A new generation takes over in Forbes’ ‘Rich List’
THE SY SIBLINGS topped this year’s Forbes Philippines Rich List, leading the roster that includes several other second-generation businessmen following the passing of long-time listees.
In a statement issued Thursday, the publication said the Sy siblings tallied a combined wealth of $17.2 billion, coming mostly from SM Investments Corp., the country’s largest conglomerate with a market cap of over P1.22 trillion.
The siblings — Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley — all hold executive position in the SM group. They succeed their late father, Henry Sy, Sr., as the country’s richest, who held the position for 11 straight years before his death last January.
Children of the late George S.K. Ty ranked ninth with a combined net worth of $2.6 billion. Their wealth stems from listed conglomerate GT Capital Holdings, Inc., which holds Toyota Motor Corp. and Metropolitan Bank and Trust Co., as well as interests in insurance, power generation and real estate.
The Sy and Ty siblings are counted as a group since Forbes combines the inheritances of founders of a business who have died.
“Since 2017, the list no longer includes families in which the founder of the business has died, unless the successors are wealthy enough to make the cut off individually; in these cases, inherited fortunes are combined,” Forbes explained in a news statement.
Real estate tycoon Manuel B. Villar placed second on the list with $6.6 billion, weighed down by weakness in the stock market. Mr. Villar chairs listed firms Vista Land & Lifescapes, Inc.; Golden Bria Holdings, Inc., and Vistamalls, Inc. He is set to list his home improvement supplies retailer AllHome Corp. this year.
Cebu Air, Inc. founder John L. Gokongwei, Jr. remained in the third spot with $5.3 billion, higher than last year’s $4.4 billion.
Ports tycoon Enrique K. Razon, Jr. grew his wealth by 30% to $5.1 billion, putting him one spot higher to fourth this year. Others in the top 10 are Jaime Zobel de Ayala with $3.7 billion, Lucio S. Tan, Sr. with $3.6 billion, Tony Tan Caktiong with $3 billion, Ramon S. Ang with $2.8 billion and Andrew L. Tan with $2.55 billion.
Forbes noted that Mercedes T. Gotianun was one of the biggest gainers after her fortune swelled 91% to $2.2 billion, propelling her to the 12th spot.
“Shares in her Filinvest Development Corp. soared after posting a 31% leap in net income for 2018,” Forbes noted in its statement.
“Revenues for Filinvest’s main property and banking segments rose on higher rental income and fees from lending.”
Logistics and energy tycoon Dennis A. Uy notched the 22nd spot with a net worth of $660 million.
AgriNurture, Inc. Chairman Antonio L. Tiu also made it to the list at no. 49, with a fortune of $135 million.
Forbes comes up with the list by compiling information from individuals, stock exchanges, analysts, private databases, government agencies, and other sources.
Stock prices and exchange rates were based on Sept. 6 data. — Arra B. Francia
