Philippines' 50 Richest: Enrique Razon Jr. rises to 2nd on Forbes list

MANILA, Philippines (Updated 3:28 p.m.) — Tycoon Enrique Razon Jr. moved up Forbes Magazine's list of the Philippines’ 50 Richest with a net worth of $11.1 billion, only falling behind the Sy siblings. 

Razon, a juggernaut in the casino and ports industry, increased his value by $3 billion in 2024. He is the "biggest dollar gainer for the second year in a row," Forbes reports.

In 2023, Razon was at No. 3 with a net worth of $8.1 billion. In a year, he has surpassed real estate businessman and politician Manuel Villar, who currently has a net worth of $10.8 billion.

According to Forbes, the value of shares of Razon’s largest company, the International Container Terminal Services, rose by 80% in the past year along with the boom in trade.

His company also reported a 36% increase in profit, amounting to $210 million in the first quarter. The International Container Terminal Services also plans to invest $1.3 billion to expand ports in Africa, Asia and South America.

Razon's gains in net worth stands out among many of the country's richest dollar billionaires, whose wealth "flatlined" at $80.8 billion from $80.4 billion last year due to the lackluster Philippine stock market performance and the value of the peso falling by 6%.

Here are Forbes’ top 10 of the richest people in the Philippines: 

Meanwhile, the Sy siblings (composed of Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley Sy) are collectively still the wealthiest in the country. Their wealth primarily came from SM Investments and SM Prime, according to Forbes.

Another notable family on the list is that of Lance Gokongwei, CEO of budget carrier Cebu Pacific, and his siblings who are running JG Summit Holdings. Ranked 11th, they have an estimated net worth of $1.9 billion.

Ranked 13th is Andrew Tan of brandy company Emperador and property developer Megaworld with his $1.8 billion. He is followed by Mercury Drug president Vivien Que Azcona and family who are ranked 14th with $1.7 billion.

Dennis Anthony Uy, CEO of fiber internet company Converge, and his wife, Maria Grace Uy, also made the list at No. 19 with a net worth of $920 million.

Here are the rest of the Top 25 on the Forbes Richest list.

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