Economic Growth Fuels Wealth Expansion
The Philippines’ 50 richest individuals and families have seen their collective net worth climb to a record-breaking $86 billion in 2025, marking a 6% increase from the previous year’s $80.8 billion. This surge comes despite a volatile economic landscape, underscoring the resilience of the country’s top business magnates.
The uptick in wealth is largely attributed to robust domestic demand and a significant rise in infrastructure investments, which helped the Philippine economy expand by 5.4% in the first quarter of 2025. However, external pressures such as U.S. tariffs and a 7% dip in the country’s benchmark stock index tempered the overall gains. A firmer peso helped offset some of the losses, allowing nearly half of the listees to grow their fortunes.
Sy Siblings: Still Reigning Supreme
At the summit of the list are the Sy siblings, heirs to the SM Group empire founded by the late retail tycoon Henry Sy Sr. Despite a $1.2 billion dip in their net worth—the largest drop in dollar terms—they retained the top spot with $11.8 billion. Their flagship real estate firm, SM Prime Holdings, is forging ahead with a $9 billion investment plan over the next five years to expand its property footprint nationwide.
Enrique Razon Jr.: Ports, Casinos, and Global Expansion
Holding steady at No. 2 is Enrique Razon Jr., whose net worth rose modestly to $11.5 billion. His company, International Container Terminal Services Inc. (ICTSI), reported a staggering 66% jump in net profit to $850 million in 2024. Razon has announced plans to continue ICTSI’s global expansion, reinforcing his status as a key player in international logistics and gaming.
Manuel Villar: Building a City of the Future
Real estate magnate Manuel Villar remains the third-richest Filipino with a net worth of $11 billion. His transformation of Golden MV Holdings into Villar Land Holdings is reshaping the landscape with Villar City, a sprawling 3,500-hectare mixed-use development set to unfold over the next three decades. Despite a temporary suspension in trading due to delayed financial filings, Villar’s long-term vision continues to attract investor interest.
Biggest Gainers: Dennis Anthony & Maria Grace Uy
The most dramatic rise in wealth came from Dennis Anthony and Maria Grace Uy, cofounders of Converge ICT Solutions. Their combined net worth soared 74% to $1.6 billion, fueled by a surge in the company’s stock price. Government initiatives to expand internet access across the archipelago played a pivotal role in boosting Converge’s market performance.
Biggest Decline: William Belo’s Retail Struggles
On the flip side, William Belo, founder of Wilcon Depot, experienced the steepest percentage drop in net worth. His fortune plummeted over 40% to $520 million due to intense competition and sluggish demand in the home improvement sector. Wilcon’s shares hit an eight-year low in April, reflecting the challenges faced by traditional retail amid evolving consumer behavior.
Legacy and Transition: Que Azcona Family Steps In
The Que Azcona family entered the list following the passing of Vivian Que Azcona, president of Mercury Drug, in April at age 69. Her son Steven now leads the 203-billion-peso drugstore chain, which celebrated its 80th anniversary earlier this year. The family’s continued presence on the list highlights the enduring legacy of Mercury Drug in Filipino households.
Dropouts and Cutoffs
Two individuals from last year’s list failed to make the cut in 2025, including Dennis Uy of DITO CME Holdings, who is currently focused on reducing corporate debt. The cutoff for inclusion rose to $185 million, up from $170 million in 2024, reflecting the growing concentration of wealth among the country’s elite.
Top 10 Richest Filipinos in 2025
| Rank | Name | Net Worth |
|---|---|---|
| 1 | Sy siblings | $11.8 billion |
| 2 | Enrique Razon Jr. | $11.5 billion |
| 3 | Manuel Villar | $11 billion |
| 4 | Ramon Ang | $3.75 billion |
| 5 | Isidro Consunji & siblings | $3.7 billion |
| 6 | Que Azcona family | $3.6 billion |
| 7 | Jaime Zobel de Ayala & family | $3.4 billion |
| 8 | Lucio Tan | $3.2 billion |
| 9 | Lucio & Susan Co | $3 billion |
| 10 | Tony Tan Caktiong & family | $2.9 billion |
Sectoral Trends and Future Outlook
The 2025 list reflects a dynamic shift in wealth creation, with technology, infrastructure, and real estate leading the charge. The rise of broadband providers like Converge ICT and the transformation of traditional developers into futuristic city builders signal a new era of innovation-driven growth.
Meanwhile, legacy businesses such as retail and home improvement face mounting pressure from digital disruptors and changing consumer preferences. The mixed fortunes of the country’s wealthiest underscore the importance of adaptability and strategic foresight in an increasingly competitive landscape.
As the Philippines continues to navigate global economic headwinds and domestic transformation, its richest citizens remain both a barometer and a catalyst for change. With infrastructure projects booming and digital connectivity expanding, the stage is set for another year of wealth evolution—one that could reshape the nation’s economic hierarchy once again.
