The soaring remittance-driven economy has significantly increased the wealth of Philippines’ richest people by $13 billion to $47.4 in 2011-2012. According to Forbes, it has outperformed many of its neighboring countries in Asia. The Philippines now has total of 15 billionaires from 11 as of last year due to outsourcing, tourism, ongoing consumer boom, 17% increase in stock market plus the 6.4% economic growth during the last quarter.
Henry Sy is still the richest person in the country with a total net worth of $9.1 billion which increased by 1.9 billion last year according to Forbes magazine. Enrique Razon Jr. is this year’s highest gainer in the Philippines. His wealth increased by $2 billion to $3.6 billion making him the third richest person in the country.
Here’s the Top 40 Richest People in the Philippines as of 2012:
No. 1 Henry Sy & family
No. 2 Lucio Tan & family
No. 3 Enrique Razon, Jr.
No. 4 John Gokongwei, Jr. & family
No. 5 David Consunji & family
No. 6 Andrew Tan
No. 7 Jaime Zobel de Ayala & family
No. 8 George Ty & family
No. 9 Roberto Ongpin
No. 10 Eduardo Cojuangco
No. 11 Robert Coyiuto, Jr.
No. 12 Tony Tan Caktiong & family
Net Worth: $1.25 Billion – As of June 2012
Source of Wealth: Fast food
No. 13 Lucio and Susan Co
No. 14 Inigo & Mercedes Zobel
No. 15 Emilio Yap
No. 16 Jon Ramon Aboitiz & family
No. 17 Andrew Gotianun & family
No. 18 Manuel Villar
No. 19 Beatrice Campos & family
No. 20 Vivian Que Azcona & family
[See full list on Forbes.com]