Top 10 richest people in the Philippines in 2014 according to Forbes Asia

Mall tycoon Henry Sy remained the richest person in the Philippines in 2014, Forbes Asia said, as it reported that the combined worth of the country’s 50 wealthiest expanded further

Thanks to his SM Malls and Banco de Oro, Sy’s net wealth increased by $700 million to $12.7 billion in 2014, placing him on top of the Forbes Philippines rich list for the seventh consecutive year.

Following Sy was tobacco giant Lucio Tan, with a net worth of $6.1 billion, and casino tycoon Enrique Razon, Jr., whose net worth was at $5.2 billion, even as he expands his Solaire Resort and Casino.

Here’s the complete list of the top 10 richest people in the Philippines in 2014 according to Forbes Asia:

1. Henry Sy of SM Prime Holdings, $12.7 billion
2. Lucio Tan of Fortune Tobacco, $6.1 billion
3. Shipping and casino magnate Enrique Razon, $5.2 billion
4. Andrew Tan of Megaworld and Emperador, $5.1 billion
5. John Gokongwei of JG Summit Holdings, Jr. $4.9 billion
6. David Consunji of DMCI, $3.9 billion
7. George Ty of Metrobank, $3.7 billion
8. Aboitiz Family, $3.6 billion
9. Jaime Zobel de Ayala and family, $3.4 billion
10. Jollibee’s Tony Tan Caktiong, $2 billion

This year’s Forbes rich list, which required people and families to have individual or combined wealth of at least $170 million, included four newcomers, whose businesses grew significantly.

These were Ricardo Po of Century Pacific Group ($770 million); Dean Lao of D&L industries ($625 million); Raul and Jose Concepcion and family of Concepcion Industrial and RFM Corporation; and pawnshop titan P.J. Lhuiller, $180 million.

The 50 richest people in the Philippines have a combined wealth of $74 billion, up 12 percent from $65.8 billion in 2013, on the back of gains in construction and consumption. 

“Riding high on the country’s prosperity is Manuel Villar of Starmalls, operator of huge shopping centers. His net worth reached $1.46 billion, up $410 million from a year ago, to No. 14,” Forbes said.

Also benefitting from the construction boom is real estate developer David Consunji, the founder of DMCI Holdings, whose net worth grew by more than $1 billion to $3.9 billion this year.

The Philippine government on Thursday reported that its economy grew by 6.4 percent in the second quarter, accelerating from a 5.4-percent expansion in the same period in 2013.

Officials also continue to tout the country’s improved business climate, largely attributed to deep-seated business and economic reforms, against a backdrop of political turmoil.

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