Wealth Of The Philippines' 50 Richest On Forbes List Rises To US$86 Billion
SINGAPORE (August 7, 2025) – The combined wealth of tycoons on the 2025 Forbes list of the Philippines' 50 Richest rose over 6% to US$86 billion, from $80.8 billion last year. The complete list can be found here and in the August issue of Forbes Asia.
Buoyed by domestic demand and an uptick in infrastructure investments, the Philippine economy expanded by 5.4% in the first quarter of 2025, but U.S. tariffs proved to be a spoiler. The country's benchmark stock market index dipped 7% since fortunes were last measured, though that was partially offset by a firmer peso. Overall, nearly half of those on the list are wealthier compared to a year ago.
The Sy siblings, heirs to the SM group built by the late retail tycoon Henry Sy Sr., retained the top spot despite their fortune falling by $1.2 billion—the biggest drop in dollar terms—to $11.8 billion. The group's real estate flagship SM Prime Holdings has an ambitious plan to invest $9 billion over the next five years to grow its property footprint across the country.
Ports and casino billionaire Enrique Razon Jr. remained at No. 2 with a modest increase in his net worth to $11.5 billion. His International Container Terminal Services reported a two-thirds jump in net profit to $850 million for 2024 and said it will press ahead with global expansion this year.
Property tycoon Manuel Villar retained his status as the country's third-richest with a net worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings. Villar Land Holdings is the builder of Villar City, a sprawling 3,500-hectare mixed-use development that will be completed over the next three decades.
At No. 4 is Ramon Ang of San Miguel, with a fortune of $3.75 billion. Rounding out the top five are Isidro Consunji & siblings of DMCI Holdings, whose net worth rose to $3.7 billion.
Recording the biggest gain in percentage terms were husband and wife Dennis Anthony & Maria Grace Uy (No. 16), cofounders of broadband services provider Converge ICT Solutions. Their combined net worth rocketed 74% to $1.6 billion.
Among the 20 listees whose wealth shrank is home improvement tycoon William Belo (No. 29), founder of big-box retailer Wilcon Depot. The company's shares fell to an eight-year low in April, bringing down Belo's net worth by over 40% to $520 million, the biggest drop on the list in percentage terms.
The Que Azcona family (No. 6, $3.6 billion) took the place of Vivian Que Azcona, president of Mercury Drug, who died in April at age 69 shortly after the company celebrated its 80th anniversary. The drugstore chain is now led by her son Steven.
The minimum net worth to make the list is $185 million, up from $170 million in 2024.
The top 10 richest in the Philippines are:
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes World's Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 18, 2025. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/philippines
About Forbes:
Forbes is an iconic global media brand that has symbolized success for over a century. Fueled by journalism that informs and inspires, Forbes spotlights the doers and doings shaping industries, achieving success and making an impact on the world. Forbes connects and convenes the most influential communities ranging from billionaires, business leaders and rising entrepreneurs to creators and innovators. The Forbes brand reaches more than 140 million people monthly worldwide through its trusted journalism, signature ForbesLive events and 49 licensed local editions in 81 countries.
For media queries, please contact:
Catherine Ong Associates Pte Ltd
Catherine Ong, cell: +65 9697 0007, Email: cath@catherineong.com
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