SM Group of Companies founder Henry T. Sy, Sr. is still the country’s richest tycoon for 11 consecutive years, according to this year’s Forbes Philippines Rich List.
Mr. Sy managed to stay on top of the country’s ranking of wealthiest individuals after his net worth climbed from $18 billion to $18.3 billion.
However, former senator and businessman Manuel B. Villar Jr., who came in second place, posted the most gains as his net worth jumped from $1.65 billion to $5 billion.
Forbes noted that his Golden Bria Holdings Inc. shares grew 1,300% in the first quarter. Golden Bria’s businesses include death care, through Golden Haven, Inc. and mass housing through Bria Homes, Inc.
JG Summit Holdings founder John L. Gokongwei Jr. and Ayala patriarch Jaime Zobel de Ayala took third and fourth place, respectively.
The nonagenarian Mr. Gokongwei’s net worth was estimated at $4.4 billion. Mr. Zobel, on the other hand, clinched the fourth spot after his wealth grew to $4 billion, $300 million higher from a year ago.
Port management magnate Enrique Anselmo K. Razon, Jr., who posted a net worth of $3.9 billion, finished fifth place.
Philippines' richest
To come up with the list, Forbes Asia compiled information based from the businessmen, analysts, the Stock Market, private databases and government agencies.
“Net worths were based on stock prices and exchange rates as of the close of markets on August 24, 2018,” Forbes Asia in a statement said. To make it to the list, a businessman has to have at least a $125 million net worth, $5 million higher from last year’s requirement.
“Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies.” — Anna Gabriela A. Mogato