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12 Filipinos make it to Forbes’ richest list

Twelve Filipinos landed in The World’s Billionaires list of business bible Forbes magazine led by Henry Sy Jr. who founded the SM empire with a networth of $20 billion which was good for 52nd place in the annual ranking.
Sy was followed by John Gokongwei Jr., $5.8 billion at 305th place; Enrique Razon Jr., $4.9 billion at 404th; Lucio Tan, $4.7 billion at 441st; Tony Tan Caktiong, $4 billion at 550th; George Ty, $3.9 billion at 572nd; Manuel Villar, $3 billion at 791st; Andrew Tan, $2.7 billion at 887th; Ramon Ang, $2.5 billion at 965th; Robert Coyiuto Jr., $1.4 billion at 1,650th; Eduardo Cojuangco, $1.3 billion at 1,756th; and Roberto Ongpin, $1.1 billion at 1,999th.
Forbes said that Sy, chairman emeritus of SM Investments, one of Philippines’ largest conglomerates which saw $6.7 billion in revenue in 2016 has topped the Forbes Philippines Rich List for ten years in a row.
“He started out by learning the ropes of retail beside his father in the family’s convenience store,” it added.
“After saving enough money, he went out on his own and started his first business with a footwear shop,” Forbes said.
Gates gives way to Bezos
A record 2,208 billionaires made Forbes’ 32nd annual ranking of the world’s billionaires, as featured in the March 31, 2018 issue of Forbes magazine.

“The superrich continue to get richer, widening the gap between them and everyone else,” said Luisa Kroll and Kerry A. Dolan, Assistant Managing Editors of Wealth, at Forbes Media.
Centi-billionaire Jeff Bezos seizes the top spot for the first time.
Bezos has a fortune of $112 billion, up $39.2 billion from 2017, the biggest one-year gain ever.
Bill Gates, who has been the richest person in the world for 18 of the past 24 years, drops to No. 2 on the Forbes billionaires list.
Gates has a fortune of $90 billion, up from $86 billion last year. This is the biggest gap (in dollars) between the top 2 spots since 2001.
Warren Buffett, worth $84 billion, falls to the No. 3 spot. His net worth increased from $75.6 billion in 2017.
Bernard Arnault, with a fortune of $72 billion, ascends seven spots in the ranks to No. 4. Thanks to his $30.5 billion gain in the past year, Arnault is the richest person in Europe for the first time since 2012. Rounding out the top five is Facebook’s Mark Zuckerberg, worth $71 billion.
Spanish clothing retailer Amancio Ortega (best known for the Zara fashion chain) in at No. 6, drops out of the top 5 for the first time since 2011. Ortega’s net worth is $70 billion, a $1.3 billion decrease from 2017.
2,208 billionaires (up from 2,043 in 2017) made the list, with an average net worth of $4.1 billion, which was also a record high, Forbes said.
The total combined net worth of this year’s billionaires was $9.1 trillion, up from $7.7 trillion last year.
“1,490 members are self-made billionaires, up from 1,371 in 2017,” it added.
The top 20 billionaires have a combined net worth of a record $1.2 trillion, up from $968.8 billion in 2017. “Their aggregate wealth represents 13 percent of all 2,208 billionaires. The minimum net worth to make the cut into the Top 20 is now a record $39 billion, up from $30.4 billion in 2017,” it added.
President Trump, worth $3.1 billion, ranked No. 766, falling from No. 544 in 2017.
Trump’s fortune has fallen $400 million since the 2017 Billionaires list, due partially fallings values of Midtown Manhattan real estate and declining revenues at several Trump golf properties.
Trump’s net worth remains the same as it did when Forbes valued him in October 2017, for the 2017 Forbes 400 list of wealthiest Americans.
The Forbes Billionaires list is a snapshot of wealth taken on February 9, 2018.
Forbes said it used that day’s stock prices and exchange rates from around the world.
It listed individuals rather than multigenerational families who share large fortunes.
In some cases siblings and couples are listed together if the ownership breakdown among them isn’t clear, however they still must be worth on average a minimum of $1 billion apiece to make the cut.

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