Henry Sy has retained his unassailable position at the head of Forbes magazine’s annual list of the Top 10 richest people in the Philippines.
Despite some tough challenges in the country’s economy over the course of 2018, these tycoons still managed to hold on to their billions.
Familiar names remain at the head of the list but a few new faces have emerged this year.
By a long margin, Henry Sy remains the richest with $18.3 billion, while Many Villar, who ranked tenth last year has shot up to the number-two spot with a fortune of $5b.
He replaced John Gokongwei in second place, pushing him down into third place with $4.4b.
Also falling, was George Ty who fell from number four to ninth place with $2.75b. Joining him on the downward trend was Lucio Tan, who fell from three to seven with a fortune of $3.8b.
Andrew Tan dropped slightly from 10 to eight ($2.85b), while
Enrique Razon ($3.9b) and Tony Tan Caktiong ($3.85) maintained their spots at number five and six.
Meanwhile, new names such as Jaime Zobel de Ayala (number four with $4b) and Ramon Ang (number eight with $2.85b) are new arrivals to the top 10 list.
Who is Henry Sy?
- Henry Sy is chairman emeritus of SM Investments, one of Philippines’ largest conglomerates which saw $6.7 billion in revenue in 2016.
- He started out by learning the ropes of the retail beside his father in the family’s convenience store.
- After saving enough money, he went out on his own and started his first business with a footwear shop.
- Sy has topped the Forbes Philippines Rich List for eleven years in a row.
The Top 10 Richest People in the Philippines and their net worth in dollars:
- Henry Sy $18.3 B
- Manuel Villar $5 B
- John Gokongwei, Jr. $4.4 B
- Jaime Zobel de Ayala $4 B
- Enrique Razon, Jr. $3.9 B
- Tony Tan Caktiong $3.85 B
- Lucio Tan $3.8 B
- Ramon Ang $2.85 B
- George Ty $2.75 B
- Andrew Tan $2.6 B