Sy clan included in Asia’s top 20 wealthiest families –Bloomberg

The Sys, the richest family in the Philippines and owners of the SM Group, made it in the list of top 20 richest clans in Asia, according to business publication Bloomberg’s Billionaires Index.

The Sy family, ranked 10th place, was worth about $19.7 billion. They are the only family from the country to be included in the Bloomberg list.

“[Late] Henry Sy was born in China and immigrated to the Philippines when he was 12. He helped his father sell rice, sardines and soap before he opened the first shoe store in 1958. From a tiny shop in downtown Manila, it has grown into a conglomerate with interests including retail, banking and property,” according to Bloomberg.

“Today, the group runs almost 2,800 retail stores and has more than 2,000 banking branches,” it said.

Henry Sy, the founder of SM Group, passed away on January 19, 2019. He was 94.

Topping the list of Asia’s “ultra-rich” families is the Ambanis of India with a net worth of $76 billion, followed by Kwoks of Hong Kong with $33 billion.

Included in the full list of the top 20 richest families in Asia were:

• Ambani of India - net worth of $76 billion
• Kwok of Hong Kong - net worth of $33 billion
• Chearavanont of Thailand - net worth pf $31.7 billion
• Hartono of Indonesia - net worth of $31.3 billion
• Lee of South Korea - net worth of $26.6 billion
• Yoovidhaya of Thailand - net worth of $24.2 billion
• Cheng of Hong Kong - net worth of $222.6 billion
• Mistry of India - net worth of $22 billion
• Pao/Woo of Hong Kong - net worth of $20.2 billion
• Sy of the Philippines - net worth of $19.7 billion
• Tsai of Taiwan - net worth of $19 billion
• Lee of Hong Kong - net worth of $17.3 billion
• Kwek/Quek of Singpore/Malaysia - net worth of $16.5 billion
• Torii/Saji of Japan - net worth of $16.3 billion
• Kadoorie of Hong Kong - net worth of $16.1 billion
• Hinduja of India - net worth of $15.1 billion
• Ho of hong Kong - net worth of $14.6 billion
• Chung of South Korea - net worth of $14.1 billion
• Ng of Singapore - net worth of $13.8 billion
• Chirathivat of Thailand - $12.9 billion

Bloomberg said the ranking of Asia’s richest families was compiled as of November 13.

It excludes first-generation wealth such as that of Alibaba Group Holding Ltd.’s Jack Ma, as well as those in the hands of a single heir, “as a result, the list doesn’t have any families from mainland China, where fortunes are relatively young and often focused on tech.” — DVM, GMA News