Top 10 Richest People in the Philippines 2011

This is the list of Top Richest People in the Philippines based on Forbes' Philippines Richest List. They are ranked according to net worth.

1. Henry Sy

Net Worth: $7.2 billion.
The unbeatable richest man in the Philippines, Henry Sty started with a small shoe store in Manila, Philippines which became the Philippines biggest retail group. SM Prime, the Philippines' largest shopping mall developer, is managed by the son Hans, planning to list China operations. Shares in SM Investments, the largest family asset, almost 40 percent. Banco de Oro Unibank, the country's largest bank, run by daughter Teresita Sy-Coson. Listed property developer Belle Corp., is expected to open the first casino in Manila in 2012. Henry Sy remains the richest man in the Philippines for 4 consecutive years.

2. Lucio Tan 

1       Net Worth: $2.8 billion

Biggest asset, based in Hong Kong, the Eton Properties, enjoying a huge boost in property values. Owns shares in PAL Holdings, which controls the flagship carrier Philippine Airlines. Fortune Tobacco, the largest tobacco company in the Philippines, fighting in court the Department of Health in order to put graphic warnings on cigarette packs about the dangers of smoking to health.

 3. John Gokongwei Jr.

Net Worth: $2.4 billion

He founded the JG Summit conglomerate, has businesses in airlines, telecommunications, real estate, banking, hotels and power plants. Affordable airline carrier Cebu Air Group registered last October, increased 623 million dollars. Brother James Go seats JG Summit, son Lance is the president.

4. Andrew Tan

Net Worth: $2.0 billion.
Son of factory worker, his holding company, Global Alliance, invests in food and beverage, real estate, gaming. New power plants FDC Utilities venture plans to raise funds for renewable energy projects. Wife Katherine treasurer and sits on the board.

5. David Consunji

Net Worth: $1.9 billion.
A big leap for a former inspector who founded the concrete construction company in 1954 and later expanded into infrastructure, real estate, mining and power. He moved into the top 5 as its DMCI Holdings shares doubled in the past year. Semirara Mining value nearly tripled. Son Isidro of DMCI Holdings president Isidro is'. The children share the fortune.

6. Jaime Zobel de Ayala

Net Worth: $1.7 billion.
Chairman emeritus of Ayala Corporation, the largest conglomerate by market capitalization. Investments including real estate, hotels, financial services, telecommunications, utilities. Plans to invest 1.8 billion dollars in power generation, infrastructure. His 7 children owned shares. Jaime II, the oldest, is chairman; Ferdinando is the vice chairman.

7. Enrique Razon Jr.

Net Worth: $1.6 billion.

Chairman and CEO of the Manila-listed company, International Container Terminal Services, Inc. (ICTSI), the Philippine port-handling giant.

8. Eduardo "Danding" Cojuangco Jr.

Net Worth: $1.4 billion.

Controls San Miguel Corporation, food and beverage conglomerate with investments in power. Last year the a group investors bought his option for an undisclosed sum. Company's stock price, which completed the secondary offering 370 million dollars of May, nearly doubled since. Former Marcos cronies; state Supreme Court recently decided that its stake in San Miguel, the Presidential Commission on Good Governance has alleged he was due to its relationship with the former dictator, wasn't ill-gotten.

9. Roberto Ongpin

Net Worth: $1.3 billion.

Former trade minister who studied at Harvard Business School, has investments in property, mining, telecommunications. Top frontier, the investment company he has held in, have bought stakes in San Miguel. He also raised its stake in mining company Atok-Big Wedge, reaping huge profits. Ongpin said his net worth of no more than 500 million dollars, based on his debt and stock prices Atok-Big Wedge overstating the value of the company.

10. George Ty

Net Worth: $1.1 billion.

His Metrobank, the Philippines second-largest lender, it posted record profits of 195 million dollars in 2010. Self-starter who founded the bank in his 20s, resigned as chairman in 2006 in support of Arthur's son. Group's power unit began operating coal power plant in April. Real estate arm of the Federal Land plans to build a 300 million dollar hotel in Manila.

 

The numbers are in for the Philippines’ 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.

Source: Forbes.com