Philippines’ super-rich lose $7 billion

The combined wealth of the super-wealthy in the Philippines dropped to $72 billion this year from $79 billion in mid-2021 even as the country recovered from the Covid-19 pandemic, the new list of the Philippines’ 50 richest people compiled by Forbes Asia shows. More than two-thirds of tycoons on the list saw their wealth shrink. The minimum net worth to make the list was also $185 million, down from $200 million last year. The Philippines’ economy grew 8.3 per cent in the first quarter of 2022, as domestic demand started recovering from the pandemic. However, inflation, rising commodity and energy…

The combined wealth of the super-wealthy in the Philippines dropped to $72 billion this year from $79 billion in mid-2021 even as the country recovered from the Covid-19 pandemic, the new list of the Philippines’ 50 richest people compiled by Forbes Asia shows.

More than two-thirds of tycoons on the list saw their wealth shrink. The minimum net worth to make the list was also $185 million, down from $200 million last year.

The Philippines’ economy grew 8.3 per cent in the first quarter of 2022, as domestic demand started recovering from the pandemic.

However, inflation, rising commodity and energy prices and reduced exports to China dragged the benchmark stock index down six per cent from when fortunes were last measured 11 months ago. The Philippine peso also plunged 12 per cent over the same period.

The top 10 richest individuals in the Philippines are:

Henry Sy Jr and siblings: $12.6 billion

Manuel Villar: $7.8 billion

Enrique Razon Jr: $5.6 billion

Lance Gokongwei and siblings: $3.1 billion

Aboitiz family: $2.9 billion

Isidro Consunji and siblings: $2.65 billion

Tony Tan Caktiong: $2.6 billion

Jaime Zobel de Ayala: $2.55 billion

Ramon Ang: $2.45 billion

Andrew Tan: $2.4 billion

Sy siblings hit “hard”

The Sy siblings, heirs to the group built by the late Henry Sy Sr, retain top spot but their net worth fell by $4 billion to $12.6 billion, the biggest drop in US dollar terms. Shares in the family’s flagship SM Investments fell 19 per cent from last year as investors turned timid.

In second spot with a fortune of $7.8 billion is property billionaire Manuel Villar, who owns Vista Land and listed his real estate investment trust VistaREIT in June and is this year’s biggest US dollar gainer. Villar, who is revving up the development of high-rise condos, townships and a casino, added $1.1 billion to his wealth.

Rounding out the top three is ports tycoon Enrique Razon Jr, though his net worth is 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.

Aboitiz family returns to top ten

Among the two returnees this year is the Aboitiz family, in fifth spot with a collective fortune of $2.9 billion, which includes holdings of the broader family. Record first-quarter earnings of $200 million at engineering conglomerate DMCI Holdings also lifted the fortune of Isidro Consunji and his siblings by 47 per cent to $2.65 billion and into sixth spot.

According to Forbes Asia, the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.