Forbes: The Philippines’ 40 Richest List 2011

According to Forbes Philippines’ 40 richest list of 2011, thirty-two tycoons are richer and for the fourth year in a row Henry Sy holds the top spot with a net worth of $7.2 billion, up from $5 billion last year. The biggest gainer in percentage terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Most of that gain was thanks to an increase in his stake in listed miner Atok-Big Wedge, though Ongpin says the company’s stock price overinflates its value.

The Philippines’ 40 Richest

Among the four newcomers are 34-year-old Edgar Sia II, the youngest on the list, who sold his barbecue chain to Tony Tan Caktiong’s Jollibee Foods; Jose Antonio, founder of high-end property developer Century Properties; and Jacinto Ng Sr., founder of biscuit maker Rebisco. A minimum of $85 million was needed to make the list this year, up from last year’s $50 million.

Unfortunately, four from 2010 didn’t make on the list, including Lourdes Montinola, whose family owns 41% of Far Eastern University; and Jesus Tambunting, who controls Planters Development Bank.

Source: Suzy Nam – Forbes

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