In the past two years, many Southeast Asian countries, including the Philippines, have experienced significant economic growth despite rising interest rates.
The World Bank described the Philippines as “one of the most dynamic economies in East Asia and the Pacific region.”
Even after the Covid-19 pandemic, the country’s poverty rate dropped from 23.3 percent in 2015 to 18.1 percent in 2021, according to the World Bank.
Strong consumer demand has benefited various sectors, particularly consumer goods, property, and retail, boosting the wealth of business leaders.
The combined wealth of the 50 richest individuals in the Philippines increased by 11 percent, from $72 billion to $80 billion in 2023, according to Forbes.
Half of the top 10 richest people in the Philippines are invested in multiple industries, reflecting a diversified approach to their investments.
Here are the top 10 richest billionaires in the Philippines in 2024, as listed by Forbes.
10. Tony Tan Caktiong – US$1.4 billion
Tony Tan Caktiong, the founder and chairman of Jollibee Foods Corporation, has built a fast-food empire from a humble beginning as an ice cream parlor in 1975.
Over the years, he expanded Jollibee into the largest fast-food chain in the Philippines, which now includes various brands such as Chowking, Greenwich, Red Ribbon, Mang Inasal, and more.
Despite the expansion and success of Jollibee globally, Tan Caktiong’s net worth has seen fluctuations.
As of 2024, his net worth stands at US$1.4 billion, reflecting a significant decrease from previous years.
In 2023, he experienced a notable drop, losing about US$1.8 billion, likely due to market dynamics and other economic factors, while his workers got reduced pay, his 2 brothers got a hefty bonus.
9. Lucio Tan – US$2.6 billion
Lucio Tan is a well-known Chinese-Filipino businessman with vast interests in multiple sectors, including tobacco, alcohol, banking, and aviation.
As the founder of LT Group, he has stakes in Asia Brewery, Tanduay Distillers, and Philippine National Bank. He also founded PAL Holdings, the parent company of Philippine Airlines, where he remains a major shareholder.
Lucio Tan’s story is one of remarkable ascent. He started as a janitor to fund his education in chemical engineering but left school to create Fortune Tobacco in 1966 according to Tatlerasia. This venture laid the groundwork for his business empire.
In May 2023, Tan handed over the reins of the family businesses to his grandson, Lucio Tan III.
The younger Tan, a Stanford University graduate in electrical engineering, is now the president of both LT Group and PAL Holdings, ensuring the family’s business legacy continues.
8. Jaime Zobel de Ayala – US$2.8 billion
Jaime Zobel de Ayala is a prominent Filipino businessman and former chairman of Ayala Corporation, the oldest and one of the largest conglomerates in the Philippines. Founded during the Spanish colonial period, the Ayala Group has expanded from its origins as a distillery into various industries, including real estate, healthcare, and telecommunications over the past 190 years.
Zobel de Ayala began his career in the family business in 1958 and rose to leadership, becoming president in 1984 according to Harvard Business School. He played a crucial role in steering the company through the final years of the Marcos regime and expanding its operations. He retired as chairman in 2006 but continues to hold the honorary title of Chairman Emeritus.
In addition to his business achievements, Jaime Zobel de Ayala has served as the Philippine ambassador to the United Kingdom and Scandinavian countries.
He is also an accomplished photographer, receiving commendations from various international bodies for his contributions to art and culture.
The Zobel de Ayala family remains influential, with his eldest son, Jaime Augusto Zobel de Ayala, now chairing the conglomerate.
7. Isidro Consunji and siblings – US$2.9 billion
Isidro Consunji and his siblings are among the most influential property developers in the Philippines. They collectively control a fortune inherited from their father, David Consunji, who founded DMCI Holdings in 1954. Initially focused on property development, DMCI Holdings has since expanded into various sectors, including mining, power generation, and water services.
Isidro Consunji currently serves as the chairman of DMCI Holdings. Under his leadership, the company has continued to grow, trading in commodities such as minerals, electricity, and water as per marketsceener.com.
Isidro and his five siblings—Josefa, Jorge, Luz, Maria Cristina, and Maria Edwina.
6. Lance Gokongwei and siblings – US$3 billion
Lance Gokongwei and his siblings are significant figures in the Philippines’ food and beverage (F&B) and airline industries. They hold substantial stakes in JG Summit Holdings, a diversified conglomerate their father, John Gokongwei Jr., founded.
The Gokongwei family also controls Universal Robina Corporation, a leading company in the F&B sector, and Cebu Air, Inc. (Cebu Pacific), the largest airline in the Philippines.
Lance Gokongwei serves as the President and CEO of JG Summit Holdings. Under his leadership, the conglomerate has expanded its operations, which now include consumer foods, real estate, hotels, telecommunications, petrochemicals, air transportation, and power generation.
He is also the Chairman of Robinsons Land Corporation, one of the largest property developers in the country.
This wealth is shared among Lance and his five sisters—Robina, Lisa, Faith, Hope, and Marcia—who all play active roles in managing the family’s business empire.
5. The Aboitiz Family – US$3.15 billion
The Aboitiz family, one of the wealthiest in the Philippines, has a combined net worth of US$3.15 billion.
The family’s business roots date back to the late 19th century when their ancestor, Paulino Aboitiz, started trading abaca and general merchandise as noted by Forbes.
Today, the Aboitiz family controls Aboitiz Equity Ventures (AEV), a diversified conglomerate with significant interests in power, banking, food, infrastructure, and real estate.
The fourth-generation Aboitiz family members, including Enrique Aboitiz, the Chairman, and Sabin Aboitiz, the President and CEO, are currently at the helm of AEV.
One of their notable ventures is the operation of Mactan-Cebu International Airport and the acquisition of Citibank’s consumer banking business in the Philippines.
They also recently partnered with Coca-Cola Europacific Partners to acquire Coca-Cola Beverages Philippines for $1.8 billion.
They also emerged in the infamous Panama papers as they have a bunch of offshore companies doing shady thing.
4. Ramon Ang – US$3.3 billion
Ramon Ang is the president and vice-chair of San Miguel Corporation (SMC), one of the largest and most diversified conglomerates in the Philippines.
Under his leadership, SMC has expanded far beyond its original beer production to include operations in infrastructure, power, fuel and oil, cement, and property.
Ang has been instrumental in transforming SMC into a significant player in these sectors, making it a major driver of economic growth in the country.
Ramon Ang, often referred to as the “king” of mergers and acquisitions in the Philippines, has overseen several strategic acquisitions, including Eagle Cement Corporation according to Gulf News . His strategic vision has been crucial in SMC’s diversification and expansion efforts.
3. Enrique Razon Jr – US$9.3 billion
Enrique Razon Jr. is one of the Philippines’ most prominent businessmen, with a net worth of US$9.3 billion in 2024. His wealth saw a significant increase from US$8.1 billion last year, reflecting his strategic business acumen and successful ventures.
Razon is the chairman and CEO of International Container Terminal Services, Inc. (ICTSI), a global port management company established by his grandfather in 1916. Under his leadership, ICTSI has expanded its operations to numerous countries, making it a key player in the logistics sector.
Beyond logistics, Razon has diversified into the hospitality and gaming industries. He owns Bloomberry Resorts Corporation, which operates the Solaire Resort and Casino, a major luxury resort in Manila. His ventures into these sectors have significantly contributed to his growing fortune.
2. Manny Villar – US$10.5 billion
Manny Villar, the chairman of Vista Land & Lifescapes, is the second richest man in the Philippines with a net worth of US$10.5 billion in 2024. His fortune saw a significant increase from US$9.7 billion last year, turning him into a double-digit billionaire.
Villar’s wealth comes primarily from his extensive interests in property development.
Vista Land & Lifescapes operates numerous shopping malls and commercial towers, while Golden MV Holdings focuses on housing projects.
Villar’s business ventures extend beyond real estate. He has stakes in the free-to-air television market and has ambitious plans to build a casino and theme park in southern Metro Manila.
His family is also deeply involved in politics; his son, Mark Villar, manages much of the family business and serves as a senator, as does his wife, Cynthia Villar.
Additionally, his daughter, Camille Villar, is a congresswoman.
One thing more to mention, people are talking about how he earned billions in a shady ’07 stock deal.
1. Henry Sy and siblings – US$14.4 billion
The Sy siblings—Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley—are at the helm of one of the largest conglomerates in Southeast Asia. Their combined net worth is estimated at US$14.4 billion in 2024, making them the wealthiest family in the Philippines. This substantial fortune began with their father, Henry Sy Sr., who founded Shoemart (now SM) in 1958, which grew into the retail giant SM Investments.
SM Investments and SM Prime Holdings are the main publicly traded arms of their business empire, which spans various industries, including retail, banking, property, hospitality, and commodities. SM’s presence is significant in the Philippine economy, with a notable impact on both consumer and commercial markets.
The family’s success can be attributed to their strategic business expansions and investments, maintaining their position as top players in the industry. Despite economic challenges, the Sy siblings have managed to grow their wealth by $1.8 billion from the previous year.
