It said there are now 11 billionaires in the Philippines this year, compared to only 5 last year. Forbes compiles the list based on information from individuals, stock exchanges, public documents and analysts as well as estimates of the privately held assets of the businessmen. The minimum net worth to make the list this year increased to $85 million, up from $50 million previously.For the fourth year in a row, Sy remained the Philippines' richest man with a net worth of $7.2 billion, up from $5 billion last year. Forbes said shares in SM Investments, the Sy family's largest asset, is up nearly 40%. Sy's listed property developer Belle Corp. is expected to open its first casino in Manila in 2012.
Second on the list is tycoon Lucio Tan with an estimated $2.8 billion in assets, up from $2.1 billion in 2010. The 77-year-old tycoon owns a bevy of businesses which include Fortune Tobacco, Asia Brewery, and Hong-Kong based Eton Properties.
Third on the list is JG Summit founder John Gokongwei Jr. The 83-year-old is worth $2.4 billion, up from his net worth last year of $1.5 billion.
Fourth on the list is Alliance Global Group's Andrew Tan with an estimated net worth of $2 billion from last year's $1.2 billion.
Fifth on the list is 90-year-old construction manage David Consunji, who has an estimated net worth of $1.9 billion from last year's $715 million.
"He moved into top 5 as shares of his DMCI Holdings more than doubled in past year. Value of Semirara Mining nearly tripled," Forbes said.
Below is the Philippines billionaires list:
1. Henry Sy $7.2 billion
2. Lucio Tan $2.8 billion
3. John Gokongwei Jr. $2.4 billion
4. Andrew Tan $2 billion
5. David Consunji $1.9 billion
6. Jaime Zobel de Ayala $1.7 billion
7. Enrique Razon Jr. $1.6 billion
8. Eduardo Cojuangco Jr. $1.4 billion
9. Roberto Ongpin $1.3 billion
10. George Ty $1.1 billion
11. Tony Tan Caktiong $1 billion
