The 40 richest Filipinos in 2007
Forbes Magazine released last week its list of “The Philippines’ 40 Richest.”
The top 40 are worth a combined $17 billion, a billion dollars more than last year. For the first time in a decade, a Filipino broke into the billionaire ranks. The son of a poor immigrant factory worker, Andrew Tan restructured his holding company, Alliance Global, and as a result, his net worth jumped to $1.1 billion from $480 million last year.
Manuel Villar, the Philippine senate president, is the year’s biggest gainer. From $110 million last year, his net worth shoot up 755% to $940 million after the public offering of his company Vista Land & Lifescapes.
Seven other tycoons including Tony Tan Caktiong and Enrique Razon Jr. saw their fortunes jump by at least $100 million. Fifteen others are wealthier than last year.
A glimpse of the four (4) billionaire Filipinos:
1. Jaime Zobel de Ayala & family
Networth: $2 billion
Age: 73
Marital Status: Married, 7 children
Patriarch of country’s largest conglomerate, Ayala Corp. Family referred to as the Filipino royal family. Stepped down as chairman last year. Personally holds no shares; wealth now in children’s hands. Eldest son, Jaime II, Ayala’s chairman, chief executive.
2. Henry Sy & family
Networth: $1.7 billion
Age: 82
Marital Status: Married, 6 children
Completed merger of his Banco de Oro with competitor Equitable PCI in May, forming nation’s second-largest bank. His SM Prime Holdings is nation’s largest shopping mall developer. Shares fortune, which includes stakes in a dozen companies, with his children.
3. Lucio Tan & family
Networth: $1.6 billion
Age: 73
Marital Status: Married, 6 children
Former chemical engineer from China mopped floors to pay for school. With family, owns Fortune Tobacco, nation’s largest cigarette maker; Philippines Airlines, which just emerged from 9 years in receivership. Being sued on claims that much of his wealth belongs to late president Ferdinand Marcos’ estate.
4. Andrew Tan
Networth: $1.1 billion
Age: 55
Marital Status: Married, 4 children
Big boost to fortune from restructuring holding company Alliance Global; shares of his property company, Megaworld, also higher. Likes to eat breakfast at McDonald’s (his group owns stake in country’s franchise) and sip his Emperador brandy, world’s largest seller by volume. Son of factory worker walked to college campus — couldn’t afford bus fare.
Manuel Villar, George Ty, Andrew Gotianun, Enrique Razon, Tony Tan Caktiong, and Oscar Lopez complete the rest of the 10 Richest Filipinos.
Their photos and profiles after the jump.
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5. Manuel Villar
Networth: $940 million
Age: 57
Marital Status: Married, 3 children
Philippine senate president (and possible 2010 presidential candidate) also largest shareholder in real estate firm Vista Land. Shrimp vendor’s son grew up in slum, got start in construction.
6. George Ty
Networth: $870 million
Age: 74
Marital Status: Married, 5 children
Metrobank founder passed on chairmanship to eldest son, Arthur, last year. Family’s Toyota Motor Philippines supplies nearly half country’s new cars and trucks. Teaming up with John Gokongwei (15) to develop luxury condos in Metro Manila’s Mandaluyong City.
7. Andrew Gotianun
Networth: $860 million
Age: 79
Marital Status: Married, 2 children
Started out salvaging ships after World War II. Branched into car financing with help of wife, Mercedes. Main companies are public real estate firms, Filinvest Development, Filinvest Land; also privately held East West Bank. Going into biofuels; bought 2 sugar mills and a plantation in June in a deal worth $215 million. Children Jonathan and Josephine run daily operations; Gotianun chairman emeritus.
8. Enrique Razon
Networth: $820 million
Age: 47
Marital Status: Married, 2 children
Chairs International Container Terminal Services, which buys, develops, manages container ports and terminals worldwide. Has operations in 9 countries including the Philippines, China, Ecuador. Enjoys golf, helped save Philippine Open this year from near cancelation.
9. Tony Tan Caktiong & family
Networth: $790 million
Age: 57
Marital Status: Married, 3 children
Fast-food king heads Jollibee, now with more than 1,500 locations and 7 brands. Bought out partner in Shanghai fast-food chain Yonghe King, acquired Chinese restaurant chain Hongzhuangyuan for $50 million in September, opened store in Las Vegas.
10. Oscar Lopez & family
Networth: $775 million
Age: 77
Marital Status: Married, 8 children
Scion of one of Philippines’ best-known family businesses. Harvard grad heads its Lopez Inc., which has controlling stake in media group ABS-CBN Broadcasting, run by his nephew. Family who shares fortune also has interests in construction, power generation.
Complete Forbes list of the Philippines’ 40 Richest here.
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April 27th, 2008 at 10:04 am
I think these rich people might want to teach poor people how to get rich themselves. We should help each other to reach the top. It’s a form of sharing, isn’t it?
March 17th, 2008 at 1:44 am
Re Henry
Corruption does not prevent them sorting the problem out, greed does. I help out when I can and I do it direct there is no need to go through charities, agencies or anything else, if these rich wanted to they could build a few thousand houses each no need for agencies.
As a foreigner living in your country I get sick of Filipinos blaming corruption for everything it harms your country so much. look at the ZTE thing look at it from a outsider, I don’t now if there was corruption or not but I do know that this country needs good internet and needs it quick, it is costing the country billions in lost investment, the country should have opened its arms to it and thought at last we can have good Internet and not get ripped off and not get the bad service you have had for years, the company that has a monopoly on it at the moment would have had a choice provide good service or go down.
So what have all the shouts of corruption done, they have domed most Filipinos to more years putting up with what has to be the the worst Internet provider in the world.
It has put people of investing in the country and it has harmed relations with China the fastest growing economic power in the world.
What also puzzles me at election time many Filipinos are very happy because candidates pay them to vote for them, then when they get office they complain that they are corrupt, they bloody knew they were corrupt before they voted for them, they bribed them, where I come from if a candidate offered us money we would get straight on the phone to the police and the media and make sure they got what they deserved and never even stand for office ever again.
March 16th, 2008 at 5:28 pm
hello are you ok?
March 6th, 2008 at 11:57 am
can these so called top40 rich filipinos do something to alleviate poverty in the philippines? the dehumanizing conditons of those squaters along the railroads, esteros, coastlines is very embarassing and to my observation they don’t get help from anyone.
we cannot rely from government doleouts, perhaps these rich people could do something. on the other hand, what prevent rich people in helping the needy is corruption. we may have agencies or outreach communities, but such organizations should be managed by qualified persons. otherwise, they become conduits for corruption and the grants/donation money goes elsewhere…
January 31st, 2008 at 1:34 am
I wish I had the money that the top Filipinos have, because I could house 1.3 million families with that, in good houses.
Just think about it just 40 greedy bastards hold enough money that they could get rid of most of the squats in Manila.
The building of the 1.3 million houses would give people work as well, wish would give people more money to spend wish would create more jobs in shops, and create more jobs in factories making the extra goods people would buy.
The knock on affect would be a end of poverty in the Manila Area which would spread to most of the Philippines.
40 greedy bastards that could stop the poverty in your nation.
January 31st, 2008 at 12:46 am
I’ve always wished that I have a net worth of $88.8 billion. Hehehe! :-p
At least, we know how some of the 40 richest Filipinos earned their way to the top (e.g. Manny Villar and Rolando and Rosalindo Hortaleza), an inspiration on how the Filipino can be successful in the field of his own choosing. :-)
January 29th, 2008 at 1:24 pm
I wish I too was included even on the 40th place… :D
January 28th, 2008 at 1:57 pm
Wish I was included. Hehehe. Just kidding. They are so rich, hope they will share some of their money to us :(
Hye
January 28th, 2008 at 11:53 am
Take a walk round Manila or anywhere in the Philippines and you will see the amount of poverty.
When the greedy rich in your country do something about the poverty then you can be proud that you are in the top 40.
While you can see this poverty every where, while you have hungry children when you have people that don’t get hospital treatment and while you have children that get little or no schooling.
You or any Filipino has no right to be proud, in fact you should be ashamed of the rich greedy people that do not care about the poor, you should be ashamed that the only help the poor get is from foreigners like me.
December 8th, 2007 at 5:21 pm
Very Good
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