Amidst a worldwide downtrend in billionaire fortunes, property tycoon and former Senate President Manuel “Manny” Villar Jr. bucks the trend. In the Forbes World’s Billionaires List for 2023, Villar places 232nd globally, leading the charge among 14 Filipinos who made the cut.
Increasing his net worth from $8.3 billion in 2022 to $8.6 billion in 2023, Villar’s key asset is his stake in Golden MV Holdings, a memorial parks and residential projects developer. He also chairs property developer Vista Land & Lifescapes. In 2022, he ventured into an initial public offering for VistaREIT. The Villar family’s political influence remains potent, with Cynthia, his wife, and Mark, his son, currently serving as senators. Meanwhile, his daughter, Camille, is a Congress representative for Las Piñas City.
In the 312th global spot is Enrique Razon Jr., a ports tycoon with a net worth of $7.3 billion. Razon helms International Container Terminal Services Incorporated (ICTSI), a global port operator, and Bloomberry Resorts Corporation, which developed the Solaire Resort & Casino and South Korea’s Jeju Sun Hotel & Casino.
Climbing to the third spot among Filipino billionaires and 852nd globally, Ramon Ang’s net worth surged from $2 billion in 2022 to $3.4 billion in 2023. Ang, president and chairman of the long-standing San Miguel Corporation, oversees interests in food and beverage, energy, and petroleum.
Despite their wealth diminishing in 2023, heirs of the late Henry Sy Sr., collectively maintain a net worth of $13.6 billion. The SM Investments conglomerate holds their various positions. Similarly, the net worth of other Filipino billionaires such as Henry Sy Jr., Andrew Tan, Hans Sy, Herbert Sy, Harley Sy, Teresita Sy-Coson, Elizabeth Sy, Lance Gokongwei, and Tony Tan Caktiong also saw a decrease in line with Forbes’ global observation.
“Forbes said in its report, “Nearly half of all billionaires are poorer than they were a year ago,” citing falling stocks, “wounded unicorns,” and rising interest rates as key reasons for the decline.
LVMH’s Bernard Arnault currently holds the title of the world’s richest person with a net worth of $211 billion. Elon Musk slips to second place, following his acquisition of Twitter, which sent Tesla share prices plummeting.
Despite the overall decrease in fortunes, the resilience and tenacity of Filipino billionaires remain a testament to the continued growth and potential of industries in the Philippines. As we continue to navigate the economic landscape of 2023, these individuals’ achievements signal opportunities for sustained success and further growth.
