Sy, Zobel, Aboitiz among Asia's 50 richest families – Forbes

Families running the biggest conglomerates in the Philippines are on Forbes' inaugural list of top 50 Asian business dynasties that have extended for at least three generations. 

 

The family of Henry Sy ranked 13th with a net worth of $12.3 billion. The clan started to grow its fortunes in 1958 with the establishment of a small shoe store that would later expand into the country's largest mall developer. 

 

The business interest of the family has since expanded to include banking and property development under SM Investments Corporation. It also owns a stake in electricity transmission company National Grid Corporation.

 

"Sy's children are all involved in management and meet weekly over lunch to discuss the business; their mother sometimes joins. Grandchildren are taking active roles," the global business magazine noted. 

Oldest PHL business

 

The Zobels occupied the 35th spot with a net worth of $4.2 billion. The family's 7th generation runs Ayala Corp., one of the Philippines' oldest businesses that started as a small distillery in 1834.

 

The conglomerate controls the publicly traded Ayala Land Inc., Globe Telecom Inc., Manila Water  Company Inc. and Bank of the Philippine Islands. Seven siblings control more than one-third of the company. 
 

The eldest, Jaime Augusto Zobel de Ayala II, serves as chairman and chief executive officer while his son Fernando is the president and chief operating officer. Three members of the eighth generation are also involved in running the business. 

Abaca trader

 

The family behind Aboitiz & Company is 44th on the list with a net worth of $3.6 billion. The clan controls Aboitiz Equity Ventures (AEV), a publicly listed conglomerate with interests in power, transportation, banking, food and property. 

 

Paulino Aboitiz, the son of a Spanish farmer, founded AEV around two centuries ago after migrating to the Philippines. The business first engaged in abaca and general merchandise trading. 

 

"The family, known to hold reunions for 400-plus relatives, has a constitution and formal process for those descendants interested in joining the company and/or working their way up to management," Forbes said. 

 

At least $2.9 billion

Asia's 50 richest families were selected based on a review of business tycoons included in previous rich lists of Forbes. To qualify, a clan's net wealth must reach at least $2.9 billion and participation in building the fortune must extend for at least three generations. 

 

"This inaugural list recognizes that family is at the core of Asia's biggest conglomerates and some of its best-known brands. The Lee Family of Samsung Group is a good illustration," Forbes said. 

 

The Lee family topped the list with a $26.6 billion net wealth that dates back to 1938, when patriarch Lee Byung-Chuli founded a small trading company in Daegu. In 2014, the group's revenues equaled 22 percent of South Korea's gross domestic product.

 

"Nearly half of Asia's richest families are of Chinese descent, but none of them is based in mainland China, where conglomerates are young and run by first generations. Families from India hold 14 of the 50 spots, easily the most from any jurisdiction," Forbes noted. – Keith Richard Mariano/VS, GMA News