Forbes has released the list of the Philippines’ richest this 2023, and among the wealthiest are tycoons behind the country’s most famous fashion and beauty names.
Topping this year's list are the SM Group’s Sy siblings with a net worth of $14.4 billion (approx. P807.6 billion), who inherited their fortune from their late father Henry Sy Sr. The business juggernaut first found its beginnings in 1958 as a humble overrun shoe business named Shoemart, which has then grown into Southeast Asia’s largest conglomerates, with SM Retail having majority stakes in the local operations of brands like Forever 21 and Uniqlo.
Meanwhile, landing on the seventh spot on the list are Lance Gokongwei and siblings with a net worth of $3 billion (approx. P168 billion). Among their stakes is Robinsons Retail under Robina Gokongwei-Pe, with a portfolio that includes Robinsons Department Store, and beauty brands like Shiseido, Benefit Cosmetics, and Clé de Peau Beauté.
The Ayala Group’s Jaime Zobel de Ayala and family make it to the list’s ninth spot with a net worth of $2.8 billion (approx. P157.3 billion). The oldest major conglomerate in the Philippines, the Ayala Corporation has several stakes in banking, real estate, hotels, telecommunications, education, and fashion retail included. In 2017, the group also acquired a 49 percent stake in BF Jade E-Service Philippines, which runs the e-commerce fashion platform Zalora Philippines.
According to Forbes, the country’s 50 richest had a combined wealth of $80 billion (approx. P4.49 trillion) this year.
See the top 10 richest in the Philippines and their net worth below:
1. Sy Siblings - $14.4 billion (Diversified)
2. Manuel Villar - $9.7 billion (Real Estate)
3. Enrique Razon Jr. - $8.1 billion (Logistics)
4. Ramon Ang - $3.4 billion (Food and Beverages)
5. Tony Tan Caktiong and family - $3.2 billion (Food and Beverage)
6. Aboitiz family - $3.15 billion (Diversified)
7. Lance Gokongwei and siblings - $3 billion (Diversified)
8. Isidro Consunji and siblings - $2.9 billion (Diversified)
9. Jaime Zobel de Ayala and family - $2.8 billion (Diversified)
10. Lucio Tan - $2.6 billion (Diversified)
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