5. Tony Tan Caktiong & family
From Saudi Arabia to the borough of Queens in New York City, Tony Tan Caktiong’s fast food restaurants dot the globe. His publicly traded Jollibee Foods marked its entry into the mainstream burger market with a 40% acquisition of food chain Smashburger in October of 2015. Jollibee Foods is the fastest-growing Asian restaurant chain in the world. They sell Filipino, Chinese, American and European recipes adapted to a modern, quick serve, affordable format. His younger brother Ernesto Tanmantiong is CEO. Tony is charting a new course building community malls in partnership with fellow rich lister Edgar Sia II.
4. George Ty & family
At age 19 George Ty was refused a bank loan to start a business. The difficulties spurred him to start his own bank at 29, with no financial training or experience. Today Metrobank is the country’s second-largest bank in terms of assets. The serial entrepreneur has gone on to set up power plants, distribute Toyota vehicles, sell insurance, develop real estate and other ventures. He has been consolidating nonfinancial businesses under GT Capital. The group is looking to expand deeper into infrastructure, business process outsourcing and retail. Son Arthur stepped down in 2014 as chairman of GT Capital to become co-vice chairman as the company brought in outside professionals to help it consolidate. His other children are also involved in the business. Ty’s Metrobank Foundation runs Manila Tytana Colleges in memory of his late mother. Ty collects Chinese ink paintings and Filipino art.
3. Lucio Tan & family
Source of Wealth:Diversified
Net worth: $4.3 Billion (₱202,127,950,000.00)
Lucio Tan’s LT Group has interests in banking, property development, beverages, spirits and tobacco. In 2014 Tan retained 100% control of Philippines Airlines, the country’s oldest airline. Tan, who mopped floors to pay for school, got his business start as a chemical engineer. He enjoys flying helicopters.
2. John Gokongwei, Jr
Gokongwei started a cornstarch plant in the 1950s and transformed it into JG Summit with interests in food and beverages, airlines, telecoms, property development, banking, hotels and power generation. He owns a stake in publicly listed Robinson Retail Holdings and franchises for True Value, Top Shop, Toys R Us, Daiso. His retailers have more than 1,500 outlets. Gokongwei’s brother James Go chairs JG Summit. Gokongwei’s son Lance is president and his daughter Lisa runs Summit Media with more than 20 magazine titles including Forbes Philippines, which launched in 2014.
1. Henry Sy & family
Source of Wealth:Diversified
Net worth: $15.5 Billion (₱728,600,750,000.00)
Henry Sy, the richest person in the Philippines, owns retailers and real estate throughout the country. His SM Investments Corp is the largest retailer in the Philippines with over 200 individual outlets around the country. It announced in February 2016 that it is merging all its retail-related businesses under SM Retail. The firm is also one of the country’s largest conglomerates with interests in real estate development, shopping malls and banking. Sy has a stake in privately-held electricity firm National Grid Corp., which supplies power to the entire country. Sy studied retail at his father’s elbow in the family convenience store. Not satisfied with merely filling dad’s shoes, he saved up to start a footwear shop, the humble origins of his empire