Who Are the 50 Richest Filipinos in 2023?
The Philippine economy experienced a 6.4% growth during the first quarter of 2023, marking a continuous expansion for two years since its recovery from the pandemic.
While grappling with inflation and increased interest rates, the country’s benchmark stock index surged by 6% compared to the previous year’s measurement.
Consequently, the collective wealth of the nation’s 50 wealthiest individuals escalated from $72 billion to $80 billion in the past year.
Over half of those on the roster have seen their fortunes grow this year, particularly the top trio.
Sy Siblings’ Net Worth Reaches $14.4 Billion with SM Investments’ Growth
Leading the pack of richest Filipinos, the Sy siblings, who inherit the enterprise established by the late Henry Sy Sr., upheld their position at the summit.
Their net worth increased by $1.8 billion, now totaling $14.4 billion.
Shares of their primary venture, SM Investments—a conglomerate invested in banking, property, and retail—soared by 19% over the past year due to a resurgence in consumer spending following the pandemic.
Wealth Shifts: Villar, Razon, and Their Billion-Dollar Gains in 2023
Property magnate Manuel Villar continued to hold the second place, with a wealth of $9.7 billion, a rise of $1.9 billion, attributed to the resilient housing market.
In December 2022, Villar also introduced his power venture, Premiere Island Power REIT.
Enrique Razon Jr., whose shrewd management of supply chains bolstered International Container Terminal Services’ shares by 24% from the prior year, emerged as the most prominent dollar gainer.
Holding steady at the third spot, he augmented his fortune by $2.5 billion, amounting to $8.1 billion.
Surging Success: Ramon Ang Jumps to Fourth Place with 40% Wealth Increase
Notable advancement was achieved by Ramon Ang, president and CEO of San Miguel Corp., a conglomerate listed on the stock exchange.
Ang climbed five ranks to claim the fourth position in the richest Filipinos, experiencing a wealth surge of nearly 40% to $3.4 billion.
This significant increase followed San Miguel’s acquisition of Eagle Cement, a prominent cement manufacturer, owned primarily by Ang. (The decision-making process was not influenced by him, according to the company.)
The country’s wealthiest individuals were not impervious to market challenges.
IPO Challenges and Changing Fortunes: Shifting Landscapes Among Wealthy Heirs
SM Prime, owned by the Sy family, postponed its $1 billion initial public offering of the shopping mall REIT, initially slated for the previous year.
Similarly, the IPO of Prime Infrastructure Capital, under Razon’s control, encountered delays as investors favored fixed income securities due to rising interest rates.
Dennis Anthony and Maria Grace Uy, the co-founders of Converge ICT Solutions, witnessed the most substantial decline in both dollar and percentage terms.
Their net worth almost halved to $930 million as the broadband services provider experienced a decline in shares following the departure of private equity firm Warburg Pincus last year.
Among the three newcomers, all are heirs. The Gotianun family, now at the 22nd spot with $850 million, inherited stakes in the conglomerate Filinvest Development following the passing of matriarch Mercedes Gotianun in December.
Innovations and Transitions: Notable Entries and Absences on the Wealth List
The Yuchengco family, inheritors of Alfonso Yuchengco and major stakeholders in Rizal Commercial Banking Corp., one of the nation’s largest lenders, also entered the list with $420 million.
Federico Lopez made his debut on the list with $300 million, a shared wealth with his family, as he assumed control of the media, property, and power conglomerate from his father, Oscar, who passed away in April at the age of 93.
Roberto Ongpin, the former chairman of upscale property developer Alphaland, who possessed a net worth of $830 million the previous year, passed away in February at 86 years old.
Due to a lack of sufficient information regarding the division of his estate, his fortune does not make an appearance on this year’s list of richest Filipinos.
The cutoff point for inclusion this year was $180 million, a slight decrease from the $185 million set in 2022.
Ranking of the 50 Richest Filipinos in 2023
Rank: 1
Name: Sy siblings
Net Worth: $14.4 B
Industry: Diversified
Rank: 2
Name: Manuel Villar
Net Worth: $9.7 B
Industry: Real Estate
Rank: 3
Name: Enrique Razon Jr.
Net Worth: $8.1 B
Industry: Logistics
Rank: 4
Name: Ramon Ang
Net Worth: $3.4 B
Industry: Food & Beverage
Rank: 5
Name: Tony Tan Caktiong & family
Net Worth: $3.2 B
Industry: Food & Beverage
Rank: 6
Name: Aboitiz family
Net Worth: $3.15 B
Industry: Diversified
Rank: 7
Name: Lance Gokongwei & siblings
Net Worth: $3 B
Industry: Diversified
Rank: 8
Name: Isidro Consunji & siblings
Net Worth: $2.9 B
Industry: Construction & Engineering
Rank: 9
Name: Jaime Zobel de Ayala & family
Net Worth: $2.8 B
Industry: Diversified
Rank: 10
Name: Lucio Tan
Net Worth: $2.6 B
Industry: Diversified
Rank: 11
Name: Andrew Tan
Net Worth: $2.4 B
Industry: Diversified
Rank: 12
Name: Lucio & Susan Co
Net Worth: $2.3 B
Industry: Fashion & Retail
Rank: 13
Name: Ty siblings
Net Worth: $2.2 B
Industry: Finance & Investments
Rank: 14
Name: Po family
Net Worth: $1.4 B
Industry: Food & Beverage
Rank: 15
Name: William Belo
Net Worth: $1.3 B
Industry: Fashion & Retail
Rank: 16
Name: Vivian Que Azcona & siblings
Net Worth: $1.2 B
Industry: Fashion & Retail
Rank: 17
Name: Soledad Oppen-Cojuangco & family
Net Worth: $1 B
Industry: Diversified
Rank: 18
Name: Inigo Zobel
Net Worth: $990 M
Industry: Diversified
Rank: 19
Name: Campos siblings
Net Worth: $960 M
Industry: Healthcare
Rank: 20
Name: Hartono Kweefanus & family
Net Worth: $950 M
Industry: Food & Beverage
Rank: 21
Name: Dennis Anthony & Maria Grace Uy
Net Worth: $930 M
Industry: Telecom
Rank: 22
Name: Gotianun family
Net Worth: $850 M
Industry: Diversified
Rank: 23
Name: Dean Lao & family
Net Worth: $760 M
Industry: Food & Beverage
Rank: 24
Name: Betty Ang
Net Worth: $695 M
Industry: Food & Beverage
Rank: 25
Name: Eusebio Tanco
Net Worth: $605 M
Industry: Diversified
Rank: 26
Name: Mariano Tan Jr.
Net Worth: $550 M
Industry: Healthcare
Rank: 27
Name: Manuel Zamora Jr.
Net Worth: $500 M
Industry: Metals & Mining
Rank: 28
Name: Luis Yu Jr.
Net Worth: $495 M
Industry: Real Estate
Rank: 29
Name: Henry Soesanto
Net Worth: $455 M
Industry: Food & Beverage
Rank: 30
Name: Yap family
Net Worth: $445 M
Industry: Finance & Investments
Rank: 31
Name: Dennis Uy
Net Worth: $440 M
Industry: Diversified
Rank: 32
Name: Jacinto Ng
Net Worth: $425 M
Industry: Food & Beverage
Rank: 33
Name: Yuchengco family
Net Worth: $420 M
Industry: Diversified
Rank: 34
Name: Menardo Jimenez
Net Worth: $390 M
Industry: Media & Entertainment
Rank: 35
Name: Carlos Chan
Net Worth: $380 M
Industry: Food & Beverage
Rank: 36
Name: Felipe Gozon
Net Worth: $355 M
Industry: Media & Entertainment
Rank: 37
Name: Gilberto Duavit Jr.
Net Worth: $350 M
Industry: Media & Entertainment
Rank: 38
Name: Robert Coyiuto Jr.
Net Worth: $345 M
Industry: Energy
Rank: 39
Name: Edgar Sia II
Net Worth: $330 M
Industry: Food & Beverage
Rank: 40
Name: Sylvia C. Wenceslao
Net Worth: $325 M
Industry: Real Estate
Rank: 41
Name: Jose Antonio
Net Worth: $305 M
Industry: Real Estate
Rank: 42
Name: Federico Lopez & family
Net Worth: $300 M
Industry: Media & Entertainment
Rank: 43
Name: Alfredo Yao
Net Worth: $295 M
Industry: Food & Beverage
Rank: 44
Name: Tomas Alcantara
Net Worth: $275 M
Industry: Diversified
Rank: 45
Name: Wilfred Steven Uytengsu Jr.
Net Worth: $230 M
Industry: Food & Beverage
Rank: 46
Name: Philip Ang
Net Worth: $225 M
Industry: Metals & Mining
Rank: 47
Name: Frederick Dy
Net Worth: $220 M
Industry: Finance & Investments
Rank: 48
Name: Mariano Martinez Jr.
Net Worth: $205 M
Industry: Real Estate
Rank: 49
Name: Keng Sun and Peter Mar & family
Net Worth: $200 M
Industry: Food & Beverage
Rank: 50
Name: Benedicto & Teresita Yujuico
Net Worth: $180 M
Industry: Real Estate
Forbes Asia compiled the report, utilizing shareholding and financial information gathered from families, individuals, stock exchanges, analysts, and other sources.
Diverging from the Forbes Billionaires’ rankings, this list takes into consideration family fortunes, encompassing those that are shared among extended families.
The determination of net worths relies on stock prices and exchange rates as of the close of markets on July 21, 2023.
Valuation of private companies was based on comparable publicly traded entities.
The list also has the capacity to encompass foreign citizens with ties to the country through business, residence, or other connections, along with citizens who possess significant business or other links to the country despite not residing in the Philippines.
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