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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Henry Sy topped Forbes Asia’s 2011 Philippines’ 40 Richest list with an estimated net worth of US$7.2 billion. The historical ranking, published June 22, 2011, placed Lucio Tan second and John Gokongwei Jr. third; estimates ran from $7.2 billion to $85 million. These are estimates for the 2011 ranking, not current wealth figures or audited personal balance sheets.
The Philippines’ 40 richest in 2011
The table reproduces the ranking and estimates reported by PEP on June 23, 2011. Forbes Asia’s accessible article confirms the leading position and the $85 million entry threshold. Amounts are in US dollars and reflect Forbes’ estimates for that year.
| Rank | Person or family | Estimated net worth |
|---|---|---|
| 1 | Henry Sy | $7.2 billion |
| 2 | Lucio Tan | $2.8 billion |
| 3 | John Gokongwei Jr. | $2.4 billion |
| 4 | Andrew Tan | $2.0 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 | $1.0 billion |
| 12 | Inigo and Mercedes Zobel | $980 million |
| 13 | Emilio Yap | $930 million |
| 14 | Andrew Gotianun | $795 million |
| 15 | Jon Ramon Aboitiz | $760 million |
| 16 | Beatrice Campos | $685 million |
| 17 | Manuel Villar | $620 million |
| 18 | Vivian Que Azcona | $555 million |
| 19 | Robert Coyiuto Jr. | $400 million |
| 20 | Mariano Tan | $375 million |
| 21 | Alfonso Yuchengco | $370 million |
| 22 | Enrique Aboitiz | $310 million |
| 23 | Oscar Lopez | $280 million |
| 24 | Jose Antonio | $245 million |
| 25 | Eric Recto | $200 million |
| 26 | Gilberto Duavit | $190 million |
| 27 | Menardo Jimenez | $185 million |
| 28 | Alfredo Ramos | $180 million |
| 29 | Betty Ang | $165 million |
| 30 | Felipe Gozon | $163 million |
| 31 | Tomas Alcantara | $160 million |
| 32 | Benjamin Romualdez | $155 million |
| 33 | Wilfred Uytengsu Jr. | $150 million |
| 34 | Manuel Zamora Jr. | $145 million |
| 35 | Jacinto Ng Sr. | $115 million |
| 36 | Frederick Dy | $110 million |
| 37 | Luis Virata | $100 million |
| 38 | Bienvenido Tantoco Sr. | $95 million |
| 39 | Eugenio Lopez III | $90 million |
| 40 | Edgar Sia II | $85 million |
What the 2011 ranking showed
- Henry Sy was at the top for the fourth consecutive year. Forbes put his estimate at $7.2 billion, up from $5 billion in 2010.
- Forbes Asia counted 11 billionaires on the list, compared with five in 2010. It said a minimum estimate of $85 million was needed to make the 2011 ranking, up from $50 million the year before.
- GMA reported that the 40 fortunes together were estimated at $34 billion, compared with $22.8 billion in 2010. These are the publication’s aggregate estimates, not independently verified totals.
- Forbes described 32 of the tycoons as wealthier than the previous year. The ranking reflected a booming stock market, as well as changes in estimated holdings.
- At 34, Edgar Sia II was the youngest person on the list and ranked 40th. GMA reported that he sold Mang Inasal to Jollibee Foods late in 2010.
How Forbes estimated wealth—and why the figures need context
According to GMA’s contemporaneous account, Forbes Asia drew on information from individuals, stock exchanges, public documents and analysts. For public holdings, it used stock prices and exchange rates from June 6, 2011. For privately held assets, Forbes estimated what they might be worth if publicly traded.
That approach makes the list a snapshot of estimated wealth, not a measure of cash available to spend or a set of audited personal balance sheets. Some entries represented fortunes shared among relatives, as the joint Zobel entry illustrates.
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The Forbes article also shows how a market valuation could be disputed: it attributed much of Roberto Ongpin’s year-over-year increase to his larger stake in listed Atok-Big Wedge, while noting that Ongpin believed the share price overstated the stake’s value. The ranking therefore reflects estimates and market conditions at the time, rather than a definitive accounting of what each person owned.
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