Mall magnate Henry Sy’s family is hailed the 9th richest family in Asia in the 2017 Forbes Asia’s Richest Families list, up 11 spots from last year.
According to the popular business magazine, the family has a net worth of $20.1 Billion.
Starting off as a shoe store in Quiapo, Henry Sy’s business soon grew to become one of the biggest mall chains in the Philippines. From there, it continued to flourish, tapping other industries such as banking and real estate.
“The family’s SM Investments Corp. is now the Philippines’ largest retailer, with over 200 outlets. His 6 children are all involved in management, and his grandchildren also have active roles,” Forbes stated in the list.
Henry Sy is currently the Philippines’ richest man, according to the same organization, bagging the top spot for 10 straight years.
He now serves as the chairman emeritus of SM Investments Corporation while three of his children, namely Teresita, Henry, Jr. and Harley, hold positions in the board.
Another Filipino family, the Zobel de Ayala clan of Ayala Corporation, also made it into Forbes’ list on the 43rd place.
Story first appeared here.
Featured photo from SM Prime’s official website.