Forbes cites 10 Pinoys in 2014 billionaires list

Ten Filipinos, headed by mall tycoon Henry Sy Sr.,  landed in Forbes Magazine's 2014 global billionaires' list, down from last year's 11, the magazine reported on Tuesday.

 

With an estimated net worth of $11.4 billion, Forbes Magazine placed Sy and family in the 97th spot in the global ranking despite a $1.8-billion drop from last year's net worth of $13.2 billion. Sy and family ranked 68th in the 2013 billionaires' list.

 

“The Philippines' richest person, Henry Sy, merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion,” Forbes noted.

 

The magazine also cited the $1.2 billion contract snatched by SM Land in November of last year to reclaim land in Manila, next to SM Mall of Asia complex which is expected to contribute to the income growth of the company.

 

“Despite big moves, Sy's fortune dropped by $1.8 billion mainly because shares of his holding firm SM Investments tumbled 30 percent in the past year. They took a hit when the company sold some shares to institutional investors at a discount to market price,” Forbes noted.

 

Second richest in the Philippines and in the 227th spot in the global ranking was Lucio Tan and family with a net worth of $6.1 billion.

 

Tan and family inched higher in the billionaires' ladder from last year's 248th spot with net worth of $5 billion.

 

“Lucio Tan's LT Group owns Asia Brewery, maker of popular Beer na Beer, and a stake in Philip Morris-Fortune Tobacco, which has an estimated 80 percent market share of the country's cigarette market,” Forbes noted.

 

“Tan increased his holding in Philippine National Bank in January to nearly 60 percent by buying an 11 percent stake for nearly $200 million. He's still in talks with San Miguel to sell his remaining 51 percent stake in Philippine Airlines whose value has surged giving Tan's fortune a boost. He also owns Hong Kong based Eton Properties,” Forbes reported.

 

Other Filipinos who made it to the 2014 billionaires' list were:

All these businessmen, except for Gokongwei, were also included in Forbes' 2013 billionaires' list. It was a first time for Gokongwei to be included in the list.

 

Meanwhile, Lucio and Susan Co, founders of Puregold and Cosco Capital as well as Alphaland and Philweb chair Roberto Ongpin, were out of this year's billionaire's list. The Cos with a $2-billion net worth then were ranked 736th richest in Forbes 2013 list, while Ongpin with $1.2 billion at the time was 1175th.

 

According to Forbes, there are 1,645 billionaires who made it to this year's list with an aggregate net worth of $6.4 trillion, up from $5.4 trillion. 

 

Forbes said 268 billionaires are new on the list, including 42 new women billionaires.

 

“In total, there are 172 women on the list, more than ever before, up from 138 last year,” Forbes noted.

 

Topping the global ranking was Microsoft co-founder Bill Gates with a net worth of $76 billion. Gates snatched the top spot from telecom mogul Carlos Slim Helu of Mexico who held the position for four straight years. Helu is now in the second spot with a net worth of $72 billion, followed by clothing retailer Amancio Ortega, best-known for clothing line Zara in the third spot with a net worth of $64 billion.

 

Warren Buffet with his $58.2 billion net worth followed Ortega and Oracle co-founder Larry Ellison with a $48-billion net worth followed Buffet.

 

“To compile net worths, we value individuals’ assets – including stakes in public and private companies, real estate, yachts, art and cash – and take into account estimates of debt,” Forbes said in the report's methodology.

 

“The Forbes Billionaires ranks individuals rather than large, multi-generational families who share large fortunes,” the report added. – Elizabeth Marcelo/VS, GMA News