Enrique Razon Jr. has become the richest person in the Philippines for the first time since his 2007 debut on the list, overtaking the Sy siblings to claim the top spot on the 2026 Forbes list of the Philippines’ 50 Richest. Razon’s net worth reached $21.8 billion, according to Forbes.
The ascent of the ports and infrastructure tycoon comes amid a broader decline in wealth for the country’s elite. The combined net wealth of the 50 richest tycoons fell by 8%, dropping to US$79 billion from $86 billion the previous year. Only 14 individuals on the list are better off than they were a year ago, while the fortunes of 33 members declined.
Economic Pressures and Market Volatility
The decline in collective wealth was driven by a sluggish domestic economy and geopolitical tensions. In the first quarter of 2026, the Philippine economy expanded by 2.8%, marking its lowest quarterly growth rate since the pandemic. This slowdown was compounded by a weaker peso and elevated inflation, fueled in part by an energy shock resulting from the Iran conflict.
Significant losses were seen among previous top rankings. Property magnate Manuel Villar, who ranked third last year, fell to No. 9. His wealth plunged by $8.6 billion to $2.4 billion. This decline followed a November tumble in shares of his property developer, Villar Land, after the company agreed to a 99% markdown in the value of prime Metro Manila land parcels acquired from Villar’s privately held firms. Additionally, the market regulator suspended trading in those shares in June, citing delays in filing audited financial statements.
Drivers of Razon’s Growth
Razon emerged as the biggest gainer in dollar terms by accelerating the global expansion of his listed International Container Terminal Services Inc. (ICTSI), where he serves as president and chairman. Shares of ICTSI more than doubled over the past year, making it the most valuable publicly traded company in the Philippines.
The port operator reported record earnings for 2025, with revenue rising 18% to $3.2 billion and net profit climbing 23% to $1.1 billion. Key strategic moves contributing to this growth include:
- A 25-year joint venture agreement signed in December with South Africa’s state-owned Transnet to operate a container terminal at the Port of Durban, with nearly $650 million earmarked for upgrades.
- A $175 million expansion of a Brazilian terminal in Rio de Janeiro announced in December.
- A $1 billion domestic spending plan to build a new container terminal in Batangas province and upgrade the flagship port in Manila.
Beyond ports, Razon is investing in mining, energy, and casinos. In March, his privately held Prime Infrastructure Capital agreed to purchase SierraCol Energy, a Colombian oil and gas producer, from the private equity firm Carlyle.
Shifts in the Top 50 Rankings
While the overall wealth of the group dropped, some individuals saw significant gains. Robert Coyiuto Jr. (No. 17) was the biggest gainer in percentage terms, more than doubling his fortune to $925 million. This increase was driven by a rally in shares of Synergy Grid & Development Philippines Inc. (SGP), the controlling shareholder of the National Grid Corp. of the Philippines, following favorable regulatory changes.
Other notable shifts include the entry of hypermarket and supermarket chain Puregold Price Club cofounders Lucio and Susan Co into the top five for the first time, ranking at No. 4 with a shared fortune of $3.3 billion. Rounding out the top five are Isidro Consunji and siblings of DMCI Holdings, whose wealth fell to $3 billion from $3.7 billion last year.
The minimum net worth required to enter the list remained unchanged from the previous year at $185 million.
The Top 10 Richest in the Philippines (2026)
| Rank | Name | Net Worth |
|---|---|---|
| 1 | Enrique Razon Jr. | US$21.8 billion |
| 2 | Sy siblings | $9.2 billion |
| 3 | Ramon Ang | $3.5 billion |
| 4 | Lucio & Susan Co | $3.3 billion |
| 5 | Isidro Consunji & siblings | $3 billion |
| 6 | Lucio Tan | $2.9 billion |
| 7 | Jaime Zobel de Ayala | $2.8 billion |
| 8 | Que Azcona family | $2.5 billion |
| 9 | Manuel Villar | $2.4 billion |
| 10 | Ty Siblings | $2.3 billion |
According to the Manila Bulletin, Forbes compiled the list using financial and shareholding information from analysts, stock exchanges, and the individuals or families themselves. Net worths were calculated based on stock prices and exchange rates as of the close of markets on July 17, 2026. Unlike the World’s Billionaires rankings, this list includes shared family fortunes and may include foreign citizens or non-resident Filipinos with significant ties to the country.
