1) Henry Sy; US$5 billion
2) Lucio Tan; $2.1 billion
3) John Gokongwei Jr.; $1.5 billion
4) Jaime Zobel de Ayala; $1.4 billion
5) Andrew Tan; $1.2 billion
6) Tony Tan Caktiong; $980 million
7) Enrique Razon Jr.; $975 million
Beatrice Campos; $840 million
9) George Ty; $805 million
10) Eduardo Cojuangco Jr.; $760 million
Eighty-five-year-old mall magnate Henry Sy remains the richest man in the Philippines while tycoon John Gokongwei joined the elite billionaires' list this year, according to the annual listing conducted by Forbes Magazine.
The annual listing said the country's richest men are now worth US$22.8 billion, up 39% from $16.4 billion a year ago. Forbes said the buoyant economy, which grew 7.3% in the first quarter of this year, coupled with the 17% rise in the stock market since last year contributed to the growth in wealth of the country’s richest tycoons.
Forbes compiles the list based on information from individuals, stock exchanges, public documents and analysts as well as estimates of the privately held assets of the businessmen. The minimum net worth to make the list this year increased to $50 million, up from $38 million previously.
Forbes said Sy's wealth went up to $5 billion, $1.2 billion more than last year. It said Sy's SM Investments Corp., one of the country’s biggest conglomerates with interests in retail, mall operations and banking, got a 25% boost in stock price in the past year.
The magazine said Sy has held the richest Pinoy title four times, including this year, since Forbes Asia published the inaugural list of the country’s richest in 2006.
Second on the list is tycoon Lucio Tan with $2.1 billion, up from $1.7 billion in 2009. The 76-year old tycoon owns a bevy of businesses which include Fortune Tobacco, Asia Brewery, and Hong-Kong based Eton Properties.Third on the list is first-time billionaire John Gokongwei Jr. The 83-year-old is worth $1.5 billion, more than double his last year’s net worth of $720 million."His JG Summit Holdings’ shares hit a two-year peak earlier this year, pushing his net worth into the 10-figure bracket. The stock rose partly on plans to list the group’s budget carrier, Cebu Pacific, whose IPO subsequently got delayed," Forbes said.
Fourth on the list is Ayala Corporation’s Jaime Zobel de Ayala, who had an estimated net worth of $1.4 billion.Rounding out the top 5 is Alliance Global Group’s Andrew Tan with $1.2 billion.
http://www.abs-cbnnews.com/business/...est-man-forbes
Henry Sy is still RP's richest man: Forbes
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