The Philippines is a developing country, with unstable economic conditions and high illiteracy and poverty rate. However, like any other country, Philippines have its share of money magnets, which consist of some of the world’s richest business tycoons. So today we are going to list the richest 10 people in Philippines in 2018. Most of these millionaires started off from the bottom, but they are unarguably the most powerful and influential people in the Philippines.
10. Manuel Villar – $1.5 Billion
Manuel ‘Manny’ Bamba Villar Jr. is one of the richest people in the Philippines. He has also served as Philippine Senator and Nacionalista Party president. He is most popular for his political career and involvement in the Philippines. His active participation in country’s politics has helped him gain a stable fame and fortune. He is one of the most powerful and influential people in the Philippines. He owns a private real estate business, which has built more than 200,000 homes across the Philippines. He served the nation as Senate from 2006 till 2008. He was a potential candidate for 2010’s elections but unfortunately lost it to Benigno Aquino III.
9. Lucio and Susan Co – $1.8 Billion
Lucio and Susan Co are the chairmen and the vice chairman of Puregold Price Club respectively. Puregold was founded in 1998 by Lucio Co. It is basically a retail company that has multiple supermarkets spread across the Philippines under the name Puregold. In 2011 the company became purely based on the stock exchange but in 2013 Capital Group Companies invested 5.4% in the company and started off a joint venture. Lucio and Susan Co have an estimated net worth of over $1.8 Billion.
8. Andrew Tan – $2.5 Billion
Andrew Lim Tan is a Chinese billionaire, who invests in goods like liquor, fast food, and real estate. In 2011, he was ranked as the fourth richest Filipino by Forbes magazine with his net worth of $2 Billion. And in 2014, he became the 3rd richest person, boosting his fortune over $5 Billion. He is the founder of Alliance Global Group Inc, which deals with real estates and retail investments. He also holds franchise of brands like McDonald’s restaurant and Emperador Brandy in Philipines.
7. David Consunji – $3.1 Billion
David M. Consunji is the chairman of DMCI Holdings, which was established by him in 1995. It is registered under Securities and Exchange Commission. This company deals in transportation and communication. It was ranked as the 146th business in the list of World’s best 1000 corporation in 2014. DMCI made revenue of over $186 Million in 2010. It is estimated that David Consunji’s family’s total net worth exceeds over $3.9 Billion. Once he used to be the 6th richest Filipino in the world.
6. Tony Tan Caktiong – $3.4 Billion
Tony Tan Caktiong is a Chinese-Filipino billionaire. He is the CEO, Chairman, and founder of Jollibee, which is a Filipino based fast food chain, which was established in 1978. Later the company took over Greenwich Pizza Corp, which helped it in expanding their business, by selling Italian food like pizza and pasta. In 2008, it was reported that Jollibee has established over 1480 stores worldwide, which included chains like Red Ribbon, Chowking, Manong Pepe’s, Mang Inasal, Jollibee and Tita Frita’s.
5. Enrique Razon, Jr – $3.4 Billion
Enrique’ father was the founder of International Container Terminal Services, Inc. which was founded in 1987. Enrique serves as the President and Chairman of this company. This is amongst the world’s largest and most successful port management business. Asian Development Bank has cited this port as one of the most significant maritime operators. There are over 1305 people working for this corporation. Their port operates import and export with countries like Brazil, China, Mexico, Pakistan, Iraq, Indonesia, Croatia etc.
4. George Ty and Family – $3.6 Billion
George Siao Kian Ty is a business magnate and banker in the Philippines. He is responsible for founding and running the largest bank in the Philippines, called Metropolitan Bank and Trust Company. He also holds stakes in Bank of Philippine Island, Philippine Savings Bank, and Federal Land. He also owned Makati’s GT International Tower. He is almost 85 but still has the same head and aptness for business, as he did in his early days. They are popular for owning Marco Polo and Grand Hyatt under GT Capital Holdings.
3. Lucio Tan – $ 4.1 Billion
Lucio C. Tan is a Billionaire Filipino businessman and educator, who actively invests in banking and marketing modules. He has investments in liquor, airline, tobacco and real estate industries. In 2013, he was ranked as the second richest person in the Philippines with a total fortune of $7.5 Billion by Forbes magazine. He is the current Chairman and CEO of LT Group, Inc, which made a revenue of $52.125 Billion in 2014, according to Wikipedia. This company was founded in 1937 by Tan family which is owned by their parent company Tangent Holdings Corporation.
2. John Gokongwei Jr – $5.8 Billion
John Gokongwei founded JG Summit in 1957. Unlike Henry Sy, John was born in a wealthy family. JG Summit deals in businesses like banking, air transportation, hotels, power generation, real estate, property development, telecommunications and food manufacturing. John holds majority shares in companies like Cebu Pacific and Digital Telecommunications Philippines. He is one of the richest men in Southeast Asia. And JG Summit is one of the most profitable stock exchange companies in Philippine.s
1. Henry Sy – $12.7 Billion
Henry Sy Sr. founded the SM. Mr. Sy in 1958, which is basically a Shoemart store. Their business is involved in three core modules SM Prime Holdings (property), Banco de Oro and Chinabank (banking) and SM Retail (retail). They have equity investments in companies like Belle Corporation, CityMall, myTown, 2GO and Atlas Mining Development Corp. He is also a chairman of SM Investments Corporation, BDO Universal Bank, SM Prime Holdings and also the Chairman of the China Banking Corporation. Henry Sy is the richest man in the Philippines and one of the richest billionaires on the planet. He started off his life working for a multinational company and today he owns multiple outlets of his own multinational. His net worth is estimated to be around $13 Billion according to Forbes.com.
These are some of the richest Filipinos in the Philippines, some of them have started their business from scratch without any support or family money, which makes their journey so inspiring and moving. They tackled all the hurdles in their life, without losing hope or faith in their dreams.