No. 1, Enrique Razon Jr.
Gio Panlilio for Forbes Asia
This story is part of Forbes’ coverage of Philippines’ Richest 2026. See the full list here.
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. As a result, the collective wealth of the country’s 50 richest tycoons dropped to $79 billion from $86 billion last year.
Only 14 listees are better-off from a year ago. The biggest gainer in dollar terms is ports billionaire Enrique Razon Jr., who storms to 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 pile.
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.
The biggest gainer in percentage terms is Robert Coyiuto Jr., 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 Holdings 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 two returnees include Jose Ma Concepcion, president and CEO of food and beverage company RFM, which delivered robust growth in both revenue and net profit in the first quarter of 2026. Two from 2025 didn’t make the cut, including Frederick Dy, chairman emeritus of Security Bank, which was impacted by higher provisions for bad loans. The cutoff for the list, at $185 million, was unchanged from last year.
Full Coverage of Philippines’ Richest 2026:
Reporting by Jonathan Burgos, Gloria Haraito, Chengbo Liu, Anuradha Raghunathan, Yessar Rosendar, Ian Sayson, Jessica Tan and Yue Wang.
Methodology
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 our billionaire rankings, this list includes family fortunes, such as 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. The editors reserve the right to amend any information or remove any listees in light of new information.
Acknowledgments
Special thanks to Leechiu Property Consultants and the other specialists who helped with reporting and valuations, including Jasper Ondap, Regina Capital Development; Govinda Singh, Newmark.
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