On Thursday (August 28), Forbes magazine released its list of the 50 richest Filipinos for 2014. According to the publication, the nation’s 50 wealthiest are worth a combined US$74 billion, up 12% from last year’s $65.8 billion.
Henry Sy topped the list for the seventh consecutive year with a net wealth of $12.7 billion, up $700 million from last year, thanks to the rising shares of his SM Prime Holdings and Banco de Oro. Lucio Tan remained in the second spot with a net worth of $6.1 billion.
Port and casino tycoon Enrique Razon Jr. also saw his wealth rise to $5.2 billion, up from $4.5 billion a year ago, placing him third on the list. The casino chief is placing a big bet on expanding his Solaire Resort & Casino and is looking to expand in Macau, Japan and Latin America.
There were four newcomers on this year's list:
- Ricardo S. Po and family of canned food company, Century Pacific Group (No. 21, $770 million);
- Dean Lao, co-founder of D&L Industries (No. 26, $625 million);
- Raul and Jose Concepcion and family, twin brothers who took over their father's manufacturing and food businesses, Concepcion Industrial and RFM Corporation (No. 34, $320 million); and
- Pawnshop titan P.J. Lhuillier of Cebuana Lhuillier (No. 49, $180 million).
For the complete list of 50 wealthiest, visit the Forbes Philippines website or grab a copy of the latest issue of Forbes Asia.