Combined wealth of PH tycoons declines; Sy siblings still top Forbes richest list

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Metro Manila (CNN Philippines, August 11) — Despite the economic rebound, the combined riches of Filipino billionaires dropped in the past year to $72 billion from $79 billion in 2021, according to Forbes' Philippines' 50 Richest list.

Based on its report released Thursday, Forbes said over two-thirds of those in the roster "saw their wealth shrink."

"The pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The Philippine peso also plunged 12% over the same period," it said.

While the Sy siblings, the heirs of the late taipan Henry Sy, Sr., retained their spot on the list, Forbes said their net worth went down by $4 billion to $12.6 billion, marking the "biggest drop" in dollar terms.

Former senator and property tycoon Manuel Villar continued to hold his second spot, with his fortune rising by $1.1 billion to $7.8 billion.

The top 10 richest in the Philippines are:

1. Sy siblings ($12.6 billion)

2. Manuel Villar ($7.8 billion)

3. Enrique Razon Jr. ($5.6 billion)

4. Lance Gokongwei & siblings ($3.1 billion)

5. Aboitiz family ($2.9 billion)

6. Isidro Consunji & siblings ($2.65 billion)

7. Tony Tan Caktiong & family ($2.6 billion)

8. Jaime Zobel de Ayala & family ($2.55 billion)

9. Ramon Ang ($2.45 billion)

10. Andrew Tan ($2.4 billion)

Forbes also had two new entrants: the Po family ($1.2 billion), who inherited the food empire of Ricardo Po Sr., founder of Century Pacific; and Sylvia C. Wenceslao ($340 million), who took over as chairman of real estate developer D.M. Wenceslao & Associates.