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Manila Bulletin devider Business devider The Stock Market devider Razon overtakes Villar as Philippines' richest

Razon overtakes Villar as Philippines' richest

Published Mar 11, 2026 05:18 am
Enrique Razon Jr. has become the wealthiest person in the Philippines, according to the 40th Annual Forbes World’s Billionaires list, unseating real estate mogul Manuel Villar following a turbulent year for property valuations.
The 66-year-old chairman of International Container Terminal Services Inc. (ICTSI) and Bloomberry Resorts Corp. saw his net worth climb to an estimated $16.5 billion, or approximately ₱918 billion.
Razon now ranks 175th globally, driven by a 23 percent increase in ICTSI’s 2025 profits and the continued post-pandemic recovery in the regional gaming sector.
His wealth expansion comes as ICTSI aggressively pursues container port acquisitions across six continents, insulating his portfolio from localized economic volatility.
The shift at the top of the wealth rankings follows the decline in the fortune of Manuel “Manny” Villar. Once celebrated as the first Filipino “trillionaire” in peso value with a peak net worth of $17.2 billion in 2025, Villar’s standing was upended by a controversy surrounding land valuations.
His net worth plummeted by more than 70 percent to $3.1 billion, or roughly ₱172 billion, after the Securities and Exchange Commission (SEC) scrutinized disclosures related to his massive Villar Land project.
San Miguel Corp. President Ramon S. Ang moved into the second position among the country's wealthiest individuals.
Ang, whose fortune is estimated at $3.6 billion or ₱200 billion, has focused his conglomerate’s efforts on massive nation-building infrastructure, including the ongoing modernization of Manila’s primary international gateway. He is followed closely by veteran tycoon Lucio Tan, who holds a net worth of $3.5 billion, or about ₱195 billion.
While individual rankings shifted, the Sy family remains a dominant force in the Philippine economy. Henry Sy Jr., eldest son of the late retail pioneer Henry Sy Sr., leads the family’s representation on the list with $2.5 billion, or approximately ₱139 billion.
Collectively, the Sy siblings continue to control SM Investments Corp., the country's largest conglomerate by market value, which spans retail, banking, and property development.
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