Filipino-Chinese businessmen dominate the list of the country’s richest based on Forbes magazine’s latest ranking of world billionaires.
Fourteen of the 16 Filipino billionaires in the list have Chinese heritage, with some of them immigrating from China to establish business empires in the Philippines.
Self-made property magnate Manuel Villar, a Tondo native, emerged as the richest Filipino and was ranked 190th in the list with estimated net worth of $11 billion. Villar, chairman of Vista Land Lifescapes, was followed by port magnate and International Container Terminal Services Inc. chairman Enrique Razon Jr., who has Spanish heritage, with $10 billion in wealth.
Villar and Razon are the only “non-Chinoy” Filipino billionaires in the latest Forbes ranking.
San Miguel Corp. president and chief executive Ramon Ang came in third with a net worth of $3.5 billion this year. Ang was born in Manila to Chinese immigrants, but persevered to become one of the richest in the country.
Meanwhile, the six children of SM Group founder Henry Sy who was born in Fujian, China, have net worths of more than $2 billion each. Together, Hans, Henry Jr., Herbert, Harley, Teresita and Elizabeth control SM Investments Corp., the country’s largest conglomerate which has businesses in property development, retail, banking, hotels, gaming, logistics and energy.
Lucio Tan, who was also born in Fujian, is the oldest Filipino billionaire in the list at 89. With estimated net worth of $2.5 billion, Tan controls the LT Group which is into airline, tobacco, liquor, banking and property development.
Megaworld Corp. chairman Andrew Tan (with estimated net worth of $2 billion) was born in Fujian, China. He is one of the biggest office and residential builders in the country and is also into liquor, casinos, high-technology, resorts and restaurants.
Jollibee Foods Corp. chairman Tony Tan Caktiong ($1.4 billion) was born in Davao del Sur to Chinese immigrant parents from Fujian, while JG Summit Holdings corp. chairman Lance Gokongwei ($1.1 billion) was born in Manila as the only son of the late industrialist John Jokongwei who moved to the Philippines from Xiamen, China.
Wilcon Depot Inc. founder William Belo, with a net worth of $1 billion, was born in Amoy, China but grew up in the Philippines to establish the biggest home supplies retailer in the country.
