Ports and casino magnate Enrique Razon Jr. has surpassed property tycoon Manuel Villar as the wealthiest person in the Philippines, according to Forbes' latest report released on Thursday, Aug. 8.
Although the Sy siblings, the heirs of the late SM Group Founder Henry Sy Sr., maintained their top position on this year's Forbes list, on an individual basis, Razon now holds the title of the richest person in the country, boasting an estimated fortune of $11.1 billion.
Forbes attributed Razon's significant wealth increase of $3 billion to the remarkable performance of his shares in International Container Terminal Services, which saw a staggering growth of almost 80 percent over the past year amid global trade resurgence.
On the other hand, Villar experienced a more modest uptick in net worth, climbing by $1.2 billion to reach $10.9 billion. This slower growth caused him to slide down the rankings in comparison to Razon.
According to Forbes, the Sy siblings maintained the top spot this year with a combined net worth of $13 billion, although this figure was lower than the previous year's $14.4 billion due to currency fluctuations impacting the peso.
Ramon Ang of San Miguel Corp., whose net worth increased by $400 million to $3.8 billion, secured the fourth position on the Forbes list.
Ang's strategic leadership transformed the diversified conglomerate into a key player in national development, making significant strides in infrastructure projects such as airports, toll roads, and power plants.
In the fifth spot are Isidro Consunji and siblings of DMCI Holdings, boasting a fortune of $3.4 billion, up from $2.9 billion the previous year.
Education magnate Eusebio Tanco (No. 22) posted a notable 35 percent increase in wealth to $815 million, driven by the success of his online gaming company DigiPlus Interactive amid government actions against illegal offshore gambling operations.
However, the fortune of Lance Gokongwei and his siblings declined by 37 percent to $1.9 billion, causing them to drop from No. 7 to No. 11. JG Summit Holdings, their flagship company, faced challenges as its petrochemicals unit struggled with global price pressures and high operational costs.
The lackluster initial public offering (IPO) market, meanwhile, resulted in no new entries on this year's rankings, according to Forbes. However, two individuals made a comeback after a hiatus.
The June IPO of Citicore Renewable Energy, one of the few listings on the Philippines Stock Exchange in the year, brought construction tycoon Edgar Saavedra (No. 43) back to the list after four years.
Another returning figure is Michael Cosiquien at No. 48, who now leads ISOC Holdings, a diversified company with interests in logistics, energy, property, and infrastructure, following his separation from Saavedra's business.
The threshold for making it onto the list was set at a minimum net worth of $170 million, a slight decrease from $180 million in the previous year.
The total wealth of the magnates included in the 2024 Forbes list of the Philippines' 50 Richest remained relatively unchanged at $80.8 billion, compared to $80.4 billion in the preceding year.
The Philippine economy expanded by 6.05 percent in the first half of 2024, outpacing the 5.35 percent growth recorded in the same period of the previous year.