For the billionaires in the Philippines, 2025 is akin to a "winter" in the stock market. The benchmark stock index fell to a five-year low, causing most tycoons' fortunes to shrink significantly. The total net worth of the entire super-rich group evaporated by nearly one-third, with only a few individuals managing to grow against the trend, among them port and gaming magnate Enrique K. Razon, who surpassed the long-standing leader to become the new richest man.
▍The Few Winners of the Stock Market Winter
In this major wealth test, Enrique K. Razon is undoubtedly the biggest winner. Thanks to the strong performance of his International Container Terminal Services Inc. (ICTSI), his net worth grew by 23%, reaching $13.4 billion, jumping from second place last year to the top. This tycoon, who has stakes in ports, casinos, and infrastructure, successfully seized structural opportunities in the market.
The following winners include:
• Lucio Tan: This elderly tycoon's net worth increased by $500 million to $3.3 billion, an increase of 18%, securing a top spot among the wealthy.
• Ramon S. Ang: Heading San Miguel Brewery, he saw a modest increase of 3%, with his net worth rising to $3.7 billion.
• Susan Co: As a co-founder of the Puregold empire, her wealth increased by 8%, reaching $1.4 billion, ranking thirteenth on the list. These cases show that in generally depressed market conditions, businesses with stable cash flows and core operational capabilities remain the ballast of wealth.
▍The Wealth "Waterloo" of Real Estate and Retail Giants
In contrast, former richest man and real estate tycoon Manny Villar suffered the heaviest blow. His net worth plummeted by 74%, a loss of $13.5 billion, now only $4.8 billion, falling to second place. This is not only a huge setback for his personal wealth but also the main reason for dragging down the total net worth of the entire Filipino tycoon group.
Another significantly declining group includes the siblings of the Sy family. Including Henry Sy Jr. and Tessie Sy-Coson, six family members saw their wealth shrink comprehensively, losing about $2.4 billion in total. Additionally, real estate magnate Andrew Tan's net worth also fell by 11%, to $1.6 billion. The wealth fluctuations of these traditional real estate and retail giants deeply reflect the market's changing expectations for the future of related industries.
▍List Changes and Market Insights
This wealth reshuffle also led to changes in the list of candidates. Jollibee founder Tony Tan Caktiong fell off the billionaire list as his wealth did not reach the $1 billion threshold. This change highlights that even long-established business empires face challenges under severe macroeconomic and capital market conditions.
Overall, the wealth trajectory of Filipino tycoons in 2025 is closely linked to stock market performance, with only six blue-chip companies seeing their stock prices rise throughout the year. This reminds all investors that diversifying risks and focusing on core assets with anti-cyclical capabilities are crucial. For more insights into the wealth dynamics and market depth analysis of global business giants, continue to follow updates on the PASA official website. This dramatic change in wealth rankings is not only a matter of personal gain and loss but also a reflection of the Philippine economic structure and the vitality of the capital market.
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