The Sy siblings has remained the richest family in the Philippines, topping Forbes magazine’s “2019 Forbes Philippines Rich.”
The Sy siblings enter the richest list for the first time this year to replace their father Henry Sy Sr. as the No. 1 ranked on the Forbes Philippines list. Sy Sr., founder of the SM group of companies in property, banking and retailing businesses, held the top spot for 11 consecutive years prior to 2019.
The Sy siblings, namely Teresita (Sy-Coson), Elizabeth, Henry “Big Boy” Jr., Hans, Herbert and Harley, have a combined net worth of $17.2 billion.
Based on the October issue of Forbes Asia, the top 10 richest people in the Philippines are the following:
1. Sy siblings: US$17.2 billion
2. Manuel Villar: $6.6 billion
3. John Gokongwei Jr.: $5.3 billion
4. Enrique Razon, Jr.: $5.1 billion
5. Jaime Zobel de Ayala: $3.7 billion
6. Lucio Tan: $3.6 billion
7. Tony Tan Caktiong: $3 billion
8. Ramon Ang: $2.8 billion
9. Ty siblings: $2.6 billion
10. Andrew Tan: $2.55 billion
Ranked 9th, GT Capital’s Ty siblings, namely Arthur, Alfred, Alesandra and Anjanette, are also first time entrants to the list, replacing their father George Ty. GT is a conglomerate involved in businesses such as automotive, banking, insurance, power generation and real estate.
Another second generation successors and new entrant are the Campos siblings, Jocelyn, Joselito and Jeffrey, who debuted at No. 23 after succeeding their late mother Beatrice Campos. The Campos family owns Unilab, one of the largest pharmaceutical companies in the country. Eldest daughter Jocelyn now serves as chairman of the company.
The other three first timers in the Forbes list include Davao-based logistics and energy tycoon Dennis Uy and his Udenna group, which leads the consortium for the third telecom provider in the country. Delfin Wenceslao of D.M. Wenceslao & Associates made it to No. 25 after going public in June 2018 while Antonio Lee Tiu, entered the list at No. 49 with a net worth of $135 million as shares of AgriNurture.