Tycoon and property magnate Henry Sy, founder of SM Prime Holdings, reigns as the country's richest man for the eigth year running, according to Forbes' richest list.
Dubbed the "Retail King" of the Philippines, Sy is a household name with a brand that spans more than 50 years and with more than 50 franchises of his shopping mall in the Philippines and in China.
Sy’s SM shopping mall started out as a small shoe store in Quiapo in 1958. It grew to a department store in 1972 and opened its first mall, SM City North EDSA, in 1985.
Sy has varied business interests under his companies, SM Prime Holdings, SM Investments Corp., BDO Unibank, China Banking Corporation, upmarket property developer Belle Corporation, and Highlands Prime, Inc., a developer of leisure properties.
Sy, age 90, is worth $14.4 billion. Forbes' list of the Philippines' 10 Richest in 2015 feature property magnates who run the top real estate companies in the country alongside other business interests. Net worth, which included their families’ fortunes, was determined from shareholding and financial information provided by families, analysts, stock exchanges and other souces.
The 10 richest people in the Philippines in 2015, according to Forbes, is as follows:
1. Henry Sy (net worth$14.4 billion)
2. John Gokongwei Jr. (net worth $5.5 billion)
3. Andrew Tan (net worth $4.5 billion)
4. Lucio Tan (net worth $4.3 billion)
5. Enrique Razon Jr. (net worth $4.1 billion)
6. George Ty (net worth $4 billion)
7. Aboitiz Family (net worth $3.6 billion)
8. Jaime Zobel de Ayala & family (net worth $3.5 billion)
9. David Consunji (net worth $3.2 billion)
10. Tony Tan Caktiong (net worth $2.2 billion)