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



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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



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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