Updated 21:51 PM PHT Tue, March 21, 2017
Metro Manila (CNN Philippines) — Business tycoon Henry Sy topped Forbes' list of richest Filipinos, with a 2017 net worth of $12.7 billion. This is his 10th consecutive time to top the list.
However, this is lower than his 2016 net worth of $13.7 billion.
Sy is the 94th richest billionaire in the world. The global billionaires' list released by Forbes magazine on Monday was topped by philantrophist Bill Gates with a net worth of $86.8 billion.
The 92-year-old billionaire founded Shoe Mart in 1958 and has expanded his business to retail, banking, and property. Forbes said that SM Investments is now the largest retailer in the Philippines. Sy's children are now running his businesses.
John Gokongwei Jr. of conglomerate JG Summit also retained his spot at second place, with $5.8 billion net worth. The 90-year-old has interests in an airline, banking, food, hotels, power, chemicals, real estate, and telecommunications.
Lucio Tan moved from last year's fifth spot to the third spot with $3.7 billion net worth, down from $4.9 billion a year ago. The LT Group has interests in tobacco, spirits, banking, and property development.
Below is the list of Filipinos who made it to the Top 14 this year:
The youngest Filipino billionaire on the list is the man behind fastfood chain Mang Inasal, Edgar Sia. The 40-year-old businessman's net worth this year is at $1 billion. He also owns a stake in DoubleDragon Properties.