THE elite circle of the Philippines’s richest persons saw a huge reshuffle, according to a list compiled by Forbes Magazine, but the Sy siblings are still the country’s richest after their father, consistent top-notcher Henry Sy Sr., died; while the Davao-based businessman Dennis Uy made it into the rankings.
The Sy siblings make it to the list for the first time, replacing their father Henry Sr., as the country’s richest persons, a position which the late retail king held for 11 consecutive years.
The Sy siblings—Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley— have a combined net worth of $17.2 billion, stemming largely from the family’s SM Group, the country’s largest conglomerate.
Manuel Villar, the former politician-turned-businessman, is still the country’s second richest with a net worth of $6.6 billion. He is followed by John Gokongwei Jr., who retains his No. 3 spot with $5.3 billion, up from $4.4 billion; and Enrique Razon Jr., who rose one position to No. 4 at $5.1 billion, up from $3.9 billion.
Big gainer: Gotianun
One of the biggest gainers on this year’s list is Mercedes Gotianun (No. 12), whose wealth surged 91 percent to $2.2 billion as shares in her Filinvest soared after posting a 31-percent increase in net income for 2018.
The Ty siblings of GT Capital—Arthur, Alfred, Alesandra and Anjanette—enter the list at ninth with a combined net worth of $2.6 billion. They succeeded their father George Ty. The late tycoon had built GT into a major conglomerate with interests in autos, banking, insurance, power generation and real estate.
Another set of second-generation successors, the Campos siblings—Jocelyn, Joselito and Jeffrey—debut on the list at No. 23, replacing their late family matriarch Beatrice Campos. Their combined net worth of $650 million comes from the country’s pharmaceutical giant Unilab. Jocelyn, the eldest of the three, is now chairman of the company cofounded by their late father.
The Sy, Ty and Campos siblings are among the six newcomers on the list which also included three self-made entrepreneurs.
Dennis Uy made the
list after net assets of his Udenna group rose 28 percent in 2018. Uy is
awaiting approval for the backdoor listing of Udenna on the Philippine
Stock Exchange. He ranks No. 22 on the list with a net worth of $660 million.
Delfin Wenceslao (No. 25) makes his debut with a net worth of $500 million after taking real-estate developer D.M. Wenceslao and Associates public in June 2018.
Antonio Lee Tiu, also a first-timer, is ranked No. 49 with a net worth of $135 million as shares of AgriNurture, the agri-products company he founded 22 years ago, rose steady over the past three years.