The 10 richest billionaires in the Philippines in 2024 – net worths, ranked: from Cebu Pacific’s Lance Gokongwei and Jollibee’s Tony Tan Caktiong, to the Sy siblings, Ramon Ang and Manuel Villar
Many Southeast Asian countries have been experiencing robust growth in the last two years since the pandemic. Despite rising interest rates, the Philippines is among those that have had a significant boost over the last 12 months and was described as “one of the most dynamic economies in East Asia and the Pacific region” by the World Bank.
Despite the aftermath of Covid-19, the country’s poverty rate declined by more than five points, from 23.3 per cent in 2015 to 18.1 per cent in 2021, according to the same World Bank report. Robust consumer demand also further lined pockets. Moguls with stakes in consumer goods, property and retail especially felt a lift from the country’s active labour market. The combined fortune of Forbes’ list of the 50 most affluent in the country grew by 11 per cent from US$72 billion to US$80 billion in 2023, too.
The old investment saying goes “never keep all your eggs in one basket”, and this seems to ring true among the elites in the Philippines, where half of the top 10 richest are involved in a diverse range of industries.
So who are the top 10 richest billionaires in the Philippines in 2024, according to Forbes at the time of writing?
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10. Tony Tan Caktiong
Net worth: US$1.4 billion
Maybe you haven’t heard Tan Caktiong’s name before, but chances are you’ve sunk your teeth into some of his fried chicken. The founder of Jollibee, the country’s largest fast-food chain, has been rapidly growing its global presence over the past decade. Unfortunately though, that doesn’t appear to be reflected in Tan Caktiong’s net worth, as he lost US$1.8 billion since 2023, according to Forbes’ list from that year.
9. Lucio Tan
Net worth: US$2.6 billion
Tenth on the list is the founder of LT Group who has his fingers in various industry pies, from tobacco and alcohol to banking and air travel. Tan, a shareholder of Philippine Airlines, also founded Pal Holdings. The tycoon passed the torch to his grandson Lucio Tan III in May 2023, who is now the president of both the family companies. At the helm of the family’s US$2.5 billion fortune, the junior Tan is a Stanford University graduate with a degree in electrical engineering.
8. Jaime Zobel de Ayala
Net worth: US$2.8 billion
De Ayala is the patriarch of the Ayala family and former chair of Ayala Group, the country’s oldest corporation founded during Spanish colonial rule. The family’s business began as a distillery and delved into many industries over the past 190 years, including property, healthcare and telecoms.
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7. Isidro Consunji and siblings
Combined net worth: US$2.9 billion
Isidro and his five siblings collectively control a fortune inherited from their father David Consunji, who entered property development in 1954 with DMCI Holdings. Isidro now chairs the company and trades in commodities such as minerals, electricity and water.
6. Lance Gokongwei and siblings
Combined net worth: US$3 billion
The Gokongwei siblings are major players in the country’s F&B industry. Besides a major stake in JG Summit, which operates the country’s largest commercial fleet Cebu Air, the Gokongweis also control Universal Robina, the cornflour plant-turned-F&B outfit also inherited from their late father, John Gokongwei Jr.
5. The Aboitiz family
Combined net worth: US$3.15 billion
The Aboitiz family is helmed by its fourth-generation members, with the following generation now easing into the family’s operations under Aboitiz Equity Ventures (AEV). Their most high-profile operations include the Mactan-Cebu International Airport and their acquisition of Citibank’s consumer banking business and Coca-Cola bottling facilities in the Philippines.
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4. Ramon Ang
Net worth: US$3.3 billion
Ang is the president and vice-chair of the country’s largest brewery, which also grew to become one of the largest F&B companies in the country. Despite the beer’s popularity, most of San Miguel Corp.’s revenue comes from its power facilities and infrastructure operations.
3. Enrique Razon Jr
Net worth: US$9.3 billion
Razon had a fortune of US$8.1 billion last year. This February, Forbes provided an updated estimate of his wealth that signals more than a billion dollars growth – making for a net worth that’s three times that of the fourth richest person in the Philippines.
With the booming e-commerce industry, it’s no surprise that Razon’s logistics operation is thriving. He chairs International Container Terminal Services, a company his grandfather started in 1916, which operates ports nationwide. He’s also stepped into the hospitality and gaming industry and owns the Solaire Resort and Casino, among other properties.
2. Manuel Villar
Net worth: US$10.5 billion
The second richest man in the Philippines also saw a boost in his net worth over the past year, officially turning him into a double-digit billionaire. The property mogul’s wealth shot from US$9.7 billion to US$10.5 billion in 2024. He chairs property developer Vista Land & Lifescapes, which operates a number of shopping malls and commercial towers. He’s also invested in housing projects under Golden MV Holdings.
Villar’s business interests include stakes in free-to-air television and a road map to building a casino and theme park in Manila.
While his son Mark now runs the bulk of the business, his family is also heavily involved in politics. Mark and his mother Cynthai are both senators, while Villar’s daughter Camille is a congresswoman.
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1. Henry Sy and siblings
Combined net worth: US$14.4 billion
The six Sy siblings are part of a conglomerate that includes retail, banking, hospitality, property and commodities. Their immense fortune began with their father Henry Sr, who founded the store Shoemart in 1958. The company’s firms are now publicly traded under SM Investments and SM Prime.
- The crème de la crème of the Philippines’ richest include property developers Isidro Consunji and family, LT Group’s Lucio Tan, port-handling giant Enrique Razon Jr and SM Investments’ Sy siblings
- The Aboitiz family acquired Coca-Cola’s bottling facilities while Ang’s San Miguel Corp. is mainly making bank from energy and infrastructure today – and Villar’s wife and kids are in politics