Dennis Uy debuts on 2019 Forbes rich list

Ralf Rivas
Dennis Uy debuts on 2019 Forbes rich list
Other newcomers include Antonio Lee Tiu of AgriNurture and real estate developer Delfin Wenceslao, while the Sy siblings and Manny Villar are the wealthiest in the Philippines

MANILA, Philippines – Davao City-based businessman Dennis Uy broke into Forbes’ list of richest Filipinos for the first time, as he aggressively went on a buying spree for companies.

Uy’s estimated net worth is at $660 million, which puts him at 22nd on the list.

He heads Udenna Corporation, which had its net assets grow by 28% in 2018. The holding firm is awaiting approval for its backdoor listing on the Philippine Stock Exchange.

He is also set to shake up the telecommunications industry with Dito Telecommunity, after winning the bid for the 3rd major telco player last year.

Uy, who is close to President Rodrigo Duterte, also has interests in oil, energy, logistics, and hospitality.

Other newcomers include Antonio Lee Tiu who took the 49th place and has a net worth of $135 million.

Tiu owns AgriNurture, an agri-products company he founded over 2 decades ago which rose steadily over the past 3 years.

Real estate developer Delfin Wenceslao also made his debut on the list, ranking 25th. His company, DM Wenceslao, was brave enough to go public in 2018 despite a bear market.

Same names on top

The Sy siblings of the SM group were ranked 1st by Forbes with a combined net worth of $17.2 billion.

The 6 Sy siblings – Teresita, Elizabeth, Henry Jr, Hans, Herbert, and Harley – inherited their fortune from their late father Henry Sy Sr, who died last January. (READ: FAST FACTS: SM Investments Corporation)

Manny Villar, who was ranked 1st in the 2018 list, placed 2nd this year with a total net worth of $6.6 billion. However, he is still the richest in the Philippines when individual net worths are considered.

Completing the top 5 are John Gokongwei Jr ($5.3 billion), Enrique Razon Jr ($5.1 billion), and Jaime Zobel de Ayala ($3.7 billion).

Comprising the 6th to 10th places are Lucio Tan ($3.6 billion), Tony Tan Caktiong ($3 billion), Ramon Ang ($2.8 billion), the Ty siblings ($2.6 billion), and Andrew Tan ($2.55 billion). –

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.