Manila, Philippines — Mall tycoon Henry Sy Sr. remains the richest man in the Philippines and the wealthiest in Southeast Asia in 2018, according to the business magazine Forbes.
Pegging a net worth of $20 billion (P1.04 trillion), the 93-year-old businessman ranked 52nd worldwide—jumping 42 places from 94th in 2017. He has topped the Forbes Philippines Rich List for 10 years in a row.
Sy tied with Renaissance Technologies Corp. founder James Simons in the 52nd place.
His net worth in 2018 is almost double from his $12.7 billion (P661 billion) last year.
The richest tycoon in the Philippines beat the likes of SpaceX and Tesla Motors founder Elon Musk (54th), Uniqlo founder and CEO Tadashi Yanai (56th) and Samsung Group Chairman Lee Kun-hee (61st).
Sy’s rank put him way ahead of other billionaires in the country, with John Gokongwei, the country’s second richest man, placing 305th worldwide. The founder of JG Summit raked in a net worth of $5.8 billion (P302 billion).
Enrique Razon Jr., who has a net worth of $4.9 billion (P255 billion), ranked third in the Philippines. The port magnate also placed 404th in the world list.
Amazon founder Jeff Benzos topped the list of world’s billionaires for the first time with a net worth of $112 billion (P5.83 trillion). Microsoft founder Bill Gates placed second with a net worth of $90 billion (P4.69 trillion).