Richest Filipinos in 2024

The latest Forbes report highlights a stagnation in the wealth of the Philippines' 50 richest, totaling $80.8 billion, primarily due to high inflation and a 6% decline in the peso against the US dollar. The Sy siblings remain the wealthiest, but their net worth dropped from $14.4 billion to $13 billion. Enrique Razon Jr. of Bloomberry Resorts and ICTSI surged to second place with a $3 billion increase in wealth, totaling $11.1 billion, benefiting from substantial growth in his shipping business. Property mogul Manuel Villar fell to third despite a net worth increase to $10.9 billion, fueled by expansion in the real estate sector. More than half of the individuals on the list experienced a decline in their fortunes, reflecting the broader economic challenges in the country. The report emphasizes the impact of the slower economic growth rate, which was 5.7% in early 2024, compared to 6.4% in the previous year.