The combined wealth of tycoons in the Philippines’ 50 Richest list of Forbes magazine rose by 11 percent to $80 billion this year from $72 billion in 2022.
Forbes said the increase in their combined wealth happened as the Philippine economy marked two years of continuous expansion since the COVID-19 pandemic.
More than half of those on the list are wealthier this year.
The children of the late tycoon Henry Sy retained the top spot: the net worth of Teresita Sy Coson, Henry Sy Jr., and Hans, Herbert and Harley grew by $1.8 billion to $14.4 billion.
The SM empire’s share also “jumped 19 percent from a year ago amid a rebound in consumer spending,” Forbes said.
Real estate tycoon and former Senator Manuel Villar was second-richest with a net worth of $9.7 billion on the back of a resilient housing market.
Ports magnate Enrique Razon remained at the third spot as his wealth grew to $8.1 billion.
Forbes said Razon’s shares in his International Container Terminal Services increased 24 percent from 2022 due to improvements in supply chains.
San Miguel Corporation president Ramon Ang climbed five spots to the fourth place with a near 40-percent hike to $3.4 billion.
In the fifth spot was Jollibee’s Tony Tan Caktiong, whose net worth grew to $3.2 billion.
The Aboitiz family; JG Summit Holdings’ Lance Gokongwei and siblings; DMCI’s Isidro Consunji and siblings; Ayala Corp.’s Jaime Zobel de Ayala; and Lucio Tan rounded out the top 10.