Big retailers among the richest in PH–Forbes

Photo from: Business World

(Source: Philippine Star | March 6, 2019)

After the demise of mall tycoon Henry Sy last January, all his six children entered Forbe’s “Richest People in the World” for the first time in 2019, replacing their father.

Forbes began separately tracking the wealth of the Sy heirs — who have a combined net worth of $13.3 billion — following the death of the patriarch.

Thirteen Filipinos were included in this year’s billionaire club, led by real estate tycoon Manuel “Manny” Villar who managed to grow his net worth to $5.5 billion as of March 5 this year from $3 billion in the same month in 2018. Villar has investments in retail including AllHome, All Day, and Coffee Project. He is now the richest man in the country and 317th in the world ranking.

He is followed by Robinsons’ John Gokongwei Jr. with $5.1 billion net worth. Jollibee Food Corporation Founder and Chairman Tony Tan Caktiong lands on top 5, while Megaworld boss Andrew Tan and the “Pillar of Mixed-Use Developments” is on 7th spot.

With net worths of $2.4 billion each, Hans and Herbert Sy, the fourth and fifth children, respectively, tied for the 8th spot.

Hans — who stepped down as president of SM Prime in 2016 — is an adviser of SM Investments and chairman of China Bank and National University while Herbert is an adviser of SM Investments and a director of SM Prime.

Harley (youngest), Henry Sy, Jr. (third) and Teresita Sy-Coson (eldest) are the 9th richest people in the country with fortunes of $2.2 billion each.

Both Harley and Henry are involved in SM Investments while Teresita is co-chairman of the family’s holding company.

The second child, Elizabeth, has a net worth of $1.9 billion and is on 10th spot. She is an adviser of SM Investments, a position she has occupied since 2012, Forbes said.


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