Henry Sy among world’s 100 richest

MANILA, Philippines – Mall magnate Henry Sy claims a spot on Bloomberg Markets magazine’s world’s 100 richest list – the only Filipino to do so.

Considered the Philippines’ richest man, the 88-year-old Sy ranks 72nd on Bloomberg’s list, with an estimated net worth of $13.3 billion, up by $1.1 billion from last year.

Sy is among the 100 wealthiest men and women in the world, whose collective net worth stands at $2.1 trillion, equivalent to 2.9% of global gross domestic product, according to Bloomberg.

In Southeast Asia, Sy is the second richest, next only to Malaysia’s Robert Kuok, who has interests in sugar refineries, hotel chains and publishing, among others. (READ: 11 Filipinos among world’s billionaires)

Sy owns SM, the Philippines’ biggest shopping mall network, and Banco De Oro, the biggest bank in terms of assets.

The top 10 richest

Bill Gates tops Bloomberg’s richest list, with a net worth of $72.9 billion. Following him is telecommunications mogul Carlos Slim of Mexico with $65.5 billion, and Spain’s retail honcho Amancio Ortega, whose net worth amounts to $61.9 billion.

Bloomberg calculated each billionaire’s worth by valuing the person’s stakes in publicly-traded companies using September 30 closing prices. Foreign assets were converted into US dollars.

For privately-held firms, Bloomberg used varied valuations such as comparison of average enterprise value-to-sales, and enterprise value-to-earnings before interest, among others. – Rappler.com