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Filipino businessman Henry Sy crashes into Forbes’ 100 richest people in the world

Publication Date : 04-03-2014

 

Ten tycoons from the Philippines still led by Henry Sy, founder of the iconic SM group, are among the wealthiest people on the planet based on the 2014 ranking of Forbes magazine.

In its latest annual ranking of global billionaires, Sy and family had an estimated net worth of US$11.4 billion, lower than last year’s $13.2 billion, but enough to keep him on top of the local roster and within the ranks of the world’s top 100 richest people. Sy, 89, ranked 97th globally this year compared to last year’s 68th.

The second richest man is still Lucio Tan and family with an estimated net worth of $6.1 billion, ranking 227th globally. The 79-year old Tan, founder of diversified conglomerate LT Group Inc., saw his net worth increase from last year’s $5 billion.

Ranked third richest in the Philippines in this year’s list is Megaworld and Alliance Global Group Andrew Tan, 61, with an estimated net worth of $4.7 billion, rising from last year’s $3.95 billion, followed by Enrique Razon Jr. of the International Container Terminal Services Inc. and Bloomberry Resorts Corp. with $4.2 billion. At 54, Razon is the youngest on the Philippine roster.

Joining this year’s list and ranking fifth among Philippine billionaires is JG Summit founder John Gokongwei Jr., an 86-year-old industrialist with an estimated net worth of $3.9 billion.

Completing the local roster are construction magnate David Consunji($3.3 billion), Metrobank group and GT Capital founder George Ty and family ($2.3 billion), Jollibee group founder Tony Tan Caktiong ($1.7 billion), stock broker, insurance and car dealership magnate Robert Coyiuto Jr. ($1.5 billion) and Filinvest group founder Andrew Gotianun ($1 billion).

Except for Gokongwei, all these billionaires from the Philippines were likewise in the 2013 list, where 11 local tycoons made it to the list.

Two names that made it to the 2013 list are no longer in this year’s roster: retailer Lucio and Susan Co, founder of fast-growing retailing chain Puregold and Cosco Capital as well as Alphaland and Philweb chair Roberto V. Ongpin, who has complained about being in previos years’ list.

According to Forbes, the ranks of the world’s billionaires continued to scale new heights–and stretch to new corners of the world. In this year’s list, there were 1,645 billionaires who made it to the list with a total net worth of $6.4 trillion, up from $5.4 trillion a year ago.

Globally, Microsoft founder Bill Gates is back on top after a four-year hibernation, regaining the bragging right as the world’s richest person from telecom mogul Carlos Slim Helu of Mexico, who had topped the list in the past four years. Spanish clothing retailer Amancio Ortega, best known for the Zara fashion chain, retained the No. 3 spot for the second year in a row, extending his lead over Warren Buffett, who is again No. 4, Forbes said.

The magazine said roughly two-thirds of the billionaires built their own fortunes, 13 per cent inherited them and 21 per cent have been adding on to fortunes they received. Other notable newcomers include World Wrestling Entertainment CEO Vince McMahon, fashion king Michael Kors and Denise Coates of UK online betting firm Bet365.

This is Forbes’ 28th year publishing the Forbes Billionaires list. To compile net worths, the magazine valued individuals’ assets–including stakes in public and private companies, real estate, yachts, art and cash–and take into account estimates of debt.

“We attempt to vet these numbers with all billionaires. Some cooperate; others don’t. We also consult an array of outside experts in various fields,” the magazine said.

The Forbes billionaires list ranks individuals rather than large, multi-generational families who share large fortunes. This list does not include royal family members or dictators who derive their fortunes entirely as a result of their position of power or royalty who, often with large families, control the riches in trust for their nation, the magazine said.

 

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