What you need to know about the Philippines’ 50 richest individuals
Riding on the growth of the Philippine economy, many of these individuals continue to increase their wealth as they expand operations in the country and across the region.
Since the Forbes Philippines list started in 2006, the wealth of the country's richest individuals has grown by about 360%, or from around $16 billion in 2006 to an estimated $73.91 billion this year.
Here's a look at the latest estimated worth of the country’s richest individuals.
The 50 richest Filipinos have a combined wealth of roughly $73.91 billion
That amount alone accounts for about 24% of the country’s gross domestic product (GDP) as of last year.
Among the 18 dollar billionaires on the list, Henry Sy seemed to have reaped the most rewards from the country’s brisk economic growth.
In just a year’s time, Sy earned over $4 billion to increase his wealth from $13.7 billion last year to $18 billion this year. He has been the richest man in the country for a decade now.
Also climbing in both wealth and the rank in the prestigious list is tycoon Ramon Ang, whose wealth doubled in the past year.
Ang, who is the vice chairman, president, and chief operating officer of San Miguel Corporation, first entered the list in 2013 at 31st spot.
Since then, he has climbed over 20 spots to include himself among the country’s top 10 richest individuals in just 4 years. His wealth has also grown about 785% from $260 million in 2013 to $2.3 billion this year. (READ: How Ramon Ang became the Philippines’ 10th richest man in 2017)
Another notable gainer is Eusebio Tanco, chairman of STI Education Systems Holdings Incorportated and the only newcomer on the list. With a rise in demand for information technology courses, shares of Tanco’s company increased nearly 140% over the past year, according to Forbes.
Not everyone on the list experienced increased wealth this year. According to Forbes, “half of the 50 saw their totals take a hit in the volatile political environment.”
They include mining magnates Manuel Zamora, Luis Virata, and Philip Ang whose wealth saw a drop following the industry’s tumultuous year.
Mining stocks plunged after then environment secretary Gina Lopez ordered the suspension and closure of several mines in February. They surged 3 months later, after the Commission on Appointments rejected Lopez's ad interim appointment.
Edgar “Injap” Sia, last year’s biggest gainer also took a hit this year as he dropped from the ranks of the country’s dollar billionares. (READ: Injap Sia out of Forbes list of Filipino dollar billionaires)
Sia, who was the youngest dollar billionaire in the Philippines, saw his net worth fall by 32% to $820 million this year from $1.2 billion last year.
The loss was largely attributed to the stock performance of Sia’s DoubleDragon Properties, which has gone from a high of P60.80 apiece to a low of P36 over the past year.
Sources of wealth
Spanning several industries, these 50 individuals control and operate some of the country’s largest conglomerates whose businesses cater to the daily needs of millions of Filipinos.
The top 5 sources of wealth are:
- real estate and property development
- power and energy
- food and beverage
Their average age is 60.72 years
Majority of the Philippines’ richest have seen their wealth increase as they have spent most of their lives building their businesses.
It’s no surprise then that the average age of the country’s richest individuals is 60.72 years.
Bienvenido Tantoco Sr of Store Specialist Incorporated retail group is the oldest on the list at 96 years old. David Consunji, Henry Sy Sr, and John Gokongwei Jr follow at 95, 92, and 91, respectively.
The list’s youngest individual is 41-year-old Edgar Sia.
1-Pacman Representative Michael Romero is also among the youngest on the list at 44. Construction tycoons Michael Cosiquien and Edgar Saavedra of Megawide Construction follow at 43 and 42, respectively.
The country's richest have a total combined age of about 3,037 years.
5 the Philippines’ 50 richest are women
There are only 5 women on the Forbes list:
- Mercedes Gotianun (Filinvest Development Corporation)
- Betty Ang (Monde Nissin Corporation)
- Beatrice Campos (United Laboratories Incorporated)
- Vivian Que Azcona (Mercury Drug Corporation)
- Juliette Romualdez (Banco de Oro)
Ang and Azcona have been on the list since 2006. – Rappler.com