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Top 10 Richest in the Philippines

This year brought a lot of changes to the economic status of almost all countries. But despite the ongoing pandemic, individuals listed among the top richest in the country last year have successfully kept their standing this year. It is no doubt that these billionaires have also gone through losses due to the lockdown. In fact, plenty of businesses have decided to cease operations for a while or for good because they are no longer making profits. Maintaining net worth may have been challenging even for the rich but these individuals listed below still made it to the top 10 richest in the Philippines for 2020. 


Top 10 Richest in the Philippines


Sy Siblings


Net Worth : $13.9 Billion

The Sy Siblings made it to the first spot for the country's richest this year. The combined net worth of Teresita, Henry Jr., Hans, and Elizabeth had reached a total of 13.9 billion. Among the siblings, Hans has the highest net worth with $2.5 billion, making him the 1,063rd rank for the world's richest person. Hans is the chairman of China Banking Corp. and National University.


Manuel Villar


Net Worth : $5.2 Billion


The second richest person listed in Forbes Philippines* is Manuel Villar. He is the chairman of Vista Land and Landscapes as well as Vista Mall (formerly Starmall), one of the largest mall operators in the Philippines. Villar's company had also acquired Golden Bria (previously Bria Homes), a developer of housing and condominiums. 


Enrique Razon Jr.


Net Worth : $4.3 Billion


On the third spot is Enrique Razon Jr. He is the chairman of the leading terminal operator in the country, the International Container Terminal Services (ICTSI), with its subsidiaries in America, Africa, and eastern part of Europe. His grandfather started their family business in 1916, a port, now operating globally. Razon Jr. is also the chairman of Bloomberry Resorts where Solaire Resort and Casino is included. 


Lance Gokongwei and Siblings


Net Worth : $4.1 Billion


Lance Gokongwei and his siblings are new on the list as they have replaced their father who passed away last year. Their fortune comes from their stake in JG Summit which focuses on telecom, airlines, power, property, food, and banking. They also manage Universal Robina, one of the largest Food and Beverage (F&B) companies in the country. This was started by their father in 1957 as a cornstarch plant. Lance is the chief executive of JG Summit while Robina, his older sister is Robinson Retail's chief executive. 


Jaime Zobel de Ayala


Net Worth : $3.6 Billion


Jaime served as the chairman of the Ayala Group until 2006 before he passed on the responsibility to his son. Jaime has 7 children who control around one third of the revenue. Their business started in Manila with a distillery and eventually expanded into other industries including real estate, banking, hotels, education, and telecommunication. Jaime Zobel is also multi-awarded as a philanthropist and a leader in business. 


Andrew Tan


Net Worth : $2.3 Billion


Andrew Tan is the chairman of Alliance Global that focuses on real estate, F&B, and gaming. He is a son of a factory worker but has successfully grown their fortune by constructing large apartment complexes in Manila. His company also owns Emperador, Megaworld, and McDonald's Philippines. 


Lucio Tan


Net Worth : $2.2 Billion


Lucio Tan is the founder and chairman of the LT Group holdings company which focuses on banking, tobacco, and property development. Tan also established Asia Brewery in 1982. This can be considered as the only major company directly competing with San Miguel, a market leader in brewery. Aside from brewery, Lucio is also a majority shareholder of Fortune Tobacco, the Philippines largest tobacco company. 


Ramon Ang


Net Worth : $2 Billion


Ramon Ang is the vice-chairman, president and chief operating officer (COO) of San Miguel, one of the oldest conglomerates in the country. When it comes to food and beverages, San Miguel is on top of the list; however, most of the fortune of Ang comes from the infrastructure and power industries. Ramon is also a part owner of Eagle Cement. Ang's fortune began through used Japanese car and truck engines --- fixing and reselling them, before becoming partners with Eduardo "Danding" Cojuangco, who passed away this year. 


Tony Tan Caktiong


Net Worth : $1.9 Billion


Due to the pandemic, dine-in services were greatly affected; thus, causing the rank of Tony Tan Caktiong to go down. In fact, his net worth depreciated for about 37 percent. He is the founder of Jollibee, the fastest growing Asian restaurant in the world. Tony is a son of a chef and started his business with just two ice cream parlors. As of now, there are about 3,300 Jollibee owned stores in the Philippines (including Chowking, Mang Inasal, Greenwich, Red Ribbon, Burger King, and Panda Express) plus over 2,500 branches overseas. 


Lucio and Susan Co


Net Worth : $1.7 Billion


Lucio and his wife Susan Co  are the owners of Puregold Price Club. This is the first time that the couple made it to the top 10 richest in the country. They have co-founded Puregold in 1998. Their first branch opened in Mandaluyong City and have since then expanded to over 350 stores nationwide. Lucio Co is also the chairman of Da Vinci Capital Holdings, Inc. and Cosco Capital Inc. and the director of Philippine Bank of Communications (PBCOM).  


Contributed by Jo Vel 

*https://www.forbes.com/sites/forbespr/2020/09/16/tycoons-on-2020-forbes-philippines-rich-list-see-fall-in-wealth-due-to-pandemic-disruption

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