SM founder Henry Sy still on top
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Retail king Henry Sy, Sr. remains the Philippines’ richest person, according to the Forbes 2016 Global Billionaires’ list.
Sy, 91, has an estimated net worth of $12.9 billion – roughly P562.3 billion – as of this month, making him the world’s 71st richest person.
His net worth dropped from $14.2 billion in 2015 due to the volatile global market, weak oil prices and strong US dollar.
Born in Xiamen, China in 1924, Sy migrated to the Philippines and conquered the retail scene becoming the SM founder. His eldest daughter, Teresita Sy-Coson, has become one of Asia’s most powerful businesswomen.
Sy’s family business empire, SM Investments Corporation (SMIC), includes retailing, real-estate, hospitality, banking, mining, education and healthcare services.
In 2015, SMIC reported a 13 per cent growth in recurring income, with consolidated net income of P28.4 billion and consolidated revenues of nearly P300 billion. The increase came on the back of 17 per cent growth in retail earnings, 14 per cent growth in property net income and 10 per cent growth in bank income.
Questions & Answers
Q.Did Henry Sy's wealth increase or decrease compared to the previous year?
Did Henry Sy's wealth increase or decrease compared to the previous year?
His estimated net worth dropped to $12.9 billion this month, down from $14.2 billion in 2015. This was influenced by the volatile global market, weak oil prices, and a strong US dollar.
Q.What business areas does Henry Sy's family empire, SMIC, cover?
What business areas does Henry Sy's family empire, SMIC, cover?
SMIC's business interests are broad, encompassing retailing, real estate, and hospitality. They also operate in banking, mining, education, and healthcare services.
Q.What were the main drivers of SMIC's income growth in 2015?
What were the main drivers of SMIC's income growth in 2015?
The company's recurring income grew by 13 percent in 2015. This was largely due to a 17 percent increase in retail earnings, 14 percent growth in property net income, and a 10 percent rise in bank income.
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