Gambling Business Magnates Lead Forbes Rankings

Forbes Asia has released its latest list of the wealthiest individuals in the Philippines, revealing that those in the gambling industry dominate the top spots—a trend that isn't particularly surprising.

Topping the list of the "50 Richest Residents of the Philippines" is the Sy family, heirs to a gambling empire and substantial fortune inherited from their father, Henry Sy Sr. He was a pioneering figure in the Philippine gambling sector before his passing in 2019 at the age of 94. The Sy family's wealth has seen a decline, dropping from $14.4 billion to $13 billion this year.

In second place is Enrique Razon Jr., known for his role as the head of International Container Terminal Services, the Philippines' largest port operator. Razon has also expanded into the gambling sector through Bloomberry Resorts, a prominent local operator known for Solaire in Entertainment City. Razon's net worth has seen consistent growth, currently estimated at $11.1 billion, and experts suggest he might be strategically positioning Bloomberry Resorts for future gains, particularly with its investment in Jeju Sun Hotel & Casino, which could be up for sale.

Manuel Villar ranks third on the list, heading Vista Land & Lifescapes, which is managed by his son Manuel Paolo. Villar's primary asset is his investment in Golden MV Holdings (formerly Golden Bria), a mass housing project developer. He also oversees five other businesses, including the home improvement retailer AllHome, supermarket chain AllDay Marts, and Premiere Island Power REIT.

Notably, Villar has plans to develop a casino and theme park in southern Metro Manila. With strong political connections—his wife Cynthia and son Mark both serve as senators, and his daughter Camilla is a congresswoman representing Las Pinas—these aspirations may come to fruition in the near future.