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Forbes: Sy family still on top, Gokongweis second-generation debut
MANILA, Philippines – The country’s wealthiest tycoons saw their collective wealth fall by 22 percent amid the COVID-19 pandemic, according to the 2020 Forbes Rich List in the Philippines.
The same names remained in the top 10 with the exception of second-generation mogul Lance Gokongwei and his brothers, who made the list for the first time after the death of their father John Gokongwei Jr. last year.
The Sy siblings of SM Group, sons and daughters of the late mogul Henry Sy, stayed on top with a net worth of $ 13.9 billion, down from the $ 17.2 billion recorded a year ago, as locks settled in the middle of COVID-19. The contagion drastically affected the business of shopping centers.
Property and shopping mogul Manuel Villar Jr., the only full-blooded Filipino on the list, remained in second place with a net worth of $ 5 billion, lower than his account of $ 6.6 billion. last year.
On an individual level, Villar, the husband of Senator Cynthia Villar and father of President Duterte’s Secretary of Public Works, Mark Villar, would actually be the richest on the list.
Port and casino mogul Enrique Razon Jr. rose to third place previously held by the late John Gokongwei Jr., with a net worth of $ 4.3 billion, down from $ 5.1 billion last year. . Razon was in fourth place last year.
Fourth, Gokongwei’s siblings Lance, Faith, Hope, Lisa, Marcia and Robina make the list with a net worth of $ 4.1 billion, down from their father’s last recorded net worth last year of $ 5.3 billion. of dollars.
Jaime Zobel de Ayala, father of brothers Jaime Augusto and Fernando from the country’s oldest conglomerate, Ayala Corp., ranked fifth with a net worth of $ 3.6 billion, almost unchanged from the $ 3.7 billion of the last year.
Megaworld’s Andrew Tan climbed to sixth place from 10th with a net worth of $ 2.3 billion, down from $ 2.55 billion last year.
Once upon a time the country’s richest man, Taipan Lucio Tan, airline, tobacco and banking magnate, fell to seventh place, from sixth last year, as his net worth fell to $ 2.2 billion from $ 3.6 billion in 2019.
Ramon Ang, president and chief operating officer of beer giant San Miguel Corp., is still in eighth place with a net worth of $ 2 billion, down from $ 2.8 billion last year.
Jollibee Foods Corp. founder Tony Tan Caktiong was ranked ninth with a net worth of $ 1.9 billion, down from seventh place previously, as his net worth nearly halved from $ 3 billion last year. past.
Rounding out the top 10 are Puregold’s spouses Lucio and Susan Co. with a net worth of $ 1.7 billion.
Oscar López (No. 32), who has a majority stake in the ABS-CBN television network, saw his net worth nearly halved to $ 240 million after Congress rejected the company’s offer in July to renew your 25-year broadcast license. ABS-CBN shares have lost about 65 percent of their value in the past year.
Real estate mogul Edgar “Injap” Sia II (No. 21) was the top earner this year in both percentage and dollar terms.
He added $ 300 million, or 75 percent, to his net worth, which is now $ 700 million.
“The increase was due in part to the successful initial public offering of its MerryMart in June, as the store’s shares have nearly doubled since listing as quarantine measures boosted sales,” Forbes said.
The estate of San Miguel President Eduardo Cojuangco Jr., who passed away in June, was inherited by his widow Soledad Oppen-Cojuangco, who is ranked 16th with a net worth of $ 1.15 billion.
Six names were dropped from the list, including Edgar Saavedra of Megawide Construction Corp. Megawide shares fell more than 65 percent after reporting a net loss of $ 398 million in the first half.
However, Megawide co-founder Michael Cosiquien remained on the list, as most of his wealth is tied to a previous sale of the company’s stock. Cosiquien is ranked 40th with a net worth of $ 175 million.
Four tycoons returned to the ranks, in large part due to this year’s lower cap, which fell 23 percent from last year’s list to $ 100 million.
They are Michael Romero (No. 46, $ 135 million) from Globalport 900, Luis Virata (No. 48, $ 115 million) from Nickel Asia, Mikel Aboitiz (No. 49, $ 110 million) from Aboitiz Equity Ventures and Lourdes Montinola (No. 50, $ 100 million) from Far Eastern University, Forbes also said.
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