The Sy siblings, heirs to the fortune built by the late retail tycoon Henry Sy Sr., took the top spot in the Forbes Magazine Philippines’ 2022 rich list with a combined net worth of $12.6 billion — despite a 24-percent drop from their $16.6-billion worth last year.
Property billionaire Manuel Villar retained his second spot with a net worth of $7.8 billion in 2021, up 16.4 percent from $6.7 billion in 2021.
Enrique Razon Jr. retained the No. 3 ranking with a total fortune of $5.6 billion. The port and casino tycoon is expanding with a new integrated resort and casino in Quezon City and recently signed an agreement to invest in two casino properties owned by businessman Dennis Uy.
Rounding up the list of 10 richest Filipinos are Lance Gokongwei and siblings ($3.1 billion), the Aboitiz family ($2.9 billion), Isidro Consunji and siblings ($2.65 billion), Tony Tan Caktiong and family ($2.6 billion), Jaime Zobel de Ayala and family ($2.55 billion), RamonAng ($2.45 billion), and Andrew Tan ($2.4 billion).
Forbes Asia said the combined wealth of Philippine tycoons fell 8.8 percent to $72 billion in 2022 from $79 billion in 2021, amid a sluggish stock market and the depreciation of the peso against the dollar.
More than two-thirds of the individuals on the list saw their net worth decline this year.
The six Sy siblings’ net worth comprised largely of stakes in listed firms SM Prime Investments Corp. and SM Prime Holdings Inc. and investments in banking, real estate, and retail development.
Villar owns several listed companies including Vista Land & Lifescapes Inc., AllHome Corp., AllDay Marts Inc., Golden MV Holdings Inc., Vista Malls Inc., and newly-listed VistaREIT Inc.
The pressures of inflation, rising commodities, energy prices, and reduced exports to China dragged the benchmark stock index down 6 percent from 11 months ago when fortunes were last measured. The peso also plunged 12 percent over the same period.
The Aboitiz family returned to the 2022 list, appearing at No. 5 with a collective fortune of $2.9 billion, which includes holdings of the broader family. Shares in flagship Aboitiz Equity Ventures got a boost from its power interests amid rising energy prices.
Record first-quarter earnings of $200 million at engineering conglomerate DMCI Holdings lifted the fortune of Isidro Consunji and his siblings by 47 percent to $2.65 billion. They notched the biggest percentage rise this year and moved up seven spots to No. 6.
Husband and wife Dennis Anthony and Maria Grace Uy (No. 13), cofounders of Converge ICT Solutions, saw their wealth fall by just over $1 billion to $1.75 billion. Shares in their broadband services provider slid following the May announcement that Warburg Pincus was selling a chunk of its holding.
Two new entrants replaced their late family members. Among them is the Po family (No. 16, $1.2 billion), which inherited the food empire of Ricardo Po Sr. after his death in October.
Sylvia Wenceslao took over as chairman of real estate developer D.M. Wenceslao & Associates and is at No. 39 with $340 million, following her husband Delfin J. Wenceslao Jr.’s death in September.
The minimum net worth to make the list was $185 million, down from $200 million last year.