No. 1, Enrique Razon Jr.
This story is part of Forbes’ coverage of Philippines’ Richest 2026. See the full list here.
In the first quarter of 2026, the Philippine economy expanded 2.8%, its lowest quarterly growth rate since the pandemic. The energy shock from the Iran conflict took its toll, stoking inflation while the peso fell. As a result, the collective wealth of the country’s 50 richest tycoons dropped to $79 billion from $86 billion last year.
Only 14 listees are better-off from a year ago. The biggest gainer in dollar terms is ports billionaire Enrique Razon Jr., who storms to the No. 1 spot for the first time with a record net worth of $21.8 billion. Unfazed by geopolitical tensions, he accelerated the global expansion of his listed International Container Terminal Services, which boosted its shares and helped Razon add $10.3 billion to his pile.
The Sy siblings, heirs to the SM group built by their father, the late retail tycoon Henry Sy Sr., slip to second place with their fortune reduced by $2.6 billion to $9.2 billion. Shares of the group’s real estate flagship, SM Prime Holdings, fell 18% from a year ago amid a weak residential property market.
