Filipino billionaires' wealth shoots up by 30% during pandemic – Forbes

The collective wealth of the 50 richest Filipinos grew 30% to $79 billion (around P3.9 trillion) despite the COVID-19 pandemic, latest figures from the 2021 Forbes' Philippines Rich List showed.

The Sy siblings of SM are still the richest in the Philippines, collectively earning $2.7 billion more in 2021, which pushed up their total net worth to $16.6 billion. 

Property magnate Manuel Villar is in second place with a net worth of $6.7 billion. He is still the country's richest individual.

After taking control of Manila Water, ports and gaming tycoon Enrique Razon Jr. secured the third spot with $5.8 billion.

Betty Ang, co-founder and president of Monde Nissin, was the top gainer after her company went public. Ang's wealth saw a sevenfold jump to $1.4 billion, making her the 18th richest Filipino.

The initial public offering of Converge ICT Solutions propelled Dennis Anthony and Maria Grace Uy to the sixth spot, with a net worth of $2.8 billion.

A total of eight newcomers joined the list in 2021, including Luis Yu Jr. and Mariano Martinez Jr., owners of low-cost home builder 8990 Holdings. Benedicto and Teresita Yujuico also joined the country's wealthiest, after reaping the riches from the listing of DDMP REIT.

More than a dozen billionaires saw their wealth drop. Lucio Tan fell to the 12th spot from the third spot, as Philippine Airlines filed for bankruptcy

The top 10 in the 2021 Forbes' Philippines Rich List are:

  1. Sy siblings - $16.6 billion
  2. Manuel Villar - $6.7 billion
  3. Enrique Razon Jr. - $5.8 billion
  4. Lance Gokongwei and siblings - $4 billion
  5. Jaime Zobel de Ayala - $3.3 billion
  6. Dennis Anthony and Maria Grace Uy - $2.8 billion
  7. Tony Tan Caktiong - $2.7 billion
  8. Andrew Tan - $2.6 billion
  9. Ramon Ang - $2.3 billion
  10. Ty siblings - $2.2 billion

– Rappler.com

Ralf Rivas

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

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