Razon Rising: Behind the billionaire's leap in 2024 Forbes rankings

MANILA, Philippines — Enrique Razon Jr.'s wealth has skyrocketed by $3 billion this year, making him the second richest person in the Philippines and overtaking real estate tycoon and politician Manuel Villar.

Based on estimates of Forbes Magazine, Razon's net worth increased from $8.1 billion in 2023 to $11.1 billion in 2024, with the one-year $3 billion gain alone surpassing the $1.1 billion net worth of global pop star Taylor Swift.

The past year has been remarkable for Razon, who oversaw significant growth in his casino and cargo businesses.

As chairman and CEO of International Container Terminal Services (ICTSI), Razon has invested $800 million in developing a new international container facility in Bauan, Batangas, set to be completed by the end of 2027.

ICTSI currently operates in 19 countries and plans to expand its ports in Africa, Asia, and South America with a $1.3 billion investment.

Razon is also the chairman of Bloomberry Resorts Corp (BRC), which developed the renowned Resorts World Manila. In May, BRC opened the $1 billion Solaire Resort North in Quezon City. It was so grand that President Ferdinand Marcos Jr., inaugurated it himself while highlighting the potential employment of 4,000 Filipinos.

Beyond gaming and cargo, Razon has ventured into energy and water. He acquired Ayala Corp.'s $251.87 million stake in the Manila Water Company, which supplies water to several cities in Metro Manila.

Under Razon's leadership, Manila Water saw a 37% increase in net income, now valued at P6.9 billion ($120 million).

Additionally, Razon owns MORE Electric and Power Corp., which provides electricity to areas in Iloilo. In July, he invested P115 million ($1.6 million) to improve its services.