SM's Henry Sy, five other Filipinos join Forbes billionaires' list
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MANILA, Philippines—Six Filipinos, including mall tycoon Henry Sy and PAL owner Lucio Tan, were included in the annual list of the world’s billionaires by Forbes Magazine, released Thursday, Manila time.
This year, 1,226 billionaires were included in the list that was topped, for the third time by Mexico’s telecoms czar Carlos Slim.
For a fifth year in a row, the 87-year old Sy is the richest man in the Philippines and is ranked 116th among the world’s wealthiest. After the success of his SM malls, Sy and his family have expanded their fortune to $8 billion this year.
Trailing the mall magnate is Lucio Tan, who placed 314 after earning $3.5 billion. Tan owns flag carrier Philippine Airlines. He holds a third of Philip Morris-Fortune Tobacco, the largest cigarette company on the Philippines, while his liquor company, Asia Brewery, is the second largest in the country.
But as Forbes mentioned in their website, Tan, who was once the country’s richest businessman, now earns his keep from Hong Kong-based Eton Properties.
Although he slid from last year, Andrew Tan of Alliance Global still joined the elite billionaires list and placed 601st in the global ranking.
The fortune of the third richest man in the Philippines was down from $2.2 billion to $2.1 billion this year. Despite this, the 59-year-old is still keen to open a second casino in Pasay City along with partner Genting group of Malaysia.
Port magnate Enrique Razon joins the list on 683rd with an estimated net worth of $1.9 billion. San Miguel Corp. owner Eduardo Danding Cojuangco is at 960th place, with Forbes describing him as “a former Marcos crony” with an estimated fortune of $1.3 billion.
The last Filipino on the list is investor and former minister of trade Roberto Ongpin, who landed at the 1,153rd spot. The sixth richest man in the country posted an estimated net worth of $1 billion. His first time to appear on the Forbes list, Ongpin heads Top Frontier, which has a controlling interest in San Miguel.