The race for the title of the Philippines’ wealthiest person is tightening, with ports and casino tycoon Enrique Razon Jr. narrowing the gap on the long-reigning Sy siblings.

The Sy siblings, heirs to the SM group, held onto the top spot on the 2025 Forbes list of the Philippines’ 50 Richest, but their combined fortune fell by $1.2 billion to $11.8 billion. Meanwhile, Razon’s net worth saw a modest increase to $11.5 billion, placing him a mere $300 million behind the top spot.

On the other hand, property magnate Manuel Villar held his place as the country's third-richest with a net worth of $11 billion, as his company Golden MV Holdings transforms into Villar Land Holdings, the builder of the sprawling 3,500-hectare Villar City.

Ramon Ang of San Miguel Corp. was No. 4 with a fortune of $3.75 billion, while Isidro Consunji & siblings of DMCI Holdings rounded out the top five with a net worth of $3.7 billion.

The biggest percentage gain was recorded by Dennis Anthony & Maria Grace Uy, cofounders of broadband services provider Converge ICT Solutions. Their combined net worth rocketed 74 percent to $1.6 billion, placing them at No. 16.

In contrast, home improvement tycoon William Belo, founder of Wilcon Depot, saw the largest percentage drop. His net worth fell by over 40 percent to $520 million after his company’s shares hit an eight-year low, leaving him at No. 29.

The Que Azcona family inherited the No. 6 spot with $3.6 billion following the death of Vivian Que Azcona, president of Mercury Drug, in April. The company is now led by her son, Steven.

The minimum net worth required to make the list this year increased to $185 million from $170 million in 2024.

According to Forbes, the total wealth of the tycoons on the list increased by over six percent to $86 billion, fueled by a robust 5.4 percent expansion of the Philippine economy. This growth was boosted by strong domestic demand and infrastructure investments.

“Buoyed by domestic demand and an uptick in infrastructure investments, the Philippine economy expanded by 5.4 percent in the first quarter of 2025, but U.S. tariffs proved to be a spoiler,” the magazine said.

The country’s benchmark stock market index dipped seven percent since fortunes were last measured, though that was partially offset by a firmer peso. Overall, nearly half of those on the list are wealthier compared to a year ago.

Forbes Asia said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.

Unlike the Forbes World’s Billionaires rankings, this list includes family fortunes, including those shared among extended families.

Net worths are based on stock prices and exchange rates as of the close of markets on July 18, 2025. Private companies were valued based on similar companies that are publicly traded.

The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.