MANILA, Philippines — Real estate tycoon Manuel "Manny" Villar is now the Philippines' richest, according to Forbes magazine’s 2019 ranking of the world’s wealthiest that also showed a slump in both the number of billionaires and their total wealth amid global economic headwinds.
Villar, 69, managed to grow his net worth to $5.5 billion as of March 5 this year from $3 billion in the same month in 2018 through his real estate business, placing him at the 317th spot globally in Forbes’ billionaire club.
Villar is the chairman of Starmalls, one of Philippines’ largest mall operators, and Vista Land & Lifescapes, one of the country’s leading integrated property developers.
The Philippines’ richest list was previously dominated by Henry Sy, Sr. who was the country’s wealthiest man for 11 years in a row. The retail tycoon passed away last January 19 at the age of 94.
In the second spot is 92-year-old JG Summit founder John Gokongwei, whose real-time net worth dropped to $5.2 billion from $5.8 billion a year ago. JG Summit has interests in air transportation, telecommunications, banking, food, power and property.
Next to Gokongwei is ports and gaming magnate Enrique Razon, Jr., whose fortune hit $4.8 billion as of this month from $4.9 billion last year. Razon chairs the International Container Terminal Services, the country's leading terminal operator that, according to Forbes, has $1.1 billion in sales.
Below is the full list of the Philippines' richest in 2019:
Based on Forbes’ latest count, there are 2,153 billionaires, 55 fewer than a year ago. Of those, a “record” 994, or 46 percent, saw their fortune decline from last year amid “economic forces and weak stock markets.”
“In total, the ultra-rich are worth $8.7 trillion, down $400 billion from 2018. Altogether 11 percent of last year’s list members, or 247 people, dropped out of the ranks, the most since 2009 at the height of the global financial crisis,” the business magazine reported.
Amazon founder Jeff Bezos took the top spot in Forbes world’s billionaires, even as his net worth fell to $131 billion as of this month from $160 billion in October 2018.
Completing the top five richest are Bill Gates ($9.5 billion), Warren Buffet ($82.5 billion), Bernard Arnault ($76 billion) and Carlos Slim Helu ($64 billion).