Enrique K. Razon, Jr., Chairman and President of International Container Terminal Services, Inc. (ICTSI), has claimed the No. 1 spot on Forbes' 2026 Philippines' 50 Richest list for the first time, even as the combined net worth of all 50 listees fell 8% to $79 billion from $86 billion a year earlier. The milestone ends a long reign by the Sy family at the top of the ranking and underscores how a globally diversified port operator has overtaken domestically focused property and retail empires amid a tougher Philippine macroeconomic environment.

Mr. Razon's estimated net worth surged by $10.3 billion to a record $21.8 billion, making him the biggest gainer in dollar terms, according to the Forbes list released on Thursday. Forbes attributed the increase to ICTSI's global expansion, which drove the company's share price higher. ICTSI operates dozens of container terminals across Asia, the Americas, Europe, the Middle East, and Africa, giving it revenue streams spread across multiple geographies and trade corridors even as the domestic economy slows.

Forbes Asia noted that the overall decline in combined wealth coincided with the Philippine economy posting 2.8% growth in the first quarter — its slowest quarterly expansion since the pandemic. The publication cited the energy shock stemming from the Iran conflict, which fueled inflation and weakened the Philippine peso. A softer peso reduces the dollar-denominated value of peso-heavy assets and shareholdings, amplifying headline net-worth declines for listees whose wealth is concentrated in locally listed equities.

Only 14 listees saw their fortunes improve compared with a year earlier, while 33 experienced declines.

Top 10 Rankings

The six Sy siblings — Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, heirs to the SM group founded by the late Henry Sy, Sr. — slipped to second place as their combined net worth dropped by $2.6 billion to $9.2 billion. Forbes Asia linked the decline to an 18% fall in shares of SM Prime Holdings, Inc. amid weakness in the residential property market. Higher interest rates and elevated inflation have weighed on Philippine homebuyer demand, pressuring developers with significant residential exposure.

San Miguel Corp. Chairman and CEO Ramon S. Ang moved up one position to third, despite a slight dip in his estimated net worth to $3.5 billion. Forbes Asia reported that concerns over San Miguel's debt load contributed to a nearly 10% decline in its share price during the year.

Puregold Price Club, Inc. founders Lucio L. Co and Susan P. Co entered the top five for the first time, securing fourth place with a combined net worth of $3.3 billion. Isidro A. Consunji and his siblings, whose wealth is tied to DMCI Holdings, Inc., placed fifth, with their combined net worth falling to $3 billion from $3.7 billion a year earlier.

Lucio C. Tan ranked sixth with an estimated net worth of $2.9 billion, followed by Jaime Zobel de Ayala and his family at No. 7 with $2.8 billion. The Que Azcona family, owners of Mercury Drug Corp., took eighth place with $2.5 billion.

Manuel B. Villar, Jr. dropped to ninth with $2.4 billion, after his estimated net worth plunged by $8.6 billion — one of the steepest declines on the list. The Ty siblings rounded out the top 10 with a combined net worth of $2.3 billion.

Rankings 11–20

The Aboitiz family ranked 11th with $2.2 billion, followed by Jollibee Foods Corp. founder Tony Tan Caktiong and his family with $2 billion. Lance Y. Gokongwei and his siblings placed 13th with $1.9 billion, while Alliance Global Group, Inc. Chairman Andrew L. Tan secured 14th with $1.8 billion. The Po family ranked 15th with $1.6 billion, followed by Soledad Oppen-Cojuangco and her family with $1.1 billion.

Robert G. Coyiuto, Jr. stood out as the biggest gainer in percentage terms, with his estimated net worth more than doubling to $925 million, placing him 17th. Forbes Asia credited a rally in shares of Synergy Grid & Development Phils., Inc. — the controlling shareholder of the National Grid Corp. of the Philippines — driven by favorable regulatory changes. NGCP operates the country's transmission grid under a 25-year concession, making its controlling shareholder sensitive to energy-policy and tariff decisions.

Converge Information and Communications Technology Solutions, Inc. co-founders Dennis Anthony H. Uy and Maria Grace Y. Uy placed 18th with a combined $860 million. Hartono Kweefanus and his family followed at 19th with $745 million, and Eusebio H. Tanco ranked 20th with $735 million.

Rankings 21–30

The Gotianun family ranked 21st with $695 million, followed by the Campos siblings with $690 million and Century Properties Group, Inc. Executive Chairman Jose E.B. Antonio with $640 million. Jacinto L. Ng placed 24th with $550 million, while Monde Nissin Corp. President Betty T. Ang held the 25th spot with $545 million.

Luis Yu, Jr. ranked 26th with $475 million, and Megawide Construction Corp. co-founder Edgar B. Saavedra placed 27th with $460 million. Iñigo U. Zobel followed at 28th with $440 million, DoubleDragon Corp. Chairman Edgar J. Sia II at 29th with $435 million, and food ingredients businessman Dean Lao and his family at 30th with $430 million.

Rankings 31–40

Mariano Tan, Jr. placed 31st with $425 million, followed by the Yuchengco family with $405 million and the Yap family with $400 million. Henry Soesanto ranked 34th with $375 million, and Nickel Asia Corp. founder Manuel B. Zamora, Jr. placed 35th with $365 million.

Alfredo M. Yao held the 36th spot with $360 million, followed by Wilcon Depot, Inc. founder William T. Belo with $355 million. GMA Network, Inc. Chairman Felipe L. Gozon ranked 38th with $345 million, and Menardo R. Jimenez placed 39th with $310 million.

Rankings 41–50

Federico R. Lopez and his family ranked 40th with $290 million, while GMA Network President and CEO Gilberto R. Duavit, Jr. placed 41st with $275 million. Carlos Chan followed at 42nd with $270 million, and Alaska Milk Corp. executive Wilfred Steven Uytengsu, Jr. ranked 43rd with $255 million.

Sylvia C. Wenceslao placed 44th with $250 million, while Megawide co-founder Michael C. Cosiquien ranked 45th with $245 million. Tomas I. Alcantara held the 46th spot with $240 million, followed by Philippe Jones Lhuillier at 47th with $230 million.

Mariano Martinez, Jr. placed 48th with $205 million, while RFM Corp. Chairman, President, and CEO Jose Ma. A. Concepcion III ranked 49th with $200 million. Juliette Romualdez completed the list with an estimated net worth of $185 million.

Methodology

Forbes Asia reported that the minimum net worth required to enter the ranking remained unchanged at $185 million.

The list was compiled using shareholding and financial information gathered from families and individuals, stock exchanges, analysts, and other sources. Net worth estimates were based on stock prices and exchange rates as of the close of markets on July 17. Private companies were valued based on comparable publicly traded companies.

Unlike Forbes' World's Billionaires ranking, the Philippine list includes family fortunes, including those shared among extended families. It may also include foreign citizens with business, residential, or other ties to the Philippines, as well as Filipino citizens residing overseas who maintain significant business or other connections to the country.

— Alexandria Grace C. Magno