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Forbes: Wealth of Philippines' 50 richest rises 11 percent

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Tycoons Teresita Sy-Coson, Manny Villar, and Enrique Razon, Jr. Mark Demayo and Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/business/08/10/wealth-ph-08102023.jpg"/><figcaption>Tycoons Teresita Sy-Coson, Manny Villar, and Enrique Razon, Jr. <em>Mark Demayo and Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA — Forbes on Wednesday said the combined wealth of tycoons in its <a href="https://statics.teams.cdn.office.net/evergreen-assets/safelinks/1/atp-safelinks.html">Philippines’ 50 Richest</a> list rose to $80 billion from $72 billion last year. </p><p>Their combined wealth rose 11 percent as the Philippine economy marked 2 years of continuous expansion since its recovery from the COVID-19 pandemic, Forbes said. </p><p>The Philippine economy grew 6.4 percent in the first quarter of 2023. Despite elevated inflation and higher interest rates, the country’s benchmark stock index rose 6 percent from a year ago when Forbes last measured fortunes, it noted. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/10/23/philippine-gdp-grows-43-pct-in-2nd-quarter-of-2023">Philippine GDP grows 4.3 percent in 2nd quarter of 2023</a></li></ul><p>More than half of those on the 50 Richest list are wealthier this year, Forbes said. </p><p>Late tycoon Henry Sy&#x27;s children retained the top spot in the list. </p><p>Forbes said Teresita Sy Coson, Henry Sy Jr., and Hans, Herbert and Harley, saw their net worth grow by $1.8 billion to $14.4 billion. </p><p>Shares of their SM empire &quot;jumped 19 percent from a year ago amid a rebound in consumer spending,&quot; Forbes noted. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/09/23/sm-investments-net-income-surges-32-pct-in-first-half">SM Investments net income surges 32 pct in first half</a></li></ul><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Forbes: Wealth of Philippines" richest="" rises="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/business/08/10/richest-revised.png"/></figure></div><p>Real estate tycoon Manuel Villar was the second richest with a net worth of $9.7 billion. Forbes said the former senator&#x27;s net worth grew on the back of a resilient housing market.</p><p>Ports and casino magnate Enrique Razon was still the country&#x27;s third richest, after his wealth grew to $8.1 billion. Forbes noted that shares in his International Container Terminal Services surged 24 percent from a year ago due to improvement in supply chains.</p><p>His Bloomberry Resorts Corporation, owner and operator of Solaire Resort and Casino, nearly doubled its net income to P3.4 billion in the second quarter of 2023.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/09/23/solaire-parent-bloomberry-posts-p64b-profit-in-first-half-of-2023">Solaire parent Bloomberry posts P6.4B profit in first half of 2023</a></li></ul><p>San Miguel Corporation president Ramon S. Ang moved up 5 spots to no. 4 on the richest list. Forbes said his wealth was up nearly 40 percent to $3.4 billion following the acquisition of his majority owned Eagle Cement.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/09/23/san-miguel-net-income-climbs-18-pct-in-first-half">San Miguel net income climbs 18 pct in first half of 2023</a></li></ul><p>In the fifth spot is Jollibee&#x27;s Tony Tan Caktiong, who was 7th in last year&#x27;s list. His net worth grew to $3.2 billion.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/09/23/jollibee-q2-net-income-down-but-sales-surge">Jollibee Q2 net income down but sales surge</a></li></ul><p>The <a href="https://news.abs-cbn.com/business/07/27/23/aboitiz-power-books-p103-b-q2-income-up-46-pct">Aboitiz </a>family, JG Summit Holdings&#x27; Lance Gokongwei and siblings, <a href="https://news.abs-cbn.com/business/08/09/23/dmci-net-income-down-22-pct-in-first-half-of-2023">DMCI</a>&#x27;s Isidro Consunji and siblings, Ayala Corp.&#x27;s Jaime Zobel de <a href="https://news.abs-cbn.com/business/08/16/22/jaza-acting-chairman-of-ayala-land-while-fernando-zobel-de-ayala-takes-medical-leave">Ayala</a>, and Lucio Tan rounded out the top 10.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/11/22/sy-siblings-keep-top-spot-in-forbes-philippines-richest-2022-list">SM empire&#x27;s Sy siblings retain top spot in Forbes Philippines&#x27; Richest 2022 list</a></li>	<li><a href="https://news.abs-cbn.com/business/04/05/23/forbes-manny-villar-still-philippines-richest-in-2023">Forbes: Manny Villar still Philippines&#x27; richest in 2023</a></li>	<li><a href="https://news.abs-cbn.com/business/01/16/23/9-richest-pinoys-wealthier-than-half-of-ph-population">9 Filipino billionaires wealthier than 55 million Pinoys: Oxfam report</a></li></ul><div><strong>RELATED STORIES: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2756507" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1454653" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Forbes on Wednesday said the combined wealth of tycoons in its Philippines’ 50 Richest list rose to $80 billion from $72 billion last year. 