The Daily Tribune <<< Without Fear or Favor >>>

»HEADLINES

»NATION

Sy, Tan on Forbes rich list, Ayala dislodged

03/12/2010

Only two Filipinos landed in business bible Forbes’ latest edition of the World Billionaires list released the other day that showed mall magnate Henry Sy as the top Filipino billionaire with a net worth of $4.2 billion, followed by tycoon Lucio Tan with a net worth of $1.7 billion.

Sy was ranked 201st overall, while Tan was ranked 582nd in the list.

Jaime Zobel de Ayala, who was the third Filipino billionaire in last year’s list was not included in this year’s ranking.

Forbes said the Philippines richest man, Sy, came from China as a child to work in his father’s convenience store and eventually started a small shoe store in Manila, which he built into one of the country’s largest retail groups.

“SM Prime, the Philippines largest shopping mall developer, which he controls and is run by son Hans, has 36 malls in the country and continues its China expansion,” it said.

It added that Banco de Oro Unibank, run by daughter Teresita Sy-Coson, recently merged with GE Capital’s banking arm in the Philippines.

SM Investment, the family’s listed holding company, expanded into gaming with a new Las Vegas-style casino complex in Manila Bay, scheduled to open this year.

Tan, meanwhile, got his start as a chemical engineer and mopped floors to pay for school, Forbes said.

Now, much of his fortune is derived from cigarettes and alcohol and owns the Philippines’ largest cigarette maker, Fortune Tobacco; Philippine Airlines; Asia Brewery; mining operations; banks; and property developments in Hong Kong, it said.

Mexican tycoon Carlos Slim has dethroned Microsoft founder Bill Gates as the world wealthiest person and China is fast catching up with the number of US billionaires on the annual rich list.

The new annual list saw the 70-year-old Slim catapult from third place last year to the top spot, thanks to the success of his America Movil company, Latin America’s biggest mobile phone operator.

Slim’s fortune was estimated at $53.5 billion, according to Forbes, which said his wealth increased by $18.5 billion in 12 months.

Gates, 54, slipped to second place with $53 billion while American super investor Warren Buffett was third with $47 billion.

The United States remained by far the dominant home of the super-rich, with 403 billionaires, or 40 percent of the world’s ten-figure fortunes, down from 45 percent.

China moved up to second place with 64 billionaires, including 27 newly minted ones, including Hong Kong, China has 89 billionaires.

Forbes counted 1,011 billionaires from 55 countries, up from 793 last year, though still below the pre-crisis 1,125 listed in 2008.

There has been a wealth resurgence after the financial turmoil of 2008 and 2009, with the top 10 worth a combined $342 billion, compared to 254 billion dollars in the previous year.

“The global economy is recovering. The financial markets came back, especially emerging markets,” said magazine editor-in-chief Steve Forbes.

“There’s a 50 percent increase in general global wealth compared to last year,” Forbes said.

Certainly the economy recovered for the super rich, who took a beating during last year’s stock and commodity market collapses, but saw across-the-board gains this year.

| More