Philippines’ richest just got richer from stock market rally
Filipino tycoons saw their collective wealth rise 30% to a total of $79 billion, the latest Forbes list of the Philippines’ 50 richest shows.
Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter. Investor sentiment remained buoyant, fueling a 13% rise in the benchmark stock index from a year ago. The wealth of more than half the list members was up this year with four listees adding over $1 billion each.
The top three are the biggest dollar gainers on this year’s list, collectively richer by nearly $6 billion. The Sy siblings, heirs to the group built by the late Henry Sy Sr., added $2.7 billion to remain at No. 1 with $16.6 billion. Property tycoon Manuel Villar, whose net worth rose by $1.7 billion to $6.7 billion, retains the second spot. Enrique Razon Jr., who expanded his portfolio by taking control of Manila Water, saw a $1.5 billion increase in his wealth to remain the third richest with $5.8 billion.
Stock listings a source for wealth
Despite pandemic headwinds, an active initial public offering (IPO) market in the Philippines made Betty Ang, cofounder and president of Monde Nissin, this year’s biggest percentage gainer. Ang climbed 20 spots to No. 18 following more than a seven-fold jump in her wealth to $1.4 billion after Monde Nissin’s June listing, which raised a record $1 billion. The IPO produced three newcomers to the ranks – Monde Nissin chairman Hartono Kweefanus (No. 11, $1.95 billion); the company’s CEO Henry Soesanto (No. 25, $795 million); and brothers Keng Sun and Peter Mar (No. 35, $410 million), heirs to a biscuit business that was sold by their family to Monde Nissin.
Listing gains also produced this year’s richest newcomers– Dennis Anthony and Maria Grace Uy (No. 6, $2.8 billion), cofounders of Converge ICT Solutions, which saw demand for its broadband services by homebound Filipinos rocket during the pandemic. Their company went public last October, raising $522 million.
But some also lost
More than a dozen people on the list saw their fortunes decline, including liquor and airline billionaire Lucio Tan (No. 12, $1.9 billion). The pandemic affected his Philippine Airlines, which racked up losses and filed for bankruptcy in the U.S.
The top 10 richest in the Philippines are:
Sy siblings; US$16.6 billion
Manuel Villar; $6.7 billion
Enrique Razon Jr.; $5.8 billion
Lance Gokongwei & siblings; $4 billion
Jaime Zobel de Ayala; $3.3 billion
Filipino tycoons saw their collective wealth rise 30% to a total of $79 billion, the latest Forbes list of the Philippines’ 50 richest shows. Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter. Investor sentiment remained buoyant, fueling a 13% rise in the benchmark stock index from a year ago. The wealth of more than half the list members was up this year with four listees adding over $1 billion each. The top three are the biggest dollar gainers on this year’s list, collectively richer by nearly $6 billion. The Sy siblings, heirs...
Filipino tycoons saw their collective wealth rise 30% to a total of $79 billion, the latest Forbes list of the Philippines’ 50 richest shows.
Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter. Investor sentiment remained buoyant, fueling a 13% rise in the benchmark stock index from a year ago. The wealth of more than half the list members was up this year with four listees adding over $1 billion each.
The top three are the biggest dollar gainers on this year’s list, collectively richer by nearly $6 billion. The Sy siblings, heirs to the group built by the late Henry Sy Sr., added $2.7 billion to remain at No. 1 with $16.6 billion. Property tycoon Manuel Villar, whose net worth rose by $1.7 billion to $6.7 billion, retains the second spot. Enrique Razon Jr., who expanded his portfolio by taking control of Manila Water, saw a $1.5 billion increase in his wealth to remain the third richest with $5.8 billion.
Stock listings a source for wealth
Despite pandemic headwinds, an active initial public offering (IPO) market in the Philippines made Betty Ang, cofounder and president of Monde Nissin, this year’s biggest percentage gainer. Ang climbed 20 spots to No. 18 following more than a seven-fold jump in her wealth to $1.4 billion after Monde Nissin’s June listing, which raised a record $1 billion. The IPO produced three newcomers to the ranks – Monde Nissin chairman Hartono Kweefanus (No. 11, $1.95 billion); the company’s CEO Henry Soesanto (No. 25, $795 million); and brothers Keng Sun and Peter Mar (No. 35, $410 million), heirs to a biscuit business that was sold by their family to Monde Nissin.
Listing gains also produced this year’s richest newcomers– Dennis Anthony and Maria Grace Uy (No. 6, $2.8 billion), cofounders of Converge ICT Solutions, which saw demand for its broadband services by homebound Filipinos rocket during the pandemic. Their company went public last October, raising $522 million.
But some also lost
More than a dozen people on the list saw their fortunes decline, including liquor and airline billionaire Lucio Tan (No. 12, $1.9 billion). The pandemic affected his Philippine Airlines, which racked up losses and filed for bankruptcy in the U.S.
The top 10 richest in the Philippines are:
Sy siblings; US$16.6 billion
Manuel Villar; $6.7 billion
Enrique Razon Jr.; $5.8 billion
Lance Gokongwei & siblings; $4 billion
Jaime Zobel de Ayala; $3.3 billion
