Enrique Razon Jr. takes the No. 1 spot for the first time

SINGAPORE (August 6, 2026) – The combined net wealth of tycoons on the 2026 Forbes list of the Philippines’ 50 Richest fell by 8% to US$79 billion, from $86 billion last year. The complete list can be found here and in the August issue of Forbes Asia.

In the first quarter of 2026, the Philippine economy expanded 2.8%, its lowest quarterly growth rate since the pandemic. The energy shock from the Iran conflict took its toll, stoking inflation while the peso fell. Only 14 listees are better-off from a year ago.

The biggest gainer in dollar terms is ports billionaire Enrique Razon Jr., who takes the No. 1 spot for the first time with a record net worth of $21.8 billion. Unfazed by geopoliti­cal tensions, he accelerated the global expansion of his listed International Container Terminal Servic­es, which boosted its shares and helped Razon add $10.3 billion to his fortune.

The Sy siblings, heirs to the SM group built by their father, the late retail tycoon Henry Sy Sr., slip to second place with their fortune reduced by $2.6 billion to $9.2 billion. Shares of the group’s real estate flagship, SM Prime Holdings, fell 18% from a year ago amid a weak residential property market.

At No. 3 is Ramon Ang, chairman and CEO of San Miguel, which is one of the oldest conglomerates in the Philippines and has interests in sectors such as food and beverage, power and infrastructure. Ang climbs one spot despite a slight drop in his net worth to $3.5 billion. In­vestor concerns over the company’s debt load triggered close to a 10% fall in its shares over the year.

Lucio and Susan Co, the billionaire cofounders of hypermarket and supermarket chain Puregold Price Club, enter the top five ranks for the first time at No. 4 with a shared fortune of $3.3 billion. Rounding out the top five on the list are Isidro Consunji and siblings of property developer DMCI Holdings, who saw their fortune fall to $3 billion from $3.7 billion last year.

The biggest gainer in percentage terms is Robert Coyiuto Jr. (No. 17), who more than doubled his fortune to $925 million as shares in one of his key holdings, Synergy Grid & Development Philippines – the controlling shareholder of the archipelago’s sole high-voltage power transmission operator, National Grid – rallied on favorable regulatory changes.

Overall, the fortunes of 33 list mem­bers are lower. Property magnate Manuel Villar, who was the third-rich­est last year, drops to No. 9 with his wealth plunging by $8.6 billion to $2.4 billion. Shares of his property devel­oper Villar Land tumbled in November after the com­pany agreed to a 99% markdown in the value of prime Metro Manila land parcels it had acquired from the billionaire’s privately held firms. Trading in its shares was suspended in June by the market regulator, which cited delays in the filing of audited financial statements.

The minimum net worth to make the list was $185 million, unchanged from last year.

The top 10 richest in the Philippines are:

1. Enrique Razon Jr.; US$21.8 billion
2. Sy siblings; $9.2 billion
3. Ramon Ang; $3.5 billion
4. Lucio & Susan Co; $3.3 billion
5. Isidro Consunji & siblings; $3 billion
6. Lucio Tan; $2.9 billion
7. Jaime Zobel de Ayala; $2.8 billion
8. Que Azcona family; $2.5 billion
9. Manuel Villar; $2.4 billion
10. Ty Siblings; $2.3 billion

The list was compiled using shareholding and financial information obtained from the families and individuals as well as stock ex­changes, analysts and other sources. Unlike the Forbes World’s Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 17, 2026. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.

For more information, visit www.forbes.com/philippines

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