“I wanna be a billionaire,” sung Bruno Mars, “I wanna be on the cover of Forbes magazine.” Since at least 1987, Forbes Magazine has listed the world’s billionaires, a testament to the growing affluence of so-called ultra high net worth individuals in the midst of global economic growth. In the Philippines, Forbes revealed 20 of them in this year’s list, captains of industry who thrived under pandemic conditions. Would their names be familiar to you today?
Manny Villar
Philippines rank: 1 (up from 2)
World rank: 263 (up from 352)
Net worth: USD 8.3 billion
Profile from Forbes: Manuel Villar chairs property developer Vista Land & Lifescapes run by his son Manuel Paulo. The company is planning to list a real estate investment trust in 2021. Villar’s biggest asset is his stake in Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and condos. In 2019, he took his home improvement chain AllHome public. Villar has been involved in politics and held positions including congressman, Speaker of the House of Representatives, senator, and Senate President.
Enrique Razon Jr.
Philippines rank: 2 (up from 3)
World rank: 263 (up from 561)
Net worth: USD 6.7 billion
Profile from Forbes: Enrique Razon, Jr. chairs International Container Terminal Services (ICTSI), the country’s leading ports operator. International Container also has subsidiaries in the Asia-Pacific, Eastern Europe, Africa, and the Americas. The crown jewel of his hospitality firm Bloomberry Resorts is the Solaire Resort and Casino in the Philippines.
Henry Sy, Jr.
Philippines rank: 3
World rank: 1,096 (up from 1,174)
Net worth: USD 2.8 billion
Profile from Forbes: Henry Sy, Jr. is co-vice chairman of SM Investments, a major conglomerate founded by his late father, Henry Sy, Sr. He also serves as chairman of SM Prime, the group’s property arm with interests in malls, residences, offices, hotels and convention centers. Sy was chief executive of the National Grid Corporation of the Philippines, a private power operator; he stepped down in 2016. He is a devout Christian and is nicknamed “Big Boy” among business circles from being the eldest son of the founder.
Andrew Tan
Philippines rank: 4 (up from 8)
World rank: 1,096 (down from 1,008)
Net worth: USD 2.8 billion
Profile from Forbes: Andrew Tan chairs Alliance Global, a holding company with interests in food and beverage, gaming and real estate. Alliance Global runs Emperador, the world’s largest brandy company by sales volume. Tan’s father splurged on a bottle of brandy at Tan’s graduation from the University of the East in 1974; that was Tan’s first time trying brandy.
Hans Sy
Philippines rank: 5
World rank: 1,196 (down from 1,008)
Net worth: USD 2.6 billion
Profile from Forbes: Hans Sy is the fourth child of Henry Sy, Sr., the late founder of SM Investments, one of Philippines largest conglomerates. He stepped down as president of subsidiary SM Prime, a property developer, in 2016 and remains a director. He also serves as an adviser of SM Investments, chairman of China Banking Corporation and chairman of National University. He is the only Filipino member of the United Nations International Strategy for Disaster Reduction.
Herbert Sy
Philippines rank: 6
World rank: 1,196 (down from 1,008)
Net worth: USD 2.6 billion
Profile from Forbes: Herbert Sy is an adviser of SM Investments, a major conglomerate, and a director of SM Prime, the group’s property developer. He is a son of the late SM founder, Henry Sy, Sr., and the second-youngest of six children.
Harley Sy
Philippines rank: 7
World rank: 1,292 (down from 1,174)
Net worth: USD 2.4 billion
Profile from Forbes: Harley Sy is the executive director of SM Investments, one of the country’s largest conglomerates, which was founded by his late father Henry Sy, Sr. He also serves as a director of China Banking and as an adviser of BDO Private Bank. He is the youngest of Henry Sy’s six children and the fourth son.
Teresita Sy-Coson
Philippines rank: 8
World rank: 1,292 (down from 1,174)
Net worth: USD 2.4 billion
Profile from Forbes: Teresita Sy-Coson is co-chairman of SM Investments, one of the country’s largest conglomerates started by her late father Henry Sy, Sr. She also serves as the chairperson of BDO Unibank, a retail bank. She is the eldest child and first daughter of the group’s founder.
Elizabeth Sy
Philippines rank: 9
World rank: 1,445 (down from 1,299)
Net worth: USD 2.1 billion
Profile from Forbes: Elizabeth Sy is an adviser of SM Investments, a post she’s held since 2012. She is the second child and daughter of the late SM founder, Henry Sy, Sr.
Ramon Ang
Philippines rank: 10 (down from 9)
World rank: 1,513 (down from 1,444)
Net worth: USD 2 billion
Profile from Forbes: Ramon Ang is the president and vice chairman of one of the nation’s oldest conglomerates, San Miguel. He also owns a substantial stake in Eagle Cement, which he took public in 2016. The company is increasing its capacity to 8.6 million metric tons.
Lance Gokongwei
Philippines rank: 11
World rank: 1,818 (up from 2,378)
Net worth: USD 1.6 billion
Profile from Forbes: Lance Gokongwei is the only son of the late John Gokongwei, Jr. who founded JG Summit, one of Philippines’ largest conglomerates. He now serves as chief executive of the company, which spans interests in airlines, telecom, banking, food, power and property. He also has a stake in Robinsons Retail, one of Philippines’ largest retailers, which was started by his father as a department store in 1980.
Tony Tan Caktiong
Philippines rank: 12
World rank: 2,190 (down from 1,299)
Net worth: USD 1.3 billion
Profile from Forbes: Tony Tan Caktiong is the founder and chairman of Jollibee Food, one of the world’s fastest-growing Asian restaurant chains. Jollibee operates more than 3,300 eateries in the Philippines and more than 2,500 stores overseas. With partner Edgar Sia II, Caktiong also owns a stake in the fast-growing DoubleDragon Properties.
Betty Ang
Philippines rank: 13 (up from 18)
World rank: 2,324
Net worth: USD 1.2 billion
Profile from Forbes: Betty Ang is the president and cofounder of Monde Nissin, one of the Philippines’ largest food manufacturers. Ang founded Monde Nissin in 1979 with her late father-in-law, Hidajat Darmono. Monde Nissin debuted on the Philippines’ bourse in June 2021, raising PHP 55.9 billion (USD 1.1 billion) in what was the country’s biggest-ever IPO.
Lucio Tan
Philippines rank: 14 (down from 12)
World rank: 2,324 (down from 925)
Net worth: USD 1.2 billion
Profile from Forbes: Lucio Tan is the founder and chairman of the USD 2 billion (sales) LT group, which has interests in tobacco, spirits, banking and property development. Tan’s grandson Lucio Tan III is vice president of loss-making Philippines Airlines, which is part of their portfolio. In September, his airline filed for bankruptcy protection in the United States.
Maria Grace Uy
Philippines rank: 15
World rank: 2,324
Net worth: USD 1.2 billion
Profile from Forbes: Maria Uy and her husband Dennis founded Converge ICT Solutions, one of the Philippines’ largest operators of high-speed internet. Maria serves as the company’s president, Dennis as its CEO. The couple remains majority owners of the company.
Nari Genomal
Philippines rank: 16
World rank: 2,578
Net worth: USD 1 billion
Profile from Forbes: Nari Genomal gets his wealth from a minority stake in BSE-listed Page Industries. Page is one of the biggest licensees in the world for underwear maker Jockey. The Bangalore-headquartered Page Industries is also the exclusive Indian licensee of swimwear brand Speedo.
Ramesh Genomal
Philippines rank: 17
World rank: 2,578
Net worth: USD 1 billion
Profile from Forbes: Ramesh Genomal gets his wealth from a minority stake in BSE-listed Page Industries. Page is one of the biggest licensees in the world for underwear maker Jockey. He cofounded Page Industries with his younger brother Sunder with the aim of bringing Jockey to India.
Sunder Genomal
Philippines rank: 18
World rank: 2,578
Net worth: USD 1 billion
Profile from Forbes: Sunder Genomal runs Page Industries, one of the biggest licensees in the world for underwear maker Jockey. His son Shamir is the company’s deputy managing director.
Roberto Ongpin
Philippines rank: 19 (up from 22)
World rank: 2,578 (down from 2,378)
Net worth: USD 1 billion
Profile from Forbes: Roberto Ongpin chairs Alphaland, his high-end property developer that delisted in 2014 after a messy split with a U.K. investment group. Ongpin worked at Procter & Gamble for two years and then got his M.B.A. from Harvard Business School before returning to the Philippines.
Dennis Anthony Uy
Philippines rank: 20
World rank: 2,578
Net worth: USD 1 billion
Profile from Forbes: Dennis Uy and his wife Maria founded Converge ICT Solutions, one of the Philippines’ largest operators of high-speed internet. They took the company public in 2020, raising more than USD 500 million in what was one of the Philippines’ largest IPOs in recent years. With a bachelor’s degree in electrical engineering, he is the only CEO of a major Philippine internet company who has a tech background.
How Forbes came up with the list
The Forbes World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates. They list individuals rather than multigenerational families who share fortunes, though they include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune. Forbes listed 2,668 billionaires around the world in 2022, down from the record high of 2,775 last year. In the Philippines, 22 billionaires were listed in 2021. The collective worth of listed billionaires worldwide is placed at USD 12.7 trillion, also down from USD 13.1 trillion in 2021. Elon Musk, now worth an estimated USD 219 billion, topped the Forbes list for the first time.
Among other rankers, Bloomberg also has their list of top 500 billionaires globally. Villar (258th, USD 8.69 billion) and Razon (440th, USD 5.95 billion) made it in the Bloomberg Billionaires Index as of 2022.
Great article! Alice Eduardo is truly an inspiration, her leadership and philanthropic work have made a significant impact on many lives. Thanks for highlighting her incredible journey!
how about ms. Alice Eduardo po? She is also a stalwart partner of Go Negosyo, a program of the Philippine Center for Entrepreneurship that targets the local entrepreneurs.