The Philippines' Top 40 Richest

Henry Sy

The numbers are in for thePhilippines’ 40 richest. The Philippines’ economy grew only 4.9% in the  first quarter of the year in part because of a drop  in trade and lower infrastructure spending by  government, off from 8.4% in 2010, but the country’s stock market is booming. The stock exchange’s composite index is up 27% since last year, surpassing its 2007 benchmark. This lifted the fortunes of the  country’s richest to an all time high. They’re collectively  worth $34 billion, up from last year’s $22.8 billion.

Thirty-two tycoons are richer. For the fourth year in a row Henry Sy holds the top spot with a net worth of $7.2 billion,  up from $5 billion last year. The biggest gainer in percentage  terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Most of that  gain was thanks to an increase in his stake in listed miner  Atok-Big Wedge, though Ongpin says the company’s stock  price overinflates its value.
Overall the number of billionaires has more than doubled  this year to 11—a record haul. Among the newly minted billionaires is port operator Enrique Razon Jr., who saw his  net worth jump to $1.6 billion from $975 million last year.   Only two fortunes declined this year, both because of a better understanding of their assets and not because their  companies performed poorly.
Among the four newcomers are Jose Antonio, founder of  high-end property developer Century Properties; Jacinto Ng  Sr., founder of biscuit maker Rebisco; and 34-year-old Edgar  Sia II, the youngest on the list, who sold his barbecue chain to Tony Tan Caktiong’s Jollibee Foods.  A minimum of $85 million was needed to make the list this  year, up from last year’s $50 million.
Four from 2010 didn’t  make the cut, including Lourdes Montinola, whose family owns 41% of Far Eastern University; and Jesus Tambunting,  who controls Planters Development Bank. Their gains  couldn’t  match the stellar performance of others on the list.
   

Rank	Name	Net Worth ($mil)	Age
1	Henry Sy	7,200	86
2	Lucio Tan	2,800	77
3	John Gokongwei Jr.	2,400	83
4	Andrew Tan	2,000	58
5	David Consunji	1,900	90
6	Jaime Zobel de Ayala	1,700	77
7	Enrique Razon Jr.	1,600	51
8	Eduardo Cojuangco Jr.	1,400	76
9	Roberto Ongpin	1,300	74
10	George Ty	1,100	78
11	Tony Tan Caktiong	1,000	58
12	Inigo & Mercedes Zobel	980	NA
13	Emilio Yap	930	85
14	Andrew Gotianun	795	83
15	Jon Ramon Aboitiz	760	62
16	Beatrice Campos	685	NA
17	Manuel Villar	620	61
18	Vivian Que Azcona	555	NA
19	Robert Coyiuto Jr.	400	58
20	Mariano Tan	375	NA
21	Alfonso Yuchengco	370	88
22	Enrique Aboitiz	310	89
23	Oscar Lopez	280	81
24	Jose Antonio	245	64
25	Eric Recto	200	48
26	Gilberto Duavit	190	76
27	Menardo Jimenez	185	79
28	Alfredo Ramos	180	67
29	Betty Ang	165	NA
30	Felipe Gozon	163	71
31	Tomas Alcantara	160	65
32	Benjamin Romualdez	155	81
33	Wilfred Uytengsu Jr.	150	49
34	Manuel Zamora Jr.	145	71
35	Jacinto Ng Sr.	115	NA
36	Frederick Dy	110	56
37	Luis Virata	100	57
38	Bienvenido Tantoco Sr.	95	90
39	Eugenio Lopez III	90	59
40	Edgar Sia II	85	34