Henry Sy has maintained the top spot as "Richest Filipino" for the eight consecutive year, with a net worth increased $1.7 billion from last year to $14.4 billion. Tycoon in property, retail and banking, he owns the chain of SM Supermalls all over the Philippines and locked in his spot.
“One of Asia’s fastest growing economies in recent years, the Philippines is seeing a boost in domestic wealth, even as its resource industries suffer from the same market drag hitting the sector throughout the region,” Forbes said.
In second spot is another Filipino-Chinese tycoon, John Gokongwei Jr., with a net worth of $5.5 billion. Another billionaire, Andrew Tan of Alliance Global climbed one notch to No. 3 with $4.5 billion, although lower than the $5.1 billion previously recorded. Completing the Philippines’ top five richest people are Lucio Tan in fourth place and port tycoon Enrique Razon Jr. in fifth.
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