Business tycoon Henry Sy, founder of Shoe Mart (SM), still tops the list of richest Filipinos, according to Forbes magazine, with a net worth of $12.7 billion as of 2017. This is Sy’s 10th consecutive time to top the list.
The Filipino-Chinese ranks 94th richest billionaire worldwide, in the list released on Monday, March 20.
The global billionaires’ list was topped by philanthropist Bill Gates with a net worth of $86.8 billion.
However, Sy’s net worth this year is lower than his 2016 net worth of $13.7 billion, reported CNN Philippines.
The 92-year-old billionaire founded SM in 1958 and has expanded his business to retail, banking, and property. Forbes said that SM Investments is now the largest retailer in the Philippines. Sy’s children are now running his businesses, said the news portal.
With $5.8 billion net worth, John Gokongwei Jr., owner JG Summit conglomerate has also retained his spot at second place. The 90-year-old has businesses in an airline, banking, food, hotels, power, chemicals, real estate, and telecommunications.
Philippine Airlines majority owner Lucio Tan, has significantly moved up the list from fifth spot last year to third spot in 2017 with $3.7 billion net worth. His net worth is also down from $4.9 billion a year ago. The LT Group has interests in tobacco, spirits, banking, and property development.
Below is the list of Filipinos in Forbes’ top 14 this year:
1. Henry Sy; $12.7 billion
2. John Gokongwei Jr; $5.8 billion
3. Lucio Tan; $3.7 billion
4. George Ty; $3.5 billion
5. Enrique Razon Jr.; $3.4 billion
6. Tony Tan Caktiong; $3.4 billion
7. David Consunji; $3.1 billion
8. Andrew Tan; $2.5 billion
9. Robert Coyiuto; $1.5 billion
10. Manuel Villar; $1.5 billion
11. Ramon Ang; $1.4 billion
12. Eduardo Cojuangco; $1.2 billion
13. Roberto Ongpin; $1.1 billion
14. Edgar Sia; $1 billion
Edgar Sia, the man behind fastfood chain Mang Inasal, is the youngest among the group of Filipino billionaires. The 40-year-old businessman’s net worth this year is at $1 billion. He also owns a stake in Double Dragon Properties.
