Cover While some billionaires have seen their wealth stay steady, others, like ports and casino mogul Enrique Razon Jr., are thriving, thanks to a trade boom that's propelled his fortune to new heights
While some billionaires have seen their wealth stay steady, others, like ports and casino mogul Enrique Razon Jr., are thriving, thanks to a trade boom that's propelled his fortune to new heights
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Here are the wealthiest Filipino billionaires for 2024, according to Forbes’ latest Philippines’ 50 Richest list
Amid a slowing economy and a weaker peso, the fortunes of the wealthiest Filipinos are taking different turns, based on Forbes’ latest observation in its ‘50 Richest’ list for the Philippines. While some billionaires have seen their wealth stay steady, others are thriving, thanks to their business ventures.
According to the renowned business magazine, the Philippines’ economy grew by 5.7% in the first quarter of the year, slower than last year’s 6.4%, as inflation and high borrowing costs hit domestic demand. Despite a 2% rise in the stock market, the peso’s 6% drop kept the wealth of the country’s 50 richest nearly flat at US$90.8 billion from US$80.4 billion last year.
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Above The Sy siblings pose with their late father Henry Sy Sr. (Photo: Eco Business)
The Sy siblings pose with their late father Henry Sy Sr. (Photo: Eco Business)
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More than half of them saw their fortunes decline, including the Sy siblings —Teresita, Elizabeth, Henry Jnr, Hans, Herbert, and Harley, whose wealth fell by US$1.4 billion to US$13 billion, though they remain the wealthiest billionaires. Their flagship, SM Investments, is expanding into geothermal energy with five new projects.
Meanwhile, ports and casino magnate Enrique Razon Jnr became the country's richest man, with his net worth surging to US$13 billion, thanks to an 80% rise in shares of his company, International Container Terminal Services (ICTSI), driven by a trade boom. ICTSI also saw a 36% profit increase and plans to invest US$1.3 billion to expand its ports in Africa, Asia, and South America.
Property tycoon Manuel Villar's wealth grew by US$1.2 billion to US$10.9 billion, though he slipped to third place among the top billionaires. His companies, Vista Land & Lifescapes and Golden MV Holdings, are capitalising on the property market by diversifying into high-rise apartments.
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Above Manny Villar hosts a welcoming party in the newest Brittany Hotel in Villar City in Cavite (Photo: Facebook/Manny Villar)
Manny Villar hosts a welcoming party in the newest Brittany Hotel in Villar City in Cavite (Photo: Facebook/Manny Villar)
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Here are the billionaires in the Philippines’ ‘50 Richest’—their rank in the list, estimated net worth, and industry, according to Forbes.
1. Sy siblings
Estimated net worth: US$13 billion
Industry: Diversified
2. Enrique Razon Jnr
Estimated net worth: US$11.1 billion
Industry: Logistics
3. Manuel ’Manny’ Villar
Estimated net worth: US$10.9 billion
Industry: Real Estate
4. Ramon Ang
Estimated net worth: US$3.8 billion
Industry: Food & Beverage
5. Isidro Consunji & siblings
Estimated net worth: US$3.4 billion
Industry: Construction & Engineering
6. Tony Tan Caktiong & family
Estimated net worth: US$2.9 billion
Industry: Food & Beverage
7. Lucio Tan
Estimated net worth: US&2.65 billion
Industry: Diversified
8. Jaime Zobel de Ayala & family
Estimated net worth: US$2.6 billion
Industry: Diversified
9. Lucio & Susan Co
Estimated net worth: US$2.3 billion
Industry: Fashion & Retail
10. Aboitiz family
Estimated net worth: US$2.2 billion
Industry: Diversified
11. Lance Gokongwei & siblings
Estimated net worth: US$1.9 billion
Industry: Diversified
12. Ty siblings
Estimated net worth: US$1.85 billion
Industry: Finance & Investments
13. Andrew Tan
Estimated net worth: US$1.8 billion
Industry: Diversified
14. Vivian Que Azcona & siblings
Estimated net worth: US$1.7 billion
Industry: Fashion & Retail
15. Po family
Estimated net worth: US$1.65 billion
Industry: Food & Beverage
16. Soledad Oppen-Cojuangco & family
Estimated net worth: US$1 billion
Industry: Diversified
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Syrah is Tatler Philippines’ Power & Purpose editor, where she spotlights extraordinary journeys shaping the Philippines and Asia. She covers business, innovation, impact, and culture—chasing the people, ideas and forces shaping how we live and think today.
