Forbes list: 50 richest in PH grow wealth to $86B

Despite US tariff uncertainties, the combined wealth of the country’s 50 richest rose by more than 6 percent to $86 billion this year from $80.8 billion in 2024, as the economy got some lift from robust domestic demand and higher infrastructure investments, according to Forbes magazine.

The country’s gross domestic product (GDP), a broad measure of economic activity, grew by 5.5 percent in the second quarter this year, slightly up from previous quarter’s 5.4 percent. Easing inflation helped support household spending, offsetting a slowdown in government spending due to the election-related ban on public disbursements.

It brought economic growth in the first half of 2025 to 5.4 percent, just shy of the 5.5 to 6.5 percent target set by the Marcos administration.

Retaining the top post in Forbes 2025 list are the Sy siblings, heirs to the SM group built by the late retail tycoon Henry Sy Sr., despite their fortune falling by $1.2 billion to $11.8 billion.

Forbes said nearly half of those on the list are wealthier this year, among them ports and casino billionaire Enrique Razon Jr., who remained at No. 2 with a modest increase in his net worth to $11.5 billion.

Property magnate Manuel Villar kept his status as the country’s third-richest with a net worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings, the builder of Villar City, a sprawling 3,500-hectare mixed-use development expected to be completed over the next three decades, according to Forbes.

The minimum net worth to be counted on the list is $185 million, up from $170 million last year, with Forbes basing the wealth on stock prices and exchange rates as of July 18.

The rest of the country’s 50 richest are:

4. Ramon Ang, head of conglomerate San Miguel Corp. ($3.75 billion)

5. Isidro Consunji and siblings, heirs to engineering and construction conglomerate DMCI Holdings ($3.7 billion)

6. Que Azcona family of drugstore chain Mercury Drug ($3.6 billion)

7. Jaime Zobel de Ayala and family of the Ayala Group ($3.4 billion)

8. Lucio Tan of Philippine Airlines and Philippine National Bank ($3.2 billion)

9. Couple Lucio and Susan Co, owners of Puregold Price Club ($3 billion)

10. Jollibee Foods Corp. founder Tony Tan Caktiong and family ($2.9 billion)

11. Ty siblings of the Metrobank group ($2.8 billion)

12. Aboitiz family, with interests in power, banking and food through Aboitiz Equity Ventures ($2.2 billion)

13. Po family of Century Pacific Foods and Arthaland ($1.9 billion)

14. Lance Gokongwei and siblings of JG Summit Holdings ($1.8 billion)

15. Andrew Tan of Megaworld ($1.65 billion)

16. Dennis Anthony and Maria Grace Uy of Converge ICT Solutions ($1.6 billion)

17. Soledad Oppen-Cojuangco and family, heirs of the late tycoon Eduardo Cojuangco ($1.15 billion)

18. Eusebio Tanco of STI Education Systems Holdings and DigiPlus Interactive ($1.1 billion)

19. Campos siblings of the Unilab group ($910 million)

20. Indonesian-born Hartono Kweefanus and family of Monde Nissin ($840 million)

21. Jacinto Ng of Republic Biscuit or Rebisco and Asia United Bank ($805 million)

22. Gotianun family of Filinvest and EastWest Bank ($800 million)

23. Betty Ang, president and cofounder of Monde Nissin ($615 million)

24. Jose Antonio of Century Properties ($610 million)

25. Dean Lao and family of D&L Industries ($600 million)

26. Mariano Tan Jr., whose family cofounded United Laboratories ($560 million)

27. Iñigo Zobel, shareholder in San Miguel Corp. ($555 million)

28. Yap family of Philtrust Bank and Manila Bulletin ($540 million)

29. William Belo, founder of Wilcon Depot ($520 million)

30. Luis Yu Jr., chair emeritus of low-cost housing company 8990 Holdings ($460 million)

31. Robert Coyiuto Jr. of Prudential Guarantee and National Grid Corp. of the Philippines ($450 million)

32. Henry Soesanto, CEO of Monde Nissin ($430 million)

33. Yuchengco family of RCBC ($420 million)

34. Edgar Saavedra of Megawide Construction ($400 million)

35. Felipe Gozon of GMA Network ($370 million)

36. Carlos Chan, owner of the Oishi brand ($355 million)

37. Alfredo Yao of Zesto Corp. ($345 million)

38. Menardo Jimenez of GMA Network ($330 million)

39. Edgar Sia II, chair of property developer DoubleDragon ($310 million)

40. Gilberto Duavit Jr. of GMA Network ($300 million)

41. Manuel Zamora Jr., founder of Nickel Asia ($295 million)

42. Federico Lopez and family of power conglomerate First Philippine Holdings ($285 million)

43. Sylvia Wenceslao, chair of real estate developer D.M. Wenceslao & Associates ($275 million)

44. Tomas Alcantara of Alsons Consolidated Resources ($270 million)

45. Wilfred Steven Uytengsu Jr. of Alaska Milk ($265 million)

46. Michael Cosiquien, chair of energy, property and infrastructure firm ISOC Holdings ($255 million)

47. Frederick Dy of Security Bank ($205 million)

48. Philippe Jones Lhuillier of Cebuana Lhuillier ($195 million)

49. Mariano Martinez Jr. of low-cost housing company 8990 Holdings ($190 million)

50. Benedicto and Teresita Yujuico of DoubleDragon subsidiary DDMP REIT ($185 million) —WITH A REPORT FROM IAN NICOLAS P. CIGARAL