Many Southeast Asian countries have experienced strong growth in the two years following the outbreak. Despite rising interest rates, the Philippines is among nations that have experienced strong growth in the recent year, and the World Bank has labeled it as “one of the most dynamic economies in East Asia and the Pacific region”.
Despite the aftermath of Covid-19, the country’s poverty rate fell by more than five percentage points, from 23.3% in 2015 to 18.1% in 2021, according to the same World Bank report. Robust consumer demand also helped to line wallets. The country’s active labor market boosted the fortunes of business leaders in consumer products, real estate, and retail. The total fortune of Forbes’ list of the 50 most affluent in the country increased by 11%, from US$72 billion to US$80 billion in 2023.
The ancient financial adage “never keep all your eggs in one basket” appears to ring true among the Philippines’ aristocracy, with half of the top ten richest active in a variety of industries.
Here are the top ten richest billionaires in the Philippines in 2024, according to Forbes.
10. Tony Tan Caktiong – US$1.4 billion
Maybe you’ve never heard of Tan Caktiong, but you’ve probably eaten some of his fried chicken. The founder of Jollibee, the country’s largest fast-food business, has been quickly expanding its global influence over the last decade. Unfortunately, this does not appear to be reflected in Tan Caktiong’s net worth, which has dropped by US$1.8 billion since 2023, according to Forbes’ list from that year.
9. Lucio Tan – US$2.6 billion
Ninth on the list is the creator of LT Group, who has interests in a variety of industries, including tobacco, alcohol, finance, and aviation. Tan, a shareholder in Philippine Airlines, also established Pal Holdings. In May 2023, the tycoon transferred the torch to his grandson, Lucio Tan III, who is now president of both family businesses. The junior Tan, who is in charge of the family’s US$2.5 billion fortune, graduated from Stanford University with a degree in electrical engineering.
8. Jaime Zobel de Ayala – US$2.8 billion
De Ayala is the Ayala family patriarch and former chairman of the Ayala Group, the country’s oldest enterprise established during Spanish colonial authority. The family’s business began as a distillery and has expanded into several businesses over the last 190 years, including real estate, healthcare, and telecoms.
7. Isidro Consunji and siblings – US$2.9 billion
Isidro and his five siblings share a fortune inherited from their father, David Consunji, who founded DMCI Holdings in 1954 to develop properties. Isidro now leads the corporation, which trades in commodities such as minerals, power, and water.
6. Lance Gokongwei and siblings – US$3 billion
The Gokongwei siblings are important participants in the country’s food and beverage business. Aside from a majority share in JG Summit, which operates Cebu Air, the Gokongweis also own Universal Robina, a cornflour plant-turned-F&B business that they inherited from their late father, John Gokongwei Jr.
5. The Aboitiz family – US$3.15 billion
The Aboitiz family is led by fourth-generation members, with the next generation gradually joining the family’s operations through Aboitiz Equity Ventures (AEV). Their most well-known businesses include the Mactan-Cebu International Airport and the acquisition of Citibank’s consumer banking division and Coca-Cola bottling plants in the Philippines.
4. Ramon Ang – US$3.3 billion
Ang is the president and vice-chairman of the country’s largest brewery, which has also grown to be one of the country’s major food and beverage firms. Despite the popularity of the beer, San Miguel Corp. derives the majority of its earnings from power plants and infrastructure operations.
3. Enrique Razon Jr – US$9.3 billion
Last year, Razon’s fortune was $8.1 billion. Forbes released an updated estimate of his wealth in February, indicating a more than a billion-dollar increase, resulting in a net worth three times that of the Philippines’ fourth richest person.
Razon’s logistics operation is growing, which is hardly surprising given the booming e-commerce market. He is the chairman of International Container Terminal Services, which manages ports around the country and was founded by his grandfather in 1916. He has also ventured into the hospitality and casino industries, owning the Solaire Resort and Casino, among other businesses.
2. Manuel Villar – US$10.5 billion
The second richest man in the Philippines saw his net worth increase over the last year, officially making him a double-digit billionaire. The property mogul’s fortune increased from $9.7 billion to $10.5 billion by 2024. He is the chairman of Vista Land & Lifescapes, a property developer that owns and maintains several shopping malls and commercial complexes. He has also invested in home projects through Golden MV Holdings.
Villar’s business interests include investments in free-to-air television and a plan to create a casino and theme park in Manila.
While his son Mark now manages the majority of the business, his family is also active in politics. Mark and his mother Cynthai are both senators, while Villar’s daughter Camille is a lawmaker.
1. Henry Sy and siblings – US$14.4 billion
The six Sy siblings are part of a conglomerate that includes retail, banking, hospitality, property, and commodities. Their immense fortune began with their father, Henry Sr., who founded the store Shoemart in 1958. The company’s firms are now publicly traded under SM Investments and SM Prime.