Since the launch of the first edition of the list in August 2018, five long-term rich people in the Philippines have passed away. Their descendants took over on the list. The handover is also an eventful time, with growing concerns about a global recession.
The Shi siblings best embody this handover. The six siblings have a net worth of $17.2 billion from SM Group, the Philippines' largest conglomerate. Previously, his father, Henry Sy, Sr, had dominated the list for 11 consecutive years. Today, the Shi siblings have continued to be the number one on the list.
GT Capital's Cheng siblings (Arthur, Alfred, Alesandra and Anjanette) are net worth $2.6 billion and are also on the list. The four inherited the property of their father, George Ty, who developed GT into a conglomerate spanning the automotive, banking, insurance, power generation, and real estate sectors.
From left: Arthur Ty, Alfred Ty, Alesandra Ty, Anjanette Ty , Courtesy of Buncio
The Campos siblings—Jocelyn, Joselito, and Jeffrey—succeeded the late patriarch Beatrice Campos. Their fortune is $650 million, from Philippine pharmaceutical giant Unilab. Jocelyn is the oldest of 3 and is the company's chairman. In that year, the father of three people, Hussey Campos, and his companions founded the company.
The threshold for this list is $130 million, and the personal wealth of the descendants of Jon Aboitiz and Gilberto Duavit does not reach that level.
Three of this year's new richest people are self-made entrepreneurs. Antonio Lee Tiu is ranked 49th with a net worth of $135 million. 22 years ago, he founded AgriNurture, an agricultural products company. Over the past 3 years, the company's stock price has risen steadily, and his wealth has also risen. Dennis Uy is involved in logistics and energy. In 2018, the net asset value of his Oudenna Group increased by 28%. He is awaiting approval for the company to go public on the Philippine Stock Exchange on a backdoor listing. Delfin Wenceslao pushes real estate developer D.M. Wenceslao & Associates went public in June 2018 and made it to the list for the first time.
Philippine stocks performed flat, with benchmark stock indexes growing just 2 percent. However, 21 of the listed people increased their wealth. Among them, Mercedes Gotianun's wealth grew significantly. Her Filinvest Development reported a 31 percent spike in net profit in 2018, followed by a surge in the company's stock price and a 91 percent jump in her fortune to $2.2 billion. Operating income in Filinvest's main real estate and banking sectors also rose on higher rental income and loan fees.
Vivian. Vivian Que Azcona's net worth now includes equity held by four siblings. She holds the most shares of Mercury Drugs, but several of her siblings are also wealthier than they can make the list on their own, so she raised her fortune by $860 million.
Five people returned this year. Philip Ang ranks 44th with a fortune of $160 million. Earlier, there were news reports of Indonesia's ban on nickel exports, and Nickel Asia's stock price rose sharply; investors estimated that the company would benefit from market demand. There are 16 people on this list whose wealth has declined. Among them, Tony Tan Caktiong's wealth fell by $850 million. His fast-food chain, Jollibee, has announced a $350 million acquisition of loss-making Coffee Bean & Tea Leaf. Since then, the former's share price has fallen in July.
In addition to the death of 5 rich people, 5 others who made the list last year did not make the list this year.
Full list of the Philippine Rich List
Chart making method
The information used in compiling this list comes from individuals, stock exchanges, analysts, private databases, government agencies and other sources. The net worth of the rich is based on the stock price and exchange rate at the close of trading on September 6. Non-public companies use financial ratio valuations and make other comparisons with similar listed companies. Since 2017, if a business founder dies, the family is no longer on the list unless the successor is rich enough to be on the list as a single person. In this case, we combine the inherited wealth and calculate it.
报道：Jane Ho, Sean Kilachand, Anis Shakirah Mohd Muslimin, Suzanne Nam, Anuradha Raghunathan, Sheela Sarvananda, Jessica Tan and Jennifer Wells 译 Joe
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