Forbe's Richest Man in the Philippines

If we were to base the Philippine’s economy on the wealth of the country’s richest people then things are looking brighter in the Philippines. This was indicated in the Forbes report of the Philippine’s 40 richest man published last August 25.

This year, 25 tycoons are richer compared to the previous list available last October 2008, including nine of the top 10. The biggest gainer is mall mogul Henry Sy, who is once again the Philippine’s richest person. His net worth increased $700 million to $3.8 billion, as shares of his main holding company, SM Investments, appreciated by 28% since October.

The Sy family has the widest network of retail outlets nationwide. Four of the family’s over 100 malls in the Philippines and China are included in the world’s biggest malls.

In the meantime, former Philippine’s richest Lucio Tan (#2) and Ayala conglomerate’s chairman emeritus Jaime Zobel de Ayala (#3) took the next slots.

Tan has interests in tobacco, beer, and banking. He is also in highly regulated industries, including aviation. Philippine Airlines, where he has a controlling stake, has been having financial troubles as it faces tougher competition.

On the other hand, Zobel de Ayala, who is of Spanish descent, has left the day to day management of his family’s interests in property, retail, banking, telecommunications, and water to his children. He is now an art advocate and is into photography.

Another notable member of the top 10 is Sen. Manuel Villar (#9) who is a May 2010 presidential aspirant. He has interests in real estate, which includes listed home developer Vista Land and Lifescapes. Forbes calculate his current wealth at $530 million or about P25 billion.

Here's the complete list of RP's richest people:

Rank/ Name/ Net Worth ($ MIL)/ Age
1 Henry Sy 3,800 84
2 Lucio Tan 1,700 75
3 Jaime Zobel de Ayala 1,200 75
4 Andrew Tan 850 57
5 John Gokongwei 720 82
6 Tony Tan Caktiong 710 59
7 Eduardo Cojuangco Jr. 660 74
8 Enrique Razon Jr. 620 49
9 Manuel Villar 530 59
10 George Ty 515 76
11 Emilio Yap 510 83
12 Inigo & Mercedes Zobel 440 NA
13 Beatrice Campos 410 NA
14 Vivian Que Azcona 390 NA
15 Oscar Lopez 350 79
16 Andrew Gotianun 310 81
17 David Consunji 300 88
18 Robert Coyiuto Jr. 290 56
19 Alfonso Yuchengco 230 86
20 Mariano Tan 180 NA
21 Menardo Jimenez 160 77
22 Gilberto M. Duavit 159 74
23 Felipe Gozon 135 69
24 Jon Ramon Aboitiz 125 60
25 Betty Ang 120 NA
26 Alfredo Ramos 115 65
27 Manuel Zamora Jr. 110 69
28 Bienvenido R. Tantoco Sr. 90 88
29 Tomas Alcantara 75 63
30 Benjamin Romualdez 70 79
31 Wilfred Uytengsu Sr. 65 81
32 Lourdes Montinola 60 81
33 Luis Virata 56 55
34 Eugenio Lopez III 55 57
35 Enrique Aboitiz 53 87
36 Philip Ang 50 68
37 Jesus Tambunting 45 72
38 Frederick Dy 40 54
39 Rolando & Rosalinda Hortaleza 39 50/52
40 Marian Rosario Fong 38 NA

Source: www.forbes.com