Henry Sy still richest man in PHL after 7 years – Forbes

Shopping mall tycoon Henry Sy and his family remained the richest in the Philippines for the seventh consecutive year, while four newcomers have entered the Forbes Philippines Richest List.

 

In a statement on Thursday, Forbes said Sy – who owns the country's largest mall operator, SM Prime Holdings Inc. – is still on top of its 50 Richest people list with a net wealth of $12.7 billion. 

 

His estimated net worth was up by $700 million from a year earlier.

 

"Henry Sy tops the list for the seventh consecutive year... largely thanks to the rising share prices of his SM Prime Holdings, the Philippines' largest mall operator, and Banco de Oro, one of the country's largest banks," Forbes said.

 

Retaining the second spot with a net worth of $6.1 billion is Lucio Tan and his family, whose conglomerate, LT Group Inc., handles Asia Brewery Inc., and has a stake in Philip Morris Fortune Tobacco Corp. Inc.

 

 The rest of the Top 10 richest people in the Philippines includes, in order:
 

 

Forbes' Philippines Rich List 2014

 

Four newbies

The Forbes Philippines Rich List also includes four newcomers: Richard S. Po and family of canned food company, Century Pacific Group (ranked 21st with $770 million); Dean Lao, co-founder of D&L Industries (ranked 26th with $625 million); Raul and Jose Concepcion and family of the manufacturing and food businesses, Concepcion Industrial and RFM Corporation (ranked 34th with $320 million); and PJ Lhuillier of Cebuana Lhuillier pawnshop (ranked 49th with $180 million).

 

The combined wealth of the 50 wealthiest reached $74 billion, a 12-percent increase from $65.8 billion in 2013. The list also "reflects two driving forces of the Philippines' economy: construction and consumption," Forbes said.

 

The list includes family fortunes, even "those shared among extended families," Forbes added. – Rose-An Jessica Dioquino/VS, GMA News