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Manila Bulletin devider Business devider The Stock Market devider Trillionaire Razon dethrones Sy siblings as Philippines' richest in Forbes list

Trillionaire Razon dethrones Sy siblings as Philippines' richest in Forbes list

Published Aug 6, 2026 09:53 am

Ports and infrastructure trillionaire Enrique K. Razon Jr. topped the 2026 Forbes list of the Philippines’ 50 Richest for the first time, overtaking the Sy siblings even as the combined wealth of the country’s tycoons fell by eight percent to $79 billion from $86 billion a year ago.

The Philippines’ 50 richest individuals and families were hit by a sluggish domestic economy, elevated inflation, a weaker peso, and geopolitical tensions that weighed on asset values. In the first quarter of 2026, the Philippine economy expanded by just 2.8 percent—its weakest quarterly growth since the Covid-19 pandemic—as the energy shock from the Iran conflict fueled inflation and pressured the peso. As a result, only 14 of the 50 listees increased their wealth from a year ago.

The country’s 10 richest are:

  • Enrique K. Razon Jr. — $21.8 billion
  • Sy siblings — $9.2 billion
  • Ramon Ang — $3.5 billion
  • Lucio and Susan Co — $3.3 billion
  • Isidro Consunji and siblings — $3 billion
  • Lucio Tan — $2.9 billion
  • Jaime Zobel de Ayala — $2.8 billion
  • Que-Azcona family — $2.5 billion
  • Manuel Villar — $2.4 billion
  • Ty siblings — $2.3 billion

Razon emerged as the biggest gainer in dollar terms, claiming the No. 1 spot for the first time from the Sy siblings. Unfazed by geopolitical tensions, he accelerated the global expansion of his listed International Container Terminal Services Inc. (ICTSI), boosting its share price and adding $10.3 billion to his fortune.

The Sy siblings, heirs to the SM Group founded by the late retail tycoon Henry Sy Sr., slipped to second place after their fortune declined by $2.6 billion to $9.2 billion. Shares of the group’s property arm, SM Prime Holdings Inc., fell 18 percent from a year ago amid a weak residential property market.

At No. 3 is Ramon Ang, chairman and chief executive officer (CEO) of San Miguel Corp. (SMC), whose conglomerate spans food and beverage, power, infrastructure, and other industries.

Ang climbed one spot despite a slight decline in his net worth to $3.5 billion. Investor concerns over SMC’s debt load triggered a nearly 10-percent drop in the company’s share price over the past year.

Lucio and Susan Co, the billionaire co-founders of Puregold Price Club Inc., entered the top five for the first time, ranking fourth with a combined fortune of $3.3 billion.

Completing the top five are Isidro Consunji and siblings of DMCI Holdings Inc., whose fortune declined to $3 billion from $3.7 billion a year ago.

The biggest gainer in percentage terms was Robert Coyiuto Jr. (No. 17), whose fortune more than doubled to $925 million as shares of one of his key holdings, Synergy Grid & Development Philippines Inc. (SGP)—the controlling shareholder of the country’s sole high-voltage power transmission operator, National Grid Corp. of the Philippines (NGCP)—rallied on favorable regulatory changes.

Overall, the fortunes of 33 members of the list declined. The minimum net worth required to make this year’s ranking remained unchanged at $185 million.

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

Unlike the Forbes World’s Billionaires rankings, the Philippines’ 50 Richest list includes family fortunes, including those shared among extended families.

Net worths were based on stock prices and exchange rates as of the close of markets on July 17, 2026. Private companies were valued based on comparable publicly traded firms.

The list may also include foreign citizens with business, residential, or other ties to the Philippines, as well as Filipino citizens who do not reside in the country but maintain significant business or other ties.

The complete list is available at Forbes’ website and in the August issue of Forbes Asia. - James A. Loyola

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Forbes Forbes Asia Enrique K. Razon Jr. Ramon S. Ang Frobes Philippines\' 50 Richest
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