50 Richest People in the Philippines, According to Forbes

(SPOT.ph)Forbes has unveiled the 50 richest people in the Philippines in 2024 and the Sy siblings are in the lead with a massive fortune of $13 billion.

Interestingly, the threshold to join this elite club dropped from $180 million in 2023 to $170 million in 2024, showing that even the wealthiest are feeling the economic pinch. Look no further than the Sy siblings, who faced a $1.4 billion reduction in net worth even while still holding the top position.

"While the country’s benchmark stock market index gained 2% since fortunes were last measured, the peso fell 6%. As a result, more than half of the country’s 50 richest are less wealthy this year," Forbes noted.

Enrique Razon Jr. stood out as the biggest gainer for the second year in a row. His net worth climbed from $3 billion to $11.1 billion thanks to a near 80% rise in the shares of his Philippine port company, International Container Terminal Services, amid a global trade recovery. This significant increase catapulted him to the second spot on the list for the first time.

Real estate mogul Manuel Villar might have slipped to third place, but he still saw an uptick in his fortune by $1.2 billion. His group expanded recently into high-rise apartment developments through his companies Vista Land & Lifescapes and Golden MV Holdings.

Meanwhile, San Miguel Corporation CEO Ramon Ang is pivoting his business from its traditional base in food and beverages to significant infrastructure projects like two new expressways and the New Manila International Airport.

In addition to the usual names, Forbes welcomed back Edgar Saavedra after a four-year absence thanks to Citicore Renewable Energy's recent IPO. His former business partner, Michael Cosiquien, also re-entered the ranks with his new venture, ISOC Holdings, which covers logistics, energy, property, and infrastructure.

Also read:Filipino Company Makes It to Top 50 of Forbes' List of 700 Best Employers

Here are the 50 richest people in the Philippines, according to Forbes

1. Sy siblings - $13 billion - Diversified
2. Enrique Razon Jr. - $11.1 billion - Logistics
3. Manuel Villar - $10.9 billion - Real Estate
4. Ramon Ang - $3.8 billion - Food and Beverage
5. Isidro Consunji and siblings - $3.4 billion - Construction and Engineering
6. Tony Tan Caktiong and family - $2.9 billion - Food and Beverage
7. Lucio Tan - $2.65 billion - Diversified
8. Jaime Zobel de Ayala and family - $2.6 billion - Diversified
9. Lucio and Susan Co - $2.3 billion - Fashion and Retail
10. Aboitiz family - $2.2 billion - Diversified
11. Lance Gokongwei and siblings - $1.9 billion - Diversified
12. Ty siblings - $1.85 billion - Finance and Investments
13. Andrew Tan - $1.8 billion - Diversified
14. Vivian Que Azcona and siblings - $1.7 billion - Fashion and Retail
15. Po family - $1.65 billion - Food and Beverage
16. Soledad Oppen-Cojuangco and family - $1 billion - Diversified
17. Hartono Kweefanus and family - $980 million - Food and Beverage
18. Campos siblings - $940 million - Healthcare
19. Dennis Anthony and Maria Grace Uy - $920 million - Telecom
20. William Belo - $895 million - Fashion and Retail
21. Inigo Zobel - $845 million - Diversified
22. Eusebio Tanco - $815 million - Diversified
23. Gotianun family - $805 million - Diversified
24. Betty Ang - $720 million - Food and Beverage
25. Dean Lao and family - $645 million - Food and Beverage
26. Jacinto Ng - $595 million - Food and Beverage
27. Mariano Tan Jr. - $585 million - Healthcare
28. Henry Soesanto - $475 million - Food and Beverage
29. Luis Yu Jr. - $415 million - Real Estate
30. Yap family - $400 million - Finance and Investments
31. Felipe Gozon - $395 million - Media and Entertainment
32. Jose Antonio - $390 million - Real Estate
33. Alfredo Yao - $385 million - Food and Beverage
34. Robert Coyiuto Jr. - $380 million - Energy
35. Carlos Chan - $375 million - Food and Beverage
36. Yuchengco family - $370 million - Diversified
37. Menardo Jimenez - $355 million - Media and Entertainment
38. Manuel Zamora Jr. - $350 million - Metals and Mining
39. Edgar Sia II - $340 million - Food and Beverage
40. Gilberto Duavit Jr. - $320 million - Media and Entertainment
41. Dennis Uy - $305 million - Diversified
42. Sylvia C. Wenceslao - $275 million - Real Estate
43. Edgar Saavedra - $270 million - Construction and Engineering
44. Tomas Alcantara - $240 million - Diversified
45. Wilfred Steven Uytengsu Jr. - $235 million - Food and Beverage
46. Federico Lopez and family - $230 million - Media and Entertainment
47. Keng Sun and Peter Mar and family - $210 million - Food and Beverage
48. Michael Cosiquien - $205 million - Construction and Engineering
49. Benedicto and Teresita Yujuico - $175 million - Real Estate
50. Frederick Dy - $170 million - Finance and Investments