Wednesday, March 2, 2016

Forbes List: Henry Sy Richest Man in the Philippines 2016

richest man in the Philippines, Philippines news, billionaires Philipines

SM mall owner Henry Sy is still the richest person in the Philippines in 2016 Forbes list. The 91 year old businessman has earned an estimated net worth of $12.9 billion (P562.3 billion), making the top 71 richest person of the world. His net worth was down from $14.2 billion last year due to global market volatility.

Sy business includes retail, real-estate, hospitality, banking, mining, education and healthcare services, was born in Xiamen, China in 1924 and migrated to the Philippines to become the nation’s mall King.

Tycoon John Gokongwei Jr., 88, was in far second with an estimated net worth of $5.1 billion which is down from $5.8 billion in 2015. He own JG Summit that is involve in food and beverages, airlines, property development, banking, hotels and power generation.

He also owns stake in publicly listed Robinson Retail Holdings and franchises for True Value, Top Shop, Toys R Us, Daiso. He has more than 1,500 retail outlets.

Lucio Tan is in 3rd place with an estimated net worth of $4 billion, which is also lower from last year’s $4.4.

Net worth of the Tan family includes the valuation of the clan’s shareholdings in flag-carrier Philippine Airlines (PAL).

Tan, who was also born in Xiamen in 1934, has also business interests in banking, liquor, tobacco and real estate industries.

Also joining the country’s richest list is Metropolitan Bank and Trust Co. (Metrobank) owner George Ty, 83, who landed on the fourth rank, with his estimated net worth of $4.8 billion.

Others on the list are real-estate developer Andrew Tan ($3 billion), fast food chain Jollibee founder Tony Tan Caktiong ($3 billion), casino and port operator Enrique Razon Jr. ($2.4 billion), Puregold-owners Lucio and Susan Co, car dealership magnate Robert Coyiuto Jr. ($1.5 billion) and former Senator Manuel Villar ($1.3 billion).

Microsoft co-founder Bill Gates top the world’s richest person on Forbes 30th annual ranking of the world’s billionaires for the 3rd time in a row.

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