Top 10 Richest People In The Philippines 2017
Forbes has released its list of the top 10 richest people in the Philippines for 2017. While most of the names on the list have remained the same since 2016, there have been minor changes in net worth and positional changes amongst the billionaires, as well as a new entry in the top 10. Regardless of one’s position on this list, these billionaires did not reach such an elite status without hard work. Most of the billionaires on this list started with very little, and worked tirelessly to earn their first million. A closer look at their finances should provide you with the inspiration necessary to achieve your own professional and financial goals. Let’s dive in.
The richest man in the Philippines is still Henry Sy, who has achieved the number one spot on Forbes’ list for the past eight years. Sy is the infamous owner of SM Investments Corp, which is the Philippines’ largest retailer. In addition, Sy has investments in banking, shopping malls, and real estate. Though still the richest man in the Philippines, Sy’s worldly rank has declined from 71 to 94. The large drop in position is likely due to Sy’s net worth decreasing by $600 million.
The second richest man in the Philippines has also remained the same in 2017. Unlike Sy, John Gokongwei, Jr. increased his net worth from $5.1 billion to $5.8 billion. Gokongwei Jr., is the founder of JG Summit, which is one of the biggest conglomerates in operation in the Philippines. This billionaire also holds interest in banking, food, hotels, chemicals, real estate, telecommunications, air transportation, and power.
Coming in at number three is Lucio Tan with a net worth of $3.5 billion. Though Tan is the third richest man in the Philippines, he saw a decrease in net worth by $300 million since 2016. Tan started out with close to nothing, mopping floors to pay for school. He got his start in business as a chemical engineer, and now holds interests in spirits, tobacco, banking, and property development.
Holding the same spot as last year at number four is George Ty. Like Tan and Sy, Ty also saw a decrease in his net worth. He went from $3.8 billion in 2016 to $3.5 billion in 2017. Ty is the proud owner of GT Capital Holdings, and his interests include banking, property development, automotive, insurance, and power generation. Ty’s life wasn’t always luxurious. At the age of 19 he was declined for a business loan, which encouraged him to start his own bank, Metrobank, 10 years later.
Tony Tan Caktiong knocked David Consunji out of the number five spot this year. Not only did Caktiong move up from number seven to number five, he also increased his net worth from $3.2 billion to $3.4 billion. If the Caktiong name sounds familiar, it’s probably because he is the owner of Jollibee, the fastest-growing Asian restaurant chain in the world.
Caktiong is not the only billionaire to knock a fellow Filipino out of his spot this year. Enrique Razon, Jr. has also managed to accomplish this. Razon, Jr. took over the number six spot from Andrew Tan, while also increasing his net worth by $900 million! Razon Jr. is the chair on the Philippines’ largest port, which also has operation subsidiaries in Europe, the Americas, and Africa.
The seventh richest man in the Philippines this year is David Consunji, who dropped two places since 2016. Consunji’s net worth decreased from $3.2 billion in 2016 to $3.1 billion in 2017. Consunji is the founder of the construction empire DMCI, and earns additional revenues from infrastructure, real estate, and power generation.
Andrew Tan comes in as the eighth richest man in the Philippines this year, down from number six in 2016. Like many of the other billionaires on this list, Tan saw a decrease in his net worth, which played a major part in his declined rank. From 2016 to 2017, Tan’s net worth dropped from $3.2 billion to $2.5 billion. Tan started out as the son of a factory worker, who built his wealth by developing apartment complexes in Manila. Now, Tan owns Alliance Global, a major holding company in the Philippines, while also owning the country’s McDonald’s franchise.
A new name on Forbes’ list of the top 10 richest men in the Philippines is Manuel Villar. Villar’s net worth this year is $1.5 billion, and should continue to increase. Currently, Villar is the majority owner of Starmall, one of the Philippines’ largest mall operators. He is also the owner of a major property developer, Vista Land & Landscapes. In 2016, Villar’s firm invested millions to open additional retail stores focused on home furnishings. Like most other billionaires on this list, Villar started with very little. Growing up he helped his mother sell seafood at Manila markets.
Rounding out the list of the top 10 richest men in the Philippines is Robert Coyiuto, Jr. While Coyiuto, Jr. could maintain his top 10 positioning, he saw a decrease in net worth from $1.65 billion to $1.5 billion. Coyiuto, Jr. is the chair of Prudential Guarantee & Assurance, which is one of the Philippines’ largest non-life insurance companies. In addition, he is a stakeholder of the National Grid Corp. of the Philippines, as well as a stakeholder of the Oriental Petroleum & Minerals Corp. Coyiuto also dabbles in the automotive industry with his ownership of PGA cars.
There’s Opportunity For Every Filipino Who Works Hard
As you can see from the above list, it not only takes a lot of work to become a billionaire, but it also takes a considerable amount of effort to not lose money. Though some of the Philippines’ richest have lost money since 2016, it isn’t due to lack of effort or lack of hard work. Much of the decrease in net worth can be attributed to the volatile stock market, oil prices, and the improved performance of the dollar. The road to wealth and success is anything but easy, but these billionaires have shown us that it is possible to come from very little and build an empire. Reach for the stars. Anything is attainable with hard work and dedication.
If it interests you, you can compare this list to the previous year’s article of the top 10 richest people in the Philippines for 2016.