For the 11th time, Forbes ranks Henry Sy as richest man in the Philippines

MANILA, Philippines - Forbes Magazine again ranked Henry Sy as the Philippines’ richest man. This is Sy’s 11th year at the top spot.

According to the business magazine, the shopping tycoon’s new worth is at $20 billion or P1.04 trillion. Last year, he topped the same list with the net worth of P$12.7 billion or P 660.26 billion.

Henry Sy is Philippines’ richest man
Henry Sy is Philippines’ richest man | Photo Courtesy: Facebook/Henry Sy Sr

Sy is the chairman emeritus of SM Investments Corporation, Philippines’ largest retailer. They have also diversified their company with stakes in the retail, banking, and property sectors.

SM Investments is Philippines’ largest retailer
SM Investments is Philippines’ largest retailer | Photo Courtesy: Facebook/SM Malls

The businessman has its roots in Xiamen, China where he was born and lived until 12 years old. As a son of an entrepreneur, Sy balanced studying and working in his father’s convenience shop. He finished Bachelor of Arts/Science at the Far Eastern University. When he saved enough money and learned the ropes of retail, he opened his first business, a footwear shop.

Married with six children, Sy is now 93 years and is one of the oldest billionaires in the world.

He shared with Forbes, “You have to have a dream, whether big or small. Then plan, focus, work hard and be very determined to achieve your goals. There is no substitute for hard work.”

Richest men in the planet

Second on Philippines’ richest men is John Gokongwei of the JG Summit. They are involved with interests in air transportation, telecommunications, banking, food, power, and property. Gokongwei, shortly follows Sy at 91 years of age.

LIST: 2018 Ranking of Richest People in the Philippines

PH Rank Global Rank Name Net Worth Age Source
1 52 Henry Sy $20 B 93 diversified
2 305 John Gokongwei, Jr. $5.8 B 91 food and beverage
3 404 Enrique Razon, Jr. $4.9 B 58 ports
4 441 Lucio Tan $4.7 B 83 diversified
5 550 Tony Tan Caktiong $4 B 65 food
6 572 George Ty $3.9 B 85 banking
7 791 Manuel Villar $3 B 68 real estate
8 887 Andrew Tan $2.7 B 65 diversified
9 965 Ramon Ang $2.5 B 64 Diversified
10 1650 Robert Coyiuto, Jr. $1.4 B 65 power
11 1756 Eduardo Cojuangco $1.3 B 82 food, drinks
12 1999 Roberto Ongpin $1.1 B 81 diversified

The richest man on the planet is Jeff Bezos, founder with a net worth of $112 billion. He founded the online commerce back in 1994 in a garage in Seattle.

The self-made billionaire is now 54 years old, married with four children. Aside from e-commerce, his other passion is space travel. He has his own aerospace company, Blue Origin.

— Sally, The Summit Express

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