This represents a 30 percent growth from last year.
According to a Forbes.com article published yesterday, the Philippine economy is starting to recover, with the 50 wealthiest in the country 30 percent richer compared to 2020. The piece, edited by Nazneen Karmali and Jane Ho, places the networth of the top 50 now at $79 billion.
“Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter,” reads the article. “Investor sentiment remained buoyant, fuelling a 13 percent rise in the benchmark stock index from a year ago.”
At the top of the list remain the Sy siblings (Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley), with their collective wealth growing by $2.7 billion for a total of $16.6 billion. This is almost $10 billion more than second-placer Manny Villar, whose wealth still grew by $1.7 billion to end up at $6.7 billion.
Enrique Razon ($5.8 billion), the Gokongwei siblings ($4 billion), and Jaime Zobel de Ayala ($3.3 billion) round up the top five.
There’s also been a spate of newcomers to the Philippines richest 50, a total of eight rookies. This is led by Dennis Anthony and Maria Grace Uy, whose Converge ICT solutions yielded to $2.8 billion valuation following a year that made broadband services particularly necessary.
The couple is sixth on Forbes’s list. They are followed by Jollibee Food Corp.’s Tony Tan Caktiong ($2.7 billion), Alliance Global’s Andrew Tan ($2.6 billion), San Miguel Corp.’s Ramon Ang ($2.3 billion), and Metrobank’s Ty siblings ($2.2 billion.)
Another one who shot up the list was Monde Nissin co-founder and president Betty Ang. After its record-breaking IPO last June, which ended at P48.6 billion, Ang’s wealth is now at $1.4 billion. This is around 500 million shy of her brother-in-law Hartono Kweefanus, Monde Nissin’s chairman.
After Philippine Airlines recorded major losses leading to filing for a Chapter 11 restructuring, its chairman Lucio Tan’s fortunes went down to $1.9 billion. This places him at 12th spot, just behind Kweefanus.
The full list may be viewed here.
Banner Photo from @mannyvillar on IG