According to Forbes, Manuel Villar is among the 10 wealthiest persons in the Philippines.
On the Forbes of the 10 wealthiest persons in the Philippines is real estate developer Manuel Villar. Even when the Philippines recovered from the effects of the epidemic, the aggregate wealth of the 50 richest people in the country as listed by Forbes in 2022 decreased by $72 billion.
The wealth of the top 50 individuals, as reported by the business journal, decreased by more than two-thirds, from $79 billion to $72 billion. A minimum net worth of $185 million was also required, down from $200 million in the prior year.
In the first period of 2022, the Philippines' economy expanded by 8.3% as domestic demand began to recover from the pandemic.
However, the benchmark stock index fell 6% from when earnings were last gauged 11 months ago due to inflation, increased commodity, and energy prices, and decreased exports to China. Over the same period, the Philippine peso also experienced a 12% decline.
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1. Manuel Villar
Net worth: $8.3 billion
Age: 72
Industry: Real estate
Businesses: Vistamalls, Golden Bria Holdings, Vista Land & Lifescapes
Villar's ownership of a controlling position in Golden MV Holdings, a business that provides property and death care, accounts for the majority of his wealth. According to the company's 2021 annual report, he personally owns around 89% of the publicly-traded company through Cambridge Group, Fine Properties, and other companies.
Additionally, according to Vista Land & Lifescapes' 2021 annual report, he owns around 75% of the company. The same report states that these shares are held directly, through Fine Properties, Althorp Holdings, Manuela Corporation, and other entities. According to its website, Vista is the biggest building contractor in the Philippines, having constructed 400,000 homes in roughly 147 localities.
Here's why Manny Villar believes hard work is the key to success: This is How Manny Villar Achieve Success Out of 'Sipag at Tiyaga'
2. Enrique Razón Jr.
Net worth: $6.7 billion
Age: 62
Industry: Freight Forwarding Services
Businesses: Bloomberry Resorts Corp. (developer of Solaire), International Container Terminal Services, Inc.
Managing and running 29 ports and terminals in 20 nations is Enrique K. Razon Jr.'s responsibility as the board chairman and CEO of International Container Terminal Services, Inc. (ICTSI), a Philippine-based organization. He serves as the Chairman of Bloomberry Resorts Corp. (BRC), the company that built the Solaire Resort and Casino in the Philippines' Entertainment City for US$1.2 billion. Both BRC and ICTSI are traded on the Philippine Stock Exchange.
Mr. Razon comes from a family that has been in the marine cargo handling business for three generations. In the development and operation of ports, terminals, and related infrastructure, The Razon Group has a long history of being a pioneer and innovator. The group has more than 90 years of experience in integrated cargo handling, stevedoring, and other port services in the Philippines and overseas, which accounts for its successful track record.
These two unique traits are what made him who he is today: A Billionaire Story: Ports and Casino Tycoon Enrique Razon Jr
3. Henry Sy, Jr.
Net worth: $2.8 billion
Age: 69
Industry: Diversified
Businesses: SM Investments Corp. (heads SM Development Corporation)
Prior to his father's passing, Henry Sy, Jr. had already begun to assume control of several of the key divisions of the SM Group, one of the biggest corporations in the nation. Construction of shopping centers, homes, offices, hotels, and convention centers is undertaken by the group's property division. Through his efforts, the SM Development Corporation was revitalized and is currently one of the Philippines' top developers of residential real estate.
At its mill in Porac, Pampanga, Big Boss Cement is renowned for manufacturing cement from volcanic waste. His decision to launch Big Boss Cement in 2017 at a time when the Duterte administration was accelerating infrastructure projects around the country was very advantageous for the company.
To get a better picture of how Henry Sy, Jr. worked his way towards success, check out his bio article here: About Henry Sy, Jr: The Entrepreneurial Journey of Big Boy
4. Andrew Tan
Net worth: $2.8 billion
Age: 70
Industry: Diversified
Businesses: Travellers International Hotel Group (Resorts World Manila), Emperador, Empire East Land Holdings, Alliance Global Group, Megaworld Corporation
He is the Chairman of Alliance Global Group Inc. (AGI), his publicly traded holding company, which focuses on the development of the real estate, integrated tourism, food and beverage, and quick-service restaurants.
From a fledgling company in 1989, Dr. Tan grew Megaworld Corporation, where he currently serves as Chairman and CEO, into the country's top developer of residential and commercial condominiums. In the late 1990s, Dr. Tan, who had previously built standalone condominiums, invented the large-scale township building concept using his time-tested Live-Work-Play-Learn lifestyle formula.
There's more to his billion-dollar net worth based on his story: Fastfood to Brandy Billionaire: Who is Andrew Tan?
5. Hans Sy
Net worth: $2.6 billion
Age: 66
Industry: Diversified
Businesses: SM Investments Corp. (heads China Banking Corporation)
Hans Sy once served as the company's president, overseeing the property and asset improvements for the family's mall business. Hans Sy continues to serve as a non-executive director at SM Prime, chairman of China Banking Corporation, chairman of National University, and adviser to the board of SM Investments.
His life's work is far from finished despite having a net worth of USD2 billion. The fourth son of Henry Sy, who founded the ShoeMart business, is actively working on sustainability and disaster prevention in keeping with the Sy name and the history of his father.
Check out how he made business and sustainability work together: 5 Things You Probably Didn’t Know About Hans Sy
6. Herbert Sy
Net worth: $2.6 billion
Age: 65
Industry: Diversified
Businesses: SM Investments Corp.
The largest multinational conglomerate in the Philippines, SM Investments, is run by business executive Herbert Sy, who serves in an advising capacity on the board of directors.
He has also worked as a consultant and adviser for SMIC, a Chinese firm with global capabilities that specializes in technology. Aside from that, he have a numerous business under his leadership from this article: Herbert Sy: Everything You Need To Know About Henry Sy Sr's 5th Child
7. Harley Sy
Net worth: $2.4 billion
Age: 62
Industry: Diversified
Businesses: SM Investments Corp.
Mr. Harley T. Sy holds the positions of Vice Chairman & Treasurer at SM Retail, Inc. as well as Treasurer at SM Land, Inc. China Banking Corp., SM Investments Corp., Ace Hardware Philippines, SM Synergy Properties Holdings Corp., Sybase Equity Investment Corp., Tagaytay Resort Development Corp., Primebridge Holdings, Inc., Nagtahan Property Holdings, Inc., and SM Retail, Inc. are among the companies where he serves on the board of directors. SM Prime Holdings, Inc. previously employed Mr. Sy as a Senior Vice President. Additionally, he held board positions in Banco de Oro Unibank, Inc., BDO Private Bank, Inc., H.S. Food, Inc., and Super Value, Inc. (Philippines).
He is also a member of local businesses that focus on the grocery business, including Supervalue Inc., Super Shopping Market Inc., Sanford Marketing Corporation, and China Banking Corporation.
Get to know Harley Sy in here: Harley Sy—The Youngest Sy You Probably Didn’t Know
8. Teresita Sy-Coson
Net worth: $2.4 billion
Age: 71
Industry: Diversified
Businesses: SM Investments Corp. (heads BDO Unibank)
Teresita Sy-Coson is the Vice Chairperson of SM Investments Corp. (SMIC), a significant corporation in the Philippines. SMIC's key industries include retail, mall operations, banking, and property development. The company is known for its growth, innovation, and leadership. Ms. Sy-Coson manages the expansion of the SM Retail division, which comprises SM Department Outlets, SM Supermarkets, and other retail affiliates totaling 600 stores nationally.
Ms. Sy-Coson is also involved in the Group's mall operations through SM Prime Holdings, where she is an Adviser to the Board of Directors.
9. Elizabeth Sy
Net worth: $2.1 billion
Age: 69
Industry: Diversified
Businesses: SM Investments Corp. (heads SM Hotels and Conventions Corporation)
Elizabeth "Betty" Sy, like her older sister Tessie, demonstrates over and again that she is more than merely the heiress to famous businessman Henry Sy. Rather, she is someone who has a strong vision for their company's growth, particularly the SM Hotels and Conventions Corp (SMHCC), which she leads as president and chairman.
The SMHCC manages and develops nine hotel properties, including the Taal Vista Hotel, Pico Sands Hotel, Conrad Manila, Radisson Blu Cebu, Park Inn by Radisson Bacolod, Park Inn by Radisson Clark, Park Inn by Radisson Davao, Park Inn by Radisson Iloilo, and Park Inn by Radisson North EDSA. In addition to hotel properties, the SMHCC also manages the SMX Convention Centers (SMXCC).
10. Ramon Ang
Net worth: $2 billion
Age: 68
Industry: Food & Beverage
Businesses: San Miguel Corporation
Under Ang's leadership, SMC grew to become one of the Philippines' largest and most diverse conglomerates in terms of revenue and total assets, with sales equaling almost 4% of the Philippine GDP in 2020.
SMC's five primary business groups include food and beverage, packaging, fuel and oil, energy, and infrastructure, with the bulk of them being industry leaders in their respective industries. SMC is also involved in other sectors like as real estate development and leasing, cement, vehicle distribution, and banking services.
Understanding the list from Forbes Magazine
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The annual Forbes Billionaires list is out, and of the 2,668 dollar billionaires in the world in 2022, 20 are from the Philippines. Businessman and former politician Manny Villar topped the list once again with a total net worth of $8.3 billion as of April 2022. The heirs of the late industrialist Henry Sy Sr. and John Gokongwei Jr. are also among the top 20, while Lucio Tan, the last taipan of his generation, also maintained his spot on the list.
Monde Nissin president Betty Ang debuted on the list after the company’s long-awaited IPO finally happened in 2021. Joining the newcomer were Maria Grace Uy and Dennis Anthony, the husband-wife team behind rising broadband provider Converge. Nari, Ramesh, and Sunder Genomal were also named among the Philippines' richest. The brothers are behind Page Industries, a Bombay Stock Exchange-listed company, although all three Genomals were born in the Philippines and hold Philippine citizenship.
The list was developed using shareholding and financial data acquired from people and families, stock exchanges, analysts, and other sources, as stated in a Forbes statement issued on Thursday (August 11).
Foreign nationals having strong business ties to the nation or nationals who don't live there but have other connections to the nation may also be included on the list.
The August volume of Forbes Asia contains the entire list of richest Filipinos in 2022.
