Henry Sy remains Philippines’ richest
Shopping mall tycoon Henry Sy and his family are still the richest Filipinos, according to Forbes magazine’s 2014 global billionaires’ list. Although the Sy family’s net worth dropped to $11.4 billion from $13.2 billion in 2013, they remained in the top 100 billionaires list in the world.
“The Philippines’ richest person, Henry Sy, merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion. In November 2013 his property unit SM Land snatched a $1.2 billion contract to reclaim land in Manila, next to his Mall of Asia complex,” Forbes said in a report released on March 3.
It added that despite the merger and the Manila reclamation deal, the Sys’ fortune dropped by $1.8 billion mainly because shares of their holding firm SM Investments tumbled 30 per cent in 2013.
“They took a hit when the company sold some shares to institutional investors at a discount to market price,” Forbes explained.
The other Filipino billionaires who made it into the 2014 Forbes list are:
No. 227 Lucio Tan and family – $6.1 billion
No. 319 Andrew Tan – $4.7 billion
No. 354 Enrique Razon, Jr. – $4.2 billion
No. 388 John Gokongwei, Jr. – $3.9 billion
No. 483 David Consunji – $3.3 billion
No. 764 George Ty and family – $2.3 billion
No. 1046 Tony Tan Caktiong and family – $1.7 billion
No. 1154 Robert Coyiuto, Jr. – $1.5 billion
No. 1565 Andrew Gotianun – $1 billion
[caption id="attachment_21308" align="alignleft" width="300"] Henry Sy[/caption] Shopping mall tycoon Henry Sy and his family are still the richest Filipinos, according to Forbes magazine's 2014 global billionaires' list. Although the Sy family's net worth dropped to $11.4 billion from $13.2 billion in 2013, they remained in the top 100 billionaires list in the world. "The Philippines' richest person, Henry Sy, merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion. In November 2013 his property unit SM Land snatched a $1.2 billion contract to reclaim land in Manila,...
Shopping mall tycoon Henry Sy and his family are still the richest Filipinos, according to Forbes magazine’s 2014 global billionaires’ list. Although the Sy family’s net worth dropped to $11.4 billion from $13.2 billion in 2013, they remained in the top 100 billionaires list in the world.
“The Philippines’ richest person, Henry Sy, merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion. In November 2013 his property unit SM Land snatched a $1.2 billion contract to reclaim land in Manila, next to his Mall of Asia complex,” Forbes said in a report released on March 3.
It added that despite the merger and the Manila reclamation deal, the Sys’ fortune dropped by $1.8 billion mainly because shares of their holding firm SM Investments tumbled 30 per cent in 2013.
“They took a hit when the company sold some shares to institutional investors at a discount to market price,” Forbes explained.
The other Filipino billionaires who made it into the 2014 Forbes list are:
No. 227 Lucio Tan and family – $6.1 billion
No. 319 Andrew Tan – $4.7 billion
No. 354 Enrique Razon, Jr. – $4.2 billion
No. 388 John Gokongwei, Jr. – $3.9 billion
No. 483 David Consunji – $3.3 billion
No. 764 George Ty and family – $2.3 billion
No. 1046 Tony Tan Caktiong and family – $1.7 billion
No. 1154 Robert Coyiuto, Jr. – $1.5 billion
No. 1565 Andrew Gotianun – $1 billion
