The Philippines’ richest family is quickly climbing its way up the list of Asia’s wealthiest clans.
The Sy family, which includes children and grandchildren of tycoon Henry Sy, Sr., is now the ninth richest in Asia, Forbes said Wednesday.
This is eight spots up from its rank of 17 in 2016.
According to Forbes’ list of Asia’s Richest Families, the clan has a net worth of $20.1 billion or roughly P1 trillion — a $7.3 billion dollar (P373 billion) leap from the magazine’s $12.8 billion (P654.6 billion) estimate of the Sy fortune in 2016.
The Sy family’s SM Investments Corporation has stakes in the retail, banking, and property industry,
Family patriarch Henry Sy, Sr. has been the Philippines’ richest man for 10 years in a row.
He built his family empire starting from “Shoemart,” a shoe store he opened in Manila in 1958.
The corporation is now the country’s largest retailer.
Meanwhile, another prominent Filipino clan also made it as one of Asia’s richest families.
The Zobels, who control more than a third of the conglomerate Ayala Corporation, ranked 43 of 50 families on the list.
This is six notches down from their spot of 37 last year.
However, the Zobels still boasted of an increased net worth of $6.1 billion (P312 billion) from $5.1 billion (P261 billion) in 2016.
The Aboitiz clan, a Filipino family which ranked 39th in 2016, did not make it to the list this year.
Forbes’ list was topped by the Ambani family of India’s Reliance Group. The family netted a whopping $44.8 billion (P2.25 trillion).
The Ambanis have stakes in the telecommunications and energy industry, among others.
They bumped off South Korea’s Lee family, which previously held the top spot.
India also dominated the list, with 18 of the families coming from the country.
According to Forbes, the 50 families are worth a combined $699 billion (P36 trillion)– an increase of $200 billion (P10 trillion) from last year
It credited this to a 25 percent increase in Asia’s stock market.
Forbes releases rankings of Asia’s Richest Families yearly, in addition to other lists.
To qualify for the list, the family’s wealth must be “rooted in Asia” and involve the partipication of at least three generations.
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