PORTS billionaire Enrique Razon Jr. topped the Forbes Philippines’ 50 Richest ranking for the first time after his net worth nearly doubled to a record $21.8 billion, even as the combined wealth of the country’s richest individuals and families declined this year.
The latest Forbes list showed Razon adding $10.3 billion to his fortune from a year earlier. Forbes attributed the increase to gains in shares of his listed International Container Terminal Services Inc., which continued to expand its global port operations despite geopolitical tensions.
Razon overtook the Sy siblings, whose combined fortune fell by $2.6 billion to $9.2 billion from a year earlier. Forbes said shares of SM Prime Holdings, the property arm of the SM Group, declined 18 percent from a year ago amid a weak residential property market.
The combined wealth of the Philippines’ 50 richest individuals and families fell 8 percent to $79 billion from $86 billion in 2025, with only 14 people on the list posting gains in their fortunes.
“In the first quarter of 2026, the Philippine economy expanded 2.8 percent, its lowest quarterly growth rate since the pandemic,” Forbes said, adding that the energy shock from the Iran conflict “took its toll, stoking inflation while the peso fell.” San Miguel Corp. Chairman and Chief Executive Officer Ramon Ang climbed one spot to third with a net worth of $3.5 billion despite a slight decline in his wealth, as investor concerns over the conglomerate’s debt load contributed to a nearly 10-percent decline in San Miguel’s share price over the last year.
Lucio and Susan Co, founders of Puregold Price Club, entered the top five for the first time with a combined fortune of $3.3 billion, ranking fourth on the list.
The Isidro Consunji family of DMCI Holdings completed the top five despite its fortune declining to $3.0 billion from $3.7 billion a year earlier.
Robert Coyiuto Jr. was the year’s biggest percentage gainer after his wealth more than doubled to $925 million. Forbes attributed the increase to gains in shares of Synergy Grid & Development Philippines following favorable regulatory changes.
Rounding out the top 10 were Lucio Tan with $2.9 billion, Jaime Zobel de Ayala with $2.8 billion, the Que Azcona family with $2.5 billion, Manuel Villar with $2.4 billion and the Ty siblings with $2.3 billion.
Forbes said the minimum net worth required to make this year’s list remained unchanged at $185 million.
The ranking was compiled using shareholding and financial information obtained from the individuals and families, stock exchanges, analysts and other sources, with net worth estimates based on stock prices and exchange rates as of July 17.
