Henry Sy tops richest Filipinos list for 10th year in a row — Forbes

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Metro Manila (CNN Philippines, August 24) — Business tycoon Henry Sy retains his spot as the country’s richest person for the tenth year in a row, according to Forbes magazine.

The 92-year-old retail magnate again topped the Forbes Philippines' 50 Richest 2017 list released Thursday, with a net worth of $18 billion as of August 2017.

Sy's net worth rose $4.3 billion from the $13.7 billion recorded in last year's version of the list.

The self-made tycoon is the chairman emeritus of the country's largest retailer, SM Investments Corporation. His company has stakes in the retail, banking, and property sectors.

Sy was followed by 91-year-old John Gokongwei, Jr. of conglomerate JG Summit, who was also second richest last year.

Gokongwei has a recorded net worth of $5.5 billion, down from $6.8 billion in 2016. He is involved in the airline, banking, food, and real estate industry, among others.

Third was port and casino Magnate Enrique Razon, Jr., whose net worth rose to $4.3 billion from $3.5 billion last year.

Razon, 57, chairs the International Container Terminal Services, the leading port management company in the country. He also heads Bloomberry Resorts Co., which runs the Solaire resort and casino in Parañaque.

Lucio Tan and Jaime Zobel de Ayala, both 83, completed the list of top 5 richest people in the Philippines.

Fourth richest, Lucio Tan, who is involved in the tobacco, spirits, banking, and airlines industry has a net worth of $4.2 billion.

Fifth richest, Jaime Zobel de Ayala, is worth $3.7 billion. He headed his family's Ayala Group Corporation until 2006.

Below is the list of the top 10 richest in the Philippines this year.

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Forbes, founded in 1917, is a global media, branding, and technology company centered on business, investing, and technology news.

It publishes its 50 richest in the Philippines list annually, in addition to other international rankings.

In a related report, Forbes said the Philippine government's focus on infrastructure has helped benefit businessmen with a stake in the industry.

The Duterte administration has repeatedly said infrastructure is one of its top priorities. Its 'Build Build Build' infrastructure program is expected to spend ₱8-9 trillion from 2017 to 2022.