Interesting - Monday, October 20, 2008 14:14 - 0 Comments

Henry Sy - RP’s Richest Man

MANILA (AFP) - - A shopping mall mogul has become the Philippines richest man after amassing 1.4 billion dollars in past year, while his peers were hit by the global financial crisis, it was announced Thursday.

The fortune that Henry Sy made was the “biggest gain in absolute terms” of the country’s wealthiest 40 families, who saw their collective wealth plunge 18 percent amid the world credit turmoil, Forbes magazine said in a statement.

In its annual list of the Philippines’ richest people, Forbes said the country’s stock exchange had dived 35 percent in the past year, making 25 out of 40 tycoons — including those in banking and real estate — were poorer.

Forbes said the Sy family was now worth 3.1 billion dollars, vaulting from second place to first.

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