LOOK: Forbes Reveals 10 Richest in the Philippines
Coming in at number one is a family of six siblings whose total net worth amounts to a whopping $14.4 billion or approximately PHP 815.42 billion!
Every year, American business magazine Forbes releases its list of the richest people from around the world, including the Philippines. And in this year’s lineup, the 50 richest in the country have a combined wealth of $80 billion (approximately PHP 4.53 trillion).
Among those who found themselves on the list are Felipe Gozon, Chairman and CEO of GMA Network; Dennis Anthony Uy and his wife Mary Grace, the owners of Converge ICT Solutions; and the Gotianun family, who have interests in banking, property, and even power.
However, none of them made it into the top 10 richest in the Philippines. So just who made it to the top 10? Here is the complete list.
10. Lucio Tan
Coming in at number 10 is Lucio Tan. At 89 years old, he is the chairman of the LT Group, which he also founded. According to Forbes, his net worth is valued at $2.6 billion (approximately PHP 147.22 billion).
The LT Group has interests in banking, property development, and tobacco, among others. Among the companies owned by Lucio Tan are beverage company Asia Brewery and PAL Holdings—the parent company of the country’s flag carrier Philippine Airlines.
9. Jaime Zobel de Ayala and Family
Up next at number 9 is Jaime Zobel de Ayala and his family. While Jaime Zobel de Ayala retired way back in 2006, his and his family’s net worth is valued at $2.8 billion (approximately PHP 158.55 billion) by Forbes. Prior to his retirement, he was the chairman of Ayala Corporation.
Today, his seven children, including Fernando Zobel de Ayala and Jaime Augusto Zobel de Ayala, “control more than one-third” of the conglomerate, according to Forbes. The family has interests in real estate, banking, and telecommunications, among others.
His cousin, Iñigo Zobel, likewise made it to the Forbes list—landing at number 18.
8. Isidro Consunji and Siblings
DMCI Holdings Chairman and President Isidro Consunji and five siblings (Josefa, Jorge, Luz, Maria Cristina, and Maria Edwina) have a combined net worth of $2.9 billion (approximately PHP 164.23 billion), which land them in the eighth spot.
They are the children of the late David Consunji, who founded the company in 1954. As Forbes notes, DMCI is one of the most well-known property developers in the Philippines. Aside from property development, they also have interests in water services and mining, among others.
7. Lance Gokongwei and Siblings
Coming in at number seven are the children of the late John Gokongwei, Jr. They are none other than JG Summit Chief Executive Officer Lance Gokongwei and his siblings Faith, Hope, Lisa, Marcia, and Robina.
Together, the Gokongwei siblings have a net worth of $3 billion (approximately PHP 169.97 billion). According to Forbes, the siblings’ fortune “is derived largely from stakes held in JG Summit, which has interests in airlines, telecom, banking, food, power, and property.”
6. Aboitiz Family
Next on the list is the family behind Aboitiz Equity Ventures (AEV). The family established its roots in business when Paulino Aboitiz founded Aboitiz & Co., which focused on abaca trading and general merchandise.
Forbes notes that the business is now headed by fourth-generation members of the Aboitiz family, including AEV Chairman Enrique Aboitiz and AEV President and CEO Sabin Aboitiz. The family’s net worth is valued at $3.15 billion (approximately PHP 177.98 billion).
5. Tony Tan Caktiong and Family
The fifth richest in the Philippines is none other than Tony Tan Caktiong and his family. With a net worth of $3.2 billion (approximately PHP 180.84 billion), Tony Tan Caktiong and his family is best known for owning Jollibee Foods Corporation.
According to Forbes, Jollibee operates restaurants and cafes not just in the Philippines, but also in foreign countries such as the United States, Singapore, and the United Kingdom. To date, Tony Tan Caktiong serves as the company’s founder and chairman.
4. Ramon Ang
Ramon Ang—one of the most well-known names in the food and beverage industry—is the fourth richest in the Philippines with a net worth of $3.4 billion (approximately PHP 192.13 billion).
He is the president and vice chairman of San Miguel, which Forbes describes as “a leader in food and beverages.” However, it likewise points out that “the bulk of its revenue comes from power and infrastructure businesses.”
3. Enrique Razon, Jr.
Coming in at number three on this list is Enrique Razon, Jr., the chairman of International Container Terminal Services (ICTSI). ICTSI has subsidiaries located in different parts of the world, including Eastern Europe and Africa.
According to Forbes, his net worth is valued at $8.1 billion (approximately PHP 457.70 billion). Forbes also notes that Razon has a hospitality firm called Bloomberry Resorts, which owns Solaire Resort and Casino.
2. Manuel Villar
Former senator Manuel Villar is the second richest in the Philippines with a net worth of $9.7 billion (approximately PHP 547.97 billion). He is the chairman of known property developer Vista Land & Lifescapes.
“Villar’s biggest asset is his stake in Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and memorial parks,” Forbes notes. His other listed entities include Premiere Island Power REIT and Vistamalls.
1. Sy Siblings
The richest in the Philippines for 2023 is none other than the children and heirs of the late Henry Sy, Sr., who is best known as the founder of SM. His six children, Elizabeth, Hans, Harley, Henry Jr., Herbert, and Teresita, have a combined net worth of $14.4 billion (approximately PHP 813.86 billion).
Per Forbes, this net worth largely consists of stakes held in SM Investments and SM Prime. The family has interests in real estate, department stores, supermarkets, and banks, among others.