Thursday, October 16, 2008

Forbes Asia: List of Philippines' 40 Richest

Forbes just recently published its Top 40 Rich List for the Philippines. Below are the Top 10 and consideration was given on the net worth of these business magnates as basis of the ranking:

1. Henry Sy ($3.1 billion, Age: 83, Married with 6 children)

Philippines' leading retailer opened his biggest mall yet in May on Manila's waterfront. Now on verge of becoming nation's second-largest banker, once merger with his Banco de Oro and Equitable PCI is finalized.

2. Lucio Tan ($1.5 billion, Age: 74, Married with 6 children)

The Filipino-Chinese magnate made his fortune from a variety of sources, including tobacco and beer. Also owns Philippine Airlines. With Hong Kong property portfolio, cashed in on booming Asian real estate market.

3. Jaime Augusto Zobel de Ayala ($1.2 billion, Age: 74, Married with 7 children)

Patriarch of Ayala Corp., Philippines' oldest conglomerate, founded in 1834. Interests in real estate, water, telecom. Officially retired in April, though sons Jaime Jr. and Fernando have run daily operations for the past decade.

4. Andrew Tan ($700 million, Age: 57, Married with 4 children)

Chairs Megaworld Corp., large real estate company known for its Manila complexes that integrate office, residential and commercial units. Now developing technology parks. Just broke ground on a new Marriott hotel in Newport City.

5. Tony Tan Caktiong ($690 million, Age: 58, Married with 3 children)

Got start with 2 ice cream parlors; soon switched to hamburgers. Today his fast-food group Jollibee, which he still runs, has almost 1,500 locations operating under 6 brands. Also 167 restaurants abroad, including 100-plus in China. Plans to open locations on U.S.' East Coast and in Las Vegas, and to enter India next year.

6. John Gokongwei Jr. ($680 million, Age: 81, Married with 6 children)

Lived on street at age 13 after wealthy father died. Peddled thread, soap, candles during World War II. Later founded JG Summit, a conglomerate with telecom, property, food, airline and textiles interests, that is celebrating fiftieth anniversary this year. Chairman emeritus, leaves daily operations to son Lance, who is president.

7. Eduardo Cojuangco ($610 million, Age: 73, Married with 4 children)

Known as "Danding." Shares of San Miguel Corp., the food and beverage group he chairs, briefly suspended in November, after alleged inflation of sales figures of its Coca-Cola (nyse: KO - news - people ) Bottlers. Company denies allegations.

8. Enrique Razon Jr. ($525 million, Age: 48)

9. George Ty ($435 million, Age: 75, Married with 5 children)

Founder and chairman of Metrobank, one of the Philippines' largest financial institutions with branches in Asia, U.S. and Europe. Known to wear suit and tie to office every day. May soon relax a bit: founder handed over chairmanship earlier this year.

10. Inigo & Mercedes Zobel ($430 million, Age: N/A)

For a complete list of the Top 40 check out Forbes Asia’s The Philippines’ 40 Richest.


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