Despite their collective drop in wealth, the country’s richest still have billions upon billions of dollars to land on.
Forbes has officially released its “Philippines’ Richest 2022” list of the country’s 50 wealthiest people.
Although the Sy siblings topped the list in terms of net worth ($12.6 billion), it was Manuel Villar who earned the most individually ($7.8 billion). The Sys have a diversified portfolio while Villar hails from the real estate industry.
Rounding off the rest of the top 10 in order are Enrique Razon Jr., Lance Gokongwei and siblings, the Aboitiz family, Isidro Consunji and siblings, Tony Tan Caktiong and family, Jaime Zobel de Ayala and family, Ramon Ang, and Andrew Tan.
“The Philippines’ economy grew 8.3 percent in the first quarter of 2022, as domestic demand started recovering from pandemic headwinds,” Forbes wrote.
It continued that nonetheless the pressures of inflation, rising commodity, and energy prices as well as reduced exports to China dragged the benchmark stock index. Likewise, the peso also plunged over the same period.
“As a result, the combined wealth of the country’s 50 richest dropped to $72 billion from $79 billion last year,” Forbes wrote.
Over two-thirds of the listed individuals had their wealth shrink.
The Sy siblings, for instance, saw their net worth decrease by $4 billion. This was the biggest drop in terms of dollars.
Villar, meanwhile, beat the odds to become this year’s biggest dollar gainer.
Banner Photo by Mackenzie Marco on Unsplash.
