The collective wealth of the country's tycoons in the 2024 Forbes list of 50 Richest flatlined at US$80.8 billion, despite the 5.7 percent economic expansion in the first quarter of the year.
In 2023, the richest combined wealth was at $80.4 billion. In comparison to current data, the economic expansion in the first quarter was slower compared to the 6.4 percent growth seen last year. According to Forbes, inflation and high borrowing costs were among the causes for the Peso to lower by 6 percent. Consequently, more than half of the country’s 50 richest are less wealthy in 2024.
On the other hand, the Sy siblings retained the number one spot this year, accumulating a net worth of $13 billion. The SM group heirs are also in talks to expand in geothermal energy with five projects across the Philippines.
The number two spot was taken by Ports and Casino billionaire Enrique Razon Jr., whose wealth rose to $11.1 billion. Despite the setbacks brought by the economic crises, his shares skyrocketed to 80 percent in the past year.
Manuel Villar’s net worth also increased to $10.9 billion, earning him the third-place spot. His real estate business continued to expand, diversifying housing and memorial park flagship into high-rise apartments.
The top 10 richest in the Philippines are:
- Sy siblings; US$13 billion
- Enrique Razon Jr.; $11.1 billion
- Manuel Villar; $10.9 billion
- Ramon Ang; $3.8 billion
- Isidro Consunji & siblings; $3.4 billion
- Tony Tan Caktiong; $2.9 billion
- Lucio Tan; $2.65 billion
- Jaime Zobel de Ayala; $2.6 billion
- Lucio & Susan Co; $2.3 billion
- Aboitiz Family; $2.2 billion
The minimum net worth in 2024 slightly went down to $170 million, compared to last year at $180 million.
According to Forbes, the list was compiled through the shareholding and financial information obtained from both individuals and their families, stock exchanges, analysts, and other sources.
“The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country,” Forbes ended.
