The combined wealth of the Philippines’ super-rich fell from $79 billion in mid-2021 to $72 billion this year, despite the country’s recovery from the Covid-19 pandemic, according to Forbes Asia’s new list of the 50 richest people in the Philippines. The list is displayed. More than two-thirds of the tycoons on the list have lost their fortunes. The lowest net worth on the list was also $185 million, down from $200 million last year. The Philippines’ economy grew by 8.3% in the first quarter of 2022 as domestic demand began to recover from the pandemic. However, inflation, commodities and energy are rising…
The combined wealth of the Philippines’ ultra-rich fell from $79 billion in mid-2021 to $72 billion this year, even as the country recovers from the Covid-19 pandemic. new list The 50 richest people in the Philippines Forbes Asia show.
More than two-thirds of the tycoons on the list have lost their fortunes. The lowest net worth on the list was also $185 million, down from $200 million last year.
The Philippines’ economy grew by 8.3% in the first quarter of 2022 as domestic demand began to recover from the pandemic.
However, inflation, higher commodity and energy prices and lower exports to China dragged the benchmark stock index down 6% from the last time wealth was measured 11 months ago. The Philippine peso also fell 12% over the same period.
The top 10 richest people in the Philippines are:
Henry Sy Jr and siblings: $12.6 billion
Manuel Villar: $7.8 billion
Enrique Lazon Jr.: $5.6 billion
Lance Gokongwei and siblings: $3.1 billion
Aboitiz family: $2.9 billion
Isidro Consunji and children: $2.65 billion
Tony Tan Caktiong: $2.6 billion
Ayala’s James Zobel: $2.55 billion
Ramon Ang: $2.45 billion
Andrew Tan: $2.4 billion
Sy siblings ‘hit’
The Sy brothers, heirs to the group founded by the late Henry Sy Sr, saw their net worth drop the most in dollar terms by $4 billion to $12.6 billion. Shares in the family’s flagship SM Investments are down 19% from last year as investors grow timid.
In second place with a fortune of $7.8 billion is real estate billionaire Manuel Villar, who owns Vista Land and listed his REIT VistaREIT in June, the biggest dollar gainer this year. people. Villar is ramping up development of high-rise condos, towns and casinos, adding $1.1 billion to his fortune.
Rounding out the top three is port tycoon Enrique Razon Jr, although his net worth shrank slightly to $5.6 billion. Razon is doubling down on casinos and renewable energy, with plans to build the world’s largest solar farm in the Philippines.
The Aboitiz family returns to the top ten
Of the two returnees this year, the Aboitiz family ranks fifth with a combined wealth of $2.9 billion, which includes stakes in the broader family. Engineering group DMCI Holdings’ record first-quarter gain of $200 million also boosted Isidro Consunji and his siblings’ wealth by 47 percent to $2.65 billion, making them sixth.
The list was compiled from equity and financial information obtained from households and individuals, stock exchanges, analysts and other sources, according to Forbes Asia.
