The 40 richest Filipinos in 2007
October 21, 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.
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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June 15th, 2008 at 1:44 am
You are talking a lot of rubbish. are you saying corruption is ok?..or even its not it dosen’t affect the poor people of this country??. The poor people who need the money and the help are not getting it because of the corruption you don’t need to be very intelligent to figure that one out. And as for the internet not sure why you brought the internet into this topic. the poor people don’t give a dam about the internet all they want is a fair and deasent living and less corruption wouldn’t you agree?? You haven’t got a clue what you are talking about, you can’t blame the people. I think the philippines would be a better place without people like you.
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…