The Philippines’ wealthiest people saw their fortunes balloon in 2021, brushing off a pandemic that has led to job and business losses.
The combined net worth of the 50 richest people in the country surged 30% to US$79 billion, according to the latest Philippines’ Richest List by Forbes. That's more than the size of Ghana's entire economy as of 2019 figures.
“Despite the ravages of Covid-19, the economy notched up double-digit growth in this year’s second quarter. Investor sentiment remained buoyant, fueling a 13% rise in the benchmark stock index from a year ago,” Forbes said.
The Sy siblings led the billionaires’ group, adding US$2.7 billion to their wealth that now stands at US$16.6 billion.
Property mogul Manuel Villar is in second place with a net worth of US$6.7 billion, an increase of US$1.7 billion.
Ports and gaming tycoon Enrique Razon, who took over Manila Water in June 2021, lands on the third spot with US$5.8 billion.
Forbes said more than half of the 50 tycoons in the ranking saw their wealth rise, with four listees adding more than US$1 billion each. The Sy siblings, Villar, and Razon racked up the biggest gains in dollar terms, making them collectively richer by almost US$6 billion, according to Forbes.
Meanwhile, more than a dozen tycoons recorded a decline in their net worth, including billionaire businessman Lucio Tan, whose Philippine Airlines recently filed for bankruptcy protection in the U.S.
