The combined wealth of the Philippines’ 50 richest individuals fell 8 percent to USD79 billion this year as slowing economic growth, persistent inflation, and a weaker peso eroded corporate valuations, although ports tycoon Enrique Razon Jr. bucked the trend to become the country’s richest person for the first time.
The latest Forbes Philippines’ 50 Richest list showed total wealth declined from USD86 billion a year earlier, underscoring how macroeconomic headwinds have begun to weigh on even the country’s wealthiest business families after years of robust post-pandemic gains.
Forbes said the Philippine economy expanded just 2.8 percent in the first quarter, its weakest pace since the pandemic, while the energy shock stemming from the Iran conflict stoked inflation and pressured the peso. Against that backdrop, only 14 of the country’s 50 wealthiest individuals increased their fortunes, while 33 saw their net worth decline.
Razon climbed to the top of the rankings with a record net worth of USD21.8 billion after adding USD10.3 billion over the past year. Forbes attributed the surge largely to the strong performance of his listed International Container Terminal Services Inc. (ICTSI), whose continued global expansion and rising share price offset broader market weakness.
The changing rankings also reflected diverging sectoral fortunes. Infrastructure and logistics businesses benefited from resilient trade flows, while property companies faced softer valuations as elevated borrowing costs weighed on residential demand.
The Sy siblings, heirs to the SM Group founded by the late Henry Sy Sr., slipped to second place with a combined fortune of USD9.2 billion, down USD2.6 billion as shares of SM Prime Holdings weakened. San Miguel Corp. Chairman and Chief Executive Officer Ramon Ang ranked third with USD3.5 billion, followed by Lucio and Susan Co with USD3.3 billion and Isidro Consunji and siblings with USD3 billion.
Despite the broad decline in wealth, the entry threshold for this year’s list held steady at USD185 million, suggesting that while valuations have softened, the country’s largest business empires remain firmly entrenched even in a more challenging economic environment.
