Henry Sy Sr., the retail tycoon responsible for the SM Group, has passed away. He was 94. GMA News Online reported this morning that the iconic taipan passed away peacefully in his sleep early Saturday morning. The family asks for their privacy during this time.
Sy was the richest man in the Philippines. His net worth, amassed by his companies under the SM Group (SM Prime Holdings Inc., SM Development Corporation, BDO Unibank, amongst others), was $19 billion. He was ranked the 52nd richest man in the world.
Mr. Sy began his business in 1956 by selling shoes in downtown Manila. Hard work grew the company into one of the Philippine’s largest conglomerates, owning a diverse number of enterprises that include land development, shopping malls, banks, and property.
FEATURED IMAGE COURTESY OF www.financeasia.com
