{"id":20108,"date":"2024-08-09T03:08:59","date_gmt":"2024-08-09T03:08:59","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sy-siblings-still-richest-razon-moves-to-2nd-spot\/"},"modified":"2024-08-09T03:08:59","modified_gmt":"2024-08-09T03:08:59","slug":"sy-siblings-still-richest-razon-moves-to-2nd-spot","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sy-siblings-still-richest-razon-moves-to-2nd-spot\/","title":{"rendered":"Sy siblings still richest; Razon moves to 2nd spot"},"content":{"rendered":"
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By Revin Mikhael D. Ochave, <\/b>Reporter <\/i><\/p>\n

THE SY SIBLINGS remained on <\/span>top of the Forbes<\/i> list of the Philip<\/span>pines\u2019 50 richest this year, while ports and casino tycoon Enrique K. Razon, Jr. climbed to second spot.<\/span><\/p>\n

According to Forbes<\/i>, the combined wealth of the tycoons in the list was \u201cnearly f<\/span>lat\u201d at $80.8 billion this year, from $80.4 billion a year ago.<\/p>\n

\u201cMore than half of the country\u2019s 50 richest are less wealthy this year,\u201d it said, noting that elevated in<\/span>f<\/span>lation and high interest rates are crimping domestic demand. <\/span><\/p>\n

The lackluster stock market and weaker peso were also cited as reasons for the drop in wealth of some tycoons.<\/p>\n

The six Sy siblings, namely Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, posted a combined net worth of $13 billion. This was 9.7% lower than their net worth of $14.4 billion last year, reflecting the weaker peso, Forbes<\/i> said.<\/p>\n

They are the heirs to the SM Group founded by the late Henry Sy, Sr., who was the richest man in the Philippines until his death in January 2019.<\/p>\n

\u201cTheir group flagship, SM Investments Corp., a conglomerate with interests in banking, property and retail, is expanding in geothermal energy with <\/span>f<\/span>ive new projects across the country,\u201d Forbes<\/i> said.<\/span><\/p>\n