Real estate and retail mogul Manuel B. Villar Jr. has been listed as the only Filipino in elite Forbes World’s Billionaires List 2024: The Top 200 as among the planet’s billionaires whose fortunes continue to swell despite war, political unrest, and lingering inflation.
The magazine reported that Villar’s fortune has grown to $11 billion, consisting of his holdings in publicly-listed companies he founded and chairs: Vista Land and Lifescapes Inc., VistaREIT, AllHome Corporation, AllDay Marts Inc., Golden MV Holdings Inc.
In the broader Forbes 38th Annual World’s Billionaires List were 14 more of the Philippines’ wealthiest such as ports and casino tycoon Enrique K. Razon Jr., who is estimated to be worth $10 billion and ranked No. 224.
Other Filipino billionaires in the list are: Ramon S. Ang at #920 with $3.5 billion, Hans Sy at #1286 with $2.6 billion, brothers Henry Sy, Jr. and Herbert Sy as well as Lucio Tan tied at 1330 with $2.5 billion each, Harley Sy at #1380 with $2.4 billion, Teresita Sy-Coson at #1438 with $2.3 billion, Elizabeth Sy at #1545 with $2.1 billion, Andrew Tan at #1623 with $2 billion, Tony Tan Caktiong at #2152 with $1.4 billion, and Lance Gokongwei at #2545 with $1.1 billion.
New to the Forbes’ 38th Billionaires list are spouses Lucio Co (#2410 with $1.2 billion) and Susan Co (#2545 with $1.1 billion) who control public firms such as Cosco Capital, Puregold Price Club, The Keepers Holdings, and Philippine Bank of Communications.
There are now 2,781 billionaires in Forbes’ list, 141 more than last year and 26 more than the record set in 2021. They’re richer than ever, worth $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021.
The richest of all is Bernard Arnault, who holds the No. 1 spot for the second year in a row. The French luxury goods kingpin is worth an estimated $233 billion, $22 billion more than in 2023 thanks to another record year for his conglomerate LVMH, the company behind brands such as Louis Vuitton, Tiffany & Co. and Sephora.
The world’s No. 2 wealthiest is Elon Musk who is worth an estimated $195 billion. Just behind him, at No. 3, is Amazon’s Jeff Bezos, who is worth an estimated $194 billion.
However, no one has gained more, in sheer dollar terms, than Mark Zuckerberg, who has benefited—to the tune of a $116.2 billion jump in a single year—thanks to Meta stock nearly tripling amid cost-cutting layoffs and big bets on AI and the metaverse.
Zuckerberg is No. 4 on Forbes’ 2024 ranking, worth an estimated $177 billion, the richest he’s ever been. Oracle’s Larry Ellison, worth an estimated $141 billion, rounds out the top five.
They are just two of the scores of technology moguls who are significantly richer than a year ago. The AI gold rush is on, helping to add more than a dozen newcomers working in artificial intelligence to the ranks.
Forbes said two-thirds of the list’s members are worth more than a year ago while only one fourth are poorer.
Much of the gains come from the top 20, who added a combined $700 billion in wealth since 2023, and from the U.S., which now boasts a record 813 billionaires worth a combined $5.7 trillion.
China remains second, with 473 (including Hong Kong) worth $1.7 trillion, despite weak consumer spending and a real estate bust that helped wipe out $200 billion in wealth and knocked 89 billionaires from the ranks. India, which has 200 billionaires (also a record), ranks third.
To calculate net worths, Forbes said it used stock prices and exchange rates from March 8, 2024.