.
One of the conglomerates had only started as a small-time firm selling overrun shoes, while others ran a slew of businesses from real estate to hotels.
The list of individuals and their companies goes here:
Sy Siblings
Net worth: $16.6 billion
Six children of business tycoon Henry Sy Sr, Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley have their stakes in the publicly traded SM Investments and SM Prime. SM was started by Henry Sr, who sold overrun shoes in 1958 at a store in Manila which was called Shoemart. Now, SM is one of Southeast Asia’s largest conglomerates running department stores, supermarkets, banks, hotels, real estate, and mining projects. It owns 49 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and over 200 grocery stores as well as Banco de Oro, the second-largest bank in the Philippines. Sy siblings are on the group’s boards and steer SM’s overall strategy. Sy siblings are still the richest in the Philippines earning $2.7 billion more in 2021 that pushed their total net worth to $16.6 billion.
Manuel Villar
Net worth: $6.7 billion
Starting with a small initial capital, Manuel Villar purchased two reconditioned trucks and started a business delivering sand and gravel for construction companies in Las Piñas. Now l Villar chairs property developer Vista Land & Lifescapes run by his son Manuel Paulo as the company is planning to list a real estate investment trust in 2021.
Villar has stakes in Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and condos and also chairs mall operator Vistamalls. In October 2019, he took his home improvement chain AllHome public. His wife, Cynthia Villar, is a senator in the Philippines. Manuel has a net worth of $6.7 billion and is the country’s richest individual.
Enrique Razon Jr
Net worth: $5.8 billion
Enrique Razon Jr is a Filipino billionaire and the chairman and CEO of the Manila-listed company International Container Terminal Services, Inc (ICTSI), the Philippine port-handling giant. He is also Chairman of Bloomberry Resorts Corp. (BRC), developer of Solaire Resort and Casino, a US$1.2 billion integrated resort complex in the Philippines’ Entertainment City. ICTSI and BRC are both listed in the Philippine Stock Exchange. International Container also has subsidiaries in the Asia-Pacific, Eastern Europe, Africa, and the Americas. Razon’s grandfather had started the business with a port in Manila in 1916, which his father rebuilt after WWII and he grew the business globally.
Lance Gokongwei and siblings
Networth: $4 billion
Lance Gokongwei and his siblings, Robina, Lisa, Faith, Hope and Marcia, inherited their business from their late father John Gokongwei Jr. They derive their wealth largely from stakes held in JG Summit. The conglomerate company has business and investment holdings across the Filipino economy, including shipping, telecommunications, retail, financial services, petrochemicals, utilities, aviation, food, beverages, and livestock farming. Lance is the chief executive of JG Summit while his older sister Robina is chief executive of Robinson Retail. Their business also includes Universal Robina, one of the country’s largest F&B companies, started by their father as a cornstarch plant in 1957. In June 2021, Gokongwei acquired a minority stake in local pizza chain Shakey’s Pizza.
Jaime Zobel de Ayala
Net worth: $3.3 billion
A Filipino businessman from the prominent Zóbel de Ayala family, Jaime chaired his family’s Ayala Group until retiring in 2006 when his son, Jaime II, took over. Jaime’s 7 children control more than one-third of the $3.9 billion revenue of conglomerate.
His grandfather had started with a distillery in Manila and later expanded the business into banking, real estate, hotels, telecommunications and education sectors.
Dennis Anthony and Maria Grace Uy
Net worth: $2.8 billion
Dennis Anthony and his wife Maria Grace founded Converge ICT Solutions, one of Philippines’ largest operators of high-speed internet. Earlier in 2019 New York private equity firm Warburg Pincus invested $250 million in Converge to bolster its roll out and infrastructure plans. The Converge ICT’s fixed broadband services now reach more than 6 million homes in over 200 cities and municipalities in Luzon and after the company was made public in 2020, they raised more than $500 million in what was one of the Philippines’ largest IPOs in recent years.
The couple still have a majority stake in the company.
Tony Tan Caktiong
Net worth: $2.7 billion
Founder and chairman of Jollibee Food, Tony Tan Caktiong runs one of the world’s fastest-growing Asian restaurant chains. The company operates more than 3,200 eateries in the Philippines and over 2,600 stores overseas. It also sells Filipino, Chinese, American and European dishes adapted to a quick-serve and affordable format. Earlier after reporting losses for the first nine months of 2020 due to the COVID-19 pandemic, Jollibee turned profitable in the fourth quarter. Caktiong also owns a stake in developer DoubleDragon Properties.
Andrew Tan
Net worth: $2.6 billion
Andrew Tan runs Alliance Global, a holding company which has businesses in food and beverage, gaming and real estate sectors. Son of a factory worker, Tan built his wealth developing large apartment complexes around Manila. The Alliance Global runs Emperador, the world’s largest brandy company by sales volume.
Tan’s son Kevin is chief executive of Alliance Global and chief strategy officer of property developer Megaworld.
Ramon Ang
Net worth: $2.3 billion
President and vice chairman of one of the nation’s oldest conglomerates, San Miguel, Ramon Ang has seen his net worth rise significantly over the years. Originally a brewer, San Miguel is now a leader in food and beverages and the bulk of its revenue comes from power and infrastructure businesses. Miguel also has a substantial stake in Eagle Cement, which was made public in 2016. The company is increasing its capacity to 8.6 million metric tons and San Miguel proposes to build a $15 billion airport and city complex at a 2,500-hectare location along Manila Bay.
Ty Siblings
Networth: $2.2 billion.
Ty siblings, Arthur, Alfred, Alesandra and Anjanette, have inherited their business from late banking tycoon George Ty, who founded Metrobank in 1963 and later formed GT Capital, now one of Philippines biggest conglomerates with businesses in banking, auto, property development, power generation and insurance sectors. Their fortune consists of stakes held in the publicly listed GT Capital and Metropolitan Bank Trust. Their eldest son Arthur chairs Metrobank and was conferred the Asian Banker CEO Leadership Achievement Award for the Philippines in 2019. (AW)
