The Philippines has a lot of millionaires to its name, but only 17 billionaires. Some of them have inherited their wealth; some of them have made it. Several have interests in real estate; others have dabbled in everything from gaming to wine distribution. Some have a wealth that's shared with their family; others have it all to themselves. But which of those 17 are the very richest? Find out now as we unveil the 10 richest people in the Philippines.
10. Lucio and Susan Co - Net Worth: $1.7 Billion
Kicking off our list with a combined net worth of $1.7 billion is husband and wife duo, Lucio and Susan Co. In 1998, the couple founded the supermarket chain, Puregold Price Club. After starting life as a small, locally-based store in Mandaluyong City, the chain grew to encompass more than 350 stores across the country. Their holding company, Cosco Capital, Inc., also holds interests in real estate, liquor distribution, gaming, and hotels.
9. Ramon Ang - Net Worth: $2.1 Billion
As the president and vice chairman of one of the Philippines' oldest conglomerates, San Miguel, you wouldn't expect Ramon Ang to be struggling to make ends meet. With a net worth of $2.1 billion, it's doubtful he is. In addition to his activities with San Miguel (which has interests in power, infrastructure, and the food and beverage industries), Ang also owns a large stake in Eagle Cement. His is a true rags to riches story. After beginning his career repairing car and truck engines, he steadily worked his way up to becoming one of the wealthiest people in the country.
8. Tony Tan Caktiong - $2.3 Billion
Jollibee Food is one of the fastest-growing Asian restaurant chains in the world. Founded in 1978, it now has 5,900 stores worldwide. Its owner is Tony Tan Caktiong, a man who successfully turned a small ice cream parlor in Cubao, Quezon City into a multi-national empire. Caktiong also serves as co-chairman of DoubleDragon Properties, a real estate holding company whose subsidiaries include CityMall Commercial Centers, Inc. and DoubleDragon Sales Corporation. His current net worth stands at $2.3 billion.
7. Andrew Tan - Net Worth: $3 Billion
While several of our other entries inherited their fortune, Andrew Tan is very much a self-made man. The son of a factory worker, Tan built his empire by developing luxury apartment complexes in Manila. His real estate company, Megaworld Corporation, now generates around PH₱39.27 billion in revenue each year. Tan also serves as the founding chairman of Alliance Global, a holding company that, among other things, owns the Philippino franchise of McDonald's. His current net worth is estimated to be $3 billion.
6. Lucio Tan - Net Worth: $3.1 Billion
As Britannica outlines, Lucio Tan is a Chinese-born Filipino entrepreneur who derives his fortune from the LT Group, a $2 billion conglomerate with subsidiaries that include Fortune Tobacco Corp., Asia Brewery, Inc., and Philippine Airlines, Inc. His fortune may have declined over the years (in 2013, Forbes named him the second richest person in the Philippines with a net worth of $7.5 billion) but at $3.1 billion, it's still considerable enough to make him the 6th richest person in the country.
5. Jaime Zobel de Ayala - Net Worth: $3.6 Billion
Jaime Zobel de Ayala (also known as Jaime Zobel) is the chairman emeritus of Ayala y Compañía, a family-owned business with interests in banking, real estate, hotels, telecommunications, and education started by his grandfather in 1834. According to Wikipedia, Zobel's business achievements and philanthropy have earned him numerous honors over the years. Some of his most notable accolades include a Comendador al Mérito Civil, a Senator Award (the highest honor bestowed by the JCI Philippines), a Philippine Legion of Honor, Rank of Grand Commander, and an Order of the Rising Sun. His current net worth is $3.6 billion.
4. Lance Gokongwei & Siblings - Net Worth: $4.1 Billion
When JG Summit founder John Gokongwei Jr died in November 2019 at the age of 93, his fortune passed onto his children, Lance, Robina, Lisa, Faith, Hope, and Marcia. The bulk of their $4.1 billion net worth is made up of shares held in JG Summit, one of the largest conglomerates in the Philippines with interests in everything from air transportation and banking to food manufacturing and telecommunications. Gokongwei's son Lance now serves as the CEO of JG Summit, while Regina serves as the CEO of its subsidiary, Robinson Retail.
3. Enrique Razon, Jr. - Net Worth: $4.9 Billion
Next up with a fortune of $4.9 billion is business magnate, Enrique Razon, Jr. Razon has made his wealth as the chairman and CEO of the port-handling giant, International Container Terminal Services, Inc. (ICTSI). In addition to being the largest terminal operator in the Philippines, ICTSI also has subsidiaries in Eastern Europe, Africa, and the Americas. In addition to his activities with ICTSI, Razon serves as the Chairman of Bloomberry Resorts Corp. (BRC), whose best-known project is the $1.2 billion integrated resort complex, Solaire Resort and Casino.
2. Manuel Villar - Net Worth: $6.6 Billion
According to Forbes, Manuel Villar ranks as the Philippines' 2nd richest person with a net worth of $6.6 billion. The business tycoon made his fortune as the chairman of one of the Philippines' largest mall operators, Vista Mall, and as the founder of its latest home builder, Vista Land & Landscapes. In addition to his business projects, Villar is also known for his political activities, having served as Speaker of the House of Representatives from 1998 to 2000 and as the Senate President from 2006 to 2008. His wife, Cynthia, is also a senator.
1. Sy Siblings - Net Worth: $13.9 Billion
For 11 consecutive years, Henry Sy Sr. , owner of the conglomerate SM Investments Corporation, ranked as the Philippines' richest person. When he died in 2019, his estimated net worth was $18.3 billion. When he passed, his fortune was distributed among his six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley. Apparently, they haven't been as great at holding onto their wealth as their dad, as their combined worth is now several million less than Henry's at $13.9 billion. Even so, it's enough to make them the Philippines' wealthiest family. The bulk of their wealth is tied up in stakes held in publicly traded SM Investments and SM Prime.
Written by Allen Lee
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