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Sy family of SM fame retains top spot among Philippines' richest: Forbes
[SINGAPORE] Forbes Asia on Thursday (Aug 7) announced the 2025 Forbes list of Philippines' 50 Richest, where the combined wealth of its tycoons rose by over 6 per cent to US$86 billion, from US$80.8 billion the year before.
In 2025, the minimum net worth to make the list is US$185 million, up from US$170 million in the previous year.
The Philippine economy expanded by 5.4 per cent in the first quarter of this year, on the back of positive domestic demand and an uptick in infrastructure investments.
However, US tariffs of late proved to spell some trouble, with the PSE Composite Index falling around 2.8 per cent year to date, though partially offset by a firmer peso.
Despite recent turbulence in the areas of trade and geopolitics, close to half of those on the Forbes list of Philippines' 50 Richest in 2025 are wealthier compared to a year ago.
Here are the top 10 billionaires from the Philippines in 2025, according to Forbes:
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1. The Sy siblings
The Sy siblings, heirs to the family conglomerate SM Group built by the late retail tycoon Henry Sy Sr, retained the top spot at US$11.8 billion in combined wealth.
The six Chinese Filipino siblings and businesspeople are vice-chairman of SM Investments Teresita Sy-Coson, president of SM Hotels and Conventions Elizabeth Sy, Henry Sy Jr, Hans Sy, Herbert Sy and Harley Sy.
Founded in 1958, SM Group began its journey with Henry Sy Sr opening a small shoe store named ShoeMart (SM in Carriedo, Manila in the Philippines, before it became a large department store. The focus was first on buying large supplies of shoes from the US.
SM Group to date has various holdings across retail, property and logistics sectors, with SM Investments and real estate flagship SM Prime Holdings the core pillars of the business. It also owns Banco de Oro, the largest bank in the Philippines.
SM Prime Holdings, in particular, plans to invest US$9 billion over the next five years to grow its property footprint across the country.
2. Enrique Razon Jr
The ports and casino billionaire retained his second place title with his net worth of US$11.5 billion in 2025.
The 65-year-old is the chairman and chief executive of port-handling company International Container Terminal Services, Inc (ICTSI) listed in Manila. From a Spanish-Filipino family involved in the marine cargo handling industry, his grandfather started the business with a port in Manila in 1916, which was rebuilt by his father after World War II.
Razon Jr thereafter grew the business, with Razon Group and the Soriano Group incorporating ICTSI. The move was initially to bid for the Manila International Container Terminal in the country with the contract secured in 1988.
ICTSI to date operates a total of eight terminals in the Philippines. The company reported a two-thirds jump in net profit to US$850 million for 2024, and said it will press ahead with global expansion this year.
3. Manuel Villar
The property tycoon also retained his status as the country's third-richest man, with a net worth of US$11 billion.
The Filipino businessman and former politician served as the 20th president of the Senate of the Philippines from 2006 to 2008, and as senator from 2001 to 2013.
In recent times, his mass-housing and memorial park developer Golden MV Holdings is transitioning into Villar Land Holdings. Villar Land Holdings is the builder of Villar City, a 3,500-hectare mixed-use development that will be completed over the next three decades.
He also owns five other listed entities including mall operator Vistamalls, property landlord VistaReit, home improvement chain AllHome, supermarket chain AllDay Marts and Premiere Island Power Reit.
4. Ramon Ang
Ang is the president and chief executive of San Miguel Corporation (SMC), one of the Philippines' largest and most diversified conglomerates with interests in food, beverages, energy, infrastructure, and petrochemicals. He recorded a net worth of US$3.75 billion.
A mechanical engineer by training, he expanded SMC from its original roots as a brewery into a leader in the food and beverages space. Its revenue is mainly derived from power and infrastructure projects, however, involving toll roads and airports.
His business at present is building a US$15 billion airport and city complex at a 2,500-hectare site in Bulacan. It also started a US$3 billion project to revamp Manila's international airport in 2024.
He also serves as chairman of Cyber Bay Corporation and Eagle Cement Corporation.
5. The Consunji siblings
The Consunji siblings recorded a net worth of US$3.7 billion, coming in at fifth place. They inherited their wealth from their late father David Consunji, founder of DMCI Holdings, a major Philippine conglomerate involved in construction, mining, real estate, and utilities.
The eldest of the siblings Isidro Consunji now serves as chairman and president of the company, which was founded in 1954. The organisation is best known for its real estate arm DMCI Homes. It also owns Semirara Mining and Power Corporation, the country's largest coal producer, which obtained regulatory approval for its US$5 billion coal mine expansion project in Antique province in Feb 2025.
6. Que Azcona family
The Que Azcona family owns and operates Mercury Drug, the largest pharmacy chain in the Philippines with 1,200 locations across the country and over 15,000 employees. Their net worth stands at US$3.6 billion.
Founded by the late Mariano Que in 1945 with a single pushcart, the company grew into a household name, dominating the retail pharmaceutical sector. His grandson, Steven Que Azcona, is the company's chairman and president. His late mother, Vivian Que Azcona who died in April 2025, also served as its president.
The business remains privately held and has avoided franchising to maintain tight operational control.
7. Jaime Zobel de Ayala and family
A Harvard-educated businessman and philanthropist, Jaime Zobel de Ayala was the chairman of his family's Ayala Group until his retirement in 2006. He and his family are valued at a net worth of US$3.4 billion.
Ayala Corporation is one of the Philippines' oldest and largest conglomerates with a presence in banking, insurance, telecommunications and real estate.
Founded in 1834 as Casa Roxas, the company was initially in the space of agriculture and distillery. It became Ayala Corporation formally in 1968, before it was listed on the Manila and Makati Stock Exchanges in 1976. The group's crown jewel, Ayala Land, is spending US$500 million to construct new hotels and double its room inventory to around 8,000 by 2030.
His eldest son, Jaime Augusto, has since taken over the business. The elder Ayala's seven children own over 40 per cent of the conglomerate.
8. Lucio Tan
Lucio Tan is the founder and chairman of LT Group, which has interests in tobacco, spirits, banking and property development. His net worth is valued at US$3.2 billion.
Born in Fujian, China, Tan first established Asia Brewery in 1982, before acquiring Tanduay Distillers in 1988 for one billion pesos (S$22.5 million) through Twin Ace Holdings Corporation. It is now a subsidiary of LT Group, and a direct competitor to Ang's SMC.
His grandson and heir apparent Lucio Tan III was appointed president of LT Group and PAL Holdings in 2023.
9. Lucio and Susan Co
The husband and wife duo have a net worth of US$3 billion, and are the founders of PureGold Price Club, a chain of hypermarkets and supermarkets in the Philippines. It is the second-largest retail chain in the country, with 640 stores nationwide.
Founded in 1998, Puregold first targeted low to middle-income consumers and has expanded through acquisitions such as warehouse club chain S&R Membership Shopping in 2011 and DiviMart. The company was listed on the Philippine Stock Exchange in 2011.
The son of the Filipino entrepreneurs, Ferdinand Vincent, helps run the company as president.
10. Tony Tan Caktiong and family
As the founder and chairman of Jollibee Foods Corporation – the largest fast food company in the Philippines – Tony Tan Caktiong's combined net worth with his family stands at US$2.9 billion.
The chemical engineering graduate started his business as a humble ice cream parlour in 1975, before expanding into burgers. He eventually built a multi-brand empire to include businesses such as Chowking and Coffee Bean and Tea Leaf, which Jollibee acquired in 2019 for US$350 million.
The beloved national brand also acquired a 70 per cent stake in Compose Coffee, a South Korean cafe chain with over 2,600 stores, for US$238 million in 2024.
