Sys among the 20 richest families in Asia – Bloomberg

MANILA – The Sys of the Philippines are among the 20 richest families in Asia, with a net worth of $ 19.7 billion or nearly P1 trillion, according to this year’s Bloomberg Billionaires Index.

The Sys are the only Philippine family on the list, tracing the fortunes of the richest dynasties in the region. They ranked 10th.

Leading the group of ultra-rich families in Asia are the Ambanis from India, Kwoks from Hong Kong, Chearavanont from Thailand, Hartonos from Indonesia and Lees from South Korea.

Patriarch Sy, who founded the culture of shopping malls in the Philippines, passed away on January 19, 2019. He was 94 years old.

Henry Sy Sr. started his business in 1958 with a Shoemart shoe store in downtown Manila.

“From a small store in downtown Manila, it has grown into a conglomerate with interests that include retail, banking and property,” said Bloomberg. “Today, the group operates almost 2,800 retail stores and has more than 2,000 bank branches.”

SM has 74 malls in the Philippines, with Megamall and Mall of Asia among the largest. It also has 7 shopping centers in China, with plans to build the eighth.

Sy Sr.’s fortune includes the Philippines’ largest lender by assets, BDO Unibank, Chinabank, condo developer SM Development Corp. and the National University.

SM Group’s newest venture before the patriarch’s death is the first IKEA store in the Philippines, which will be the largest in the world. It will be located in the SM Mall of Asia complex.

The Sy-led conglomerate also has stakes in logistics firm 2GO, Atlas Consolidated Mining and Development Corp. and Belle Corp., a partner in City of Dreams, a casino and hotel complex.

The magnate has 6 children: Teresita Sy-Coson, Elizabeth Sy, Henry Sy Jr., Hans Sy, Herbert Sy and Harley Sy.

Here is a complete list of the 20 richest families in Asia:

• Ambani from India – net worth of $ 76 billion
• Kwok of Hong Kong – net worth $ 33 billion
• Chearavanont of Thailand – net worth $ 31.7 billion
• Hartono from Indonesia – net worth of $ 31.3 billion
• Lee from South Korea – net worth of $ 26.6 billion
• Yoovidhya from Thailand – net worth of $ 24.2 billion
• Cheng from Hong Kong – net worth of $ 22.6 billion
• Mistry of India – net worth of $ 22 billion
• Pao / Woo from Hong Kong – net worth $ 20.2 billion
• Sy from the Philippines – net worth $ 19.7 billion
• Tsai from Taiwan – net worth of $ 19 billion
• Lee from Hong Kong – net worth of $ 17.3 billion
• Kwek / Quek from Singapore and Malaysia – net worth of $ 16.5 billion
• Torii / Saji from Japan – net worth of $ 16.3 billion
• Kadoorie of Hong Kong – net worth of $ 16.1 billion
• Hinduja of India – net worth of $ 15.1 billion
• Hong Kong Ho – net worth of $ 14.6 billion
• Chung from South Korea – net worth of $ 14.1 billion
• Singapore ng – net worth of $ 13.8 billion
• Chirathivat of Thailand – net worth of $ 12.9 billion

Bloomberg said the ranking of the richest families in Asia was compiled as of November 13. It excludes first-generation wealth such as Jack Ma from Alibaba Group Holding Ltd., as well as those held by a single heir.

As a result, the list does not have families from mainland China, where the fortunes are relatively young and often focused on technology, he added.

($ 1 = 48.0460)

RELATED VIDEO