Money & Power

SM Founder Henry Sy Sr. Is Richest Person in the Philippines for 10th Year in a Row

The chairman of the country’s biggest shopping mall and property company posted a net worth of $18 billion in 2017, according to Forbes magazine.
IMAGE SM PRIME/WIKIEMDIA COMMONS
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Henry Sy Sr. is once again the richest person in the Philippines, according to US business magazine Forbes.

In Forbes’ annual list of the Philippines’ 50 richest people, the chairman of SM Investments ranked first with a net worth of $18.0 billion, up from $13.7 billion the year before.

Starting out as a shoe seller in 1958, the 92-year-old Sy has grown SM into a diversified conglomerate, its main businesses being in retail, real estate, and financial services. SM also has a presence in the hospitality, mining and logistics sectors through various investments. 

Sy’s first-place ranking this year marks his tenth consecutive year atop the Forbes rich list. Back in 2008, Sy already placed first with a net worth of $3.1 billion and has since held on to the top spot of the list.

Refer to the table below to see the nine other tycoons who made up the top 10. For Forbes’ full list of the Philippines’ 50 richest people, click here.

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This story originally appeared on Entrepreneur.com.
* Minor edits have been made by the Townandcountry.ph editors.

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Lorenzo Kyle Subido for Entrepreneur.com.ph
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