SINGAPORE (September 9, 2021) – The Forbes 2021 tycoons of the 50 richest in the Philippines have experienced a solid recovery and saw their collective wealth increase by 30% to $ 79 billion. The full list is available here and in the September issue of Forbes Asia.
Despite the ravages of Covid-19, the economy recorded double-digit growth in the second quarter of this year. Investor sentiment remained strong, fueling a 13% rise in the benchmark stock index from a year ago. The wealth of more than half of the roster has grown this year with four registrants adding more than $ 1 billion each.
The top three are the biggest dollar winners on this year’s list, collectively richer by nearly $ 6 billion. The Sy siblings, heirs to the group built by the late Henry Sy Sr., added $ 2.7 billion to stay at number one with $ 16.6 billion. Real estate mogul Manuel Villar, whose net worth rose from $ 1.7 billion to $ 6.7 billion, retains second place. Enrique Razon Jr., who expanded his portfolio by taking control of Manila Water, saw his fortune increase by $ 1.5 billion to remain the third richest with $ 5.8 billion.
Despite the headwinds of the pandemic, an active IPO market in the Philippines made Betty Ang, co-founder and president of Monde Nissin, the biggest winning percentage this year. Ang climbed 20 spots to No.18 after surging more than seven times his wealth to $ 1.4 billion after the June listing of Monde Nissin, which raised a record $ 1 billion. The IPO produced three newcomers to the ranks – Monde Nissin chairman Hartono Kweefanus (# 11, $ 1.95 billion); company CEO Henry Soesanto (# 25, $ 795 million); and brothers Keng Sun and Peter Mar (# 35, $ ââ410 million), heirs to a cookie business their family sold to Monde Nissin.
The listing gains also produced this year’s richest newcomers – Dennis Anthony and Maria Grace Uy (# 6, $ 2.8 billion), co-founders of Converge ICT Solutions, who saw demand for its services. broadband by Filipinos confined to their homes explode during the pandemic. Their company went public last October, raising $ 522 million.
A total of eight newcomers created a healthy churn rate in this year’s list. They include Luis Yu Jr. (# 32, $ 445 million) and Mariano Martinez Jr. (# 49, $ 205 million), owners of 8990 Holdings, a low-cost home builder, as well as husband and wife. Benedicto and Teresita. Yujuico (# 48, $ 210 million) who profited from the listing of DDMP REIT, an office owner they co-own with their colleague Edgar Sia II.
More than a dozen people on the list have seen their fortunes decline, including liquor and airline billionaire Lucio Tan (# 12, $ 1.9 billion). The pandemic affected its Philippine Airlines, which racked up losses and filed for bankruptcy in the United States
The minimum net worth to make the list this year was $ 200 million, up from $ 100 million last year.
The 10 richest in the Philippines are:
- Sy siblings; US $ 16.6 billion
- Manuel Villar; $ 6.7 billion
- Enrique Razon Jr.; $ 5.8 billion
- Lance Gokongwei and siblings; $ 4 billion
- Jaime Zobel from Ayala; $ 3.3 billion
- Dennis Anthony & Maria Grace Uy; $ 2.8 billion
- Tony Tan Caktiong; $ 2.7 billion
- Andrew Tan; $ 2.6 billion
- Ramon Ang; $ 2.3 billion
- Ty siblings; $ 2.2 billion
The list has been compiled using shareholder and financial information obtained from families and individuals, stock exchanges, analysts and other sources. Unlike the billionaire ranking, this list includes family fortunes, including those shared among extended families. Net holdings are based on stock prices and exchange rates at the close of business on August 20, 2021. Private companies have been valued based on similar listed companies. The list may also include foreign citizens having business, residential or other ties with the country, or citizens who do not reside in the country but have business or other important ties with the country.
For more information, visit www.forbes.com/philippines
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