23 Jun '11, 9am

Philippines has record 11 billionaires: Forbes - Yahoo! Singapore Finance via @YahooFinance

Topics: Economy Government and Policy On Thursday 23 June 2011, 14:50 SGT A booming stock market has expanded the Philippines' billionaires' list to a record 11, with the combined wealth of the 40 richest also hitting an all-time high, Forbes.com said Thursday. Shopping mall king Henry Sy, 86, saw his assets surge 44 percent to $7.2 billion over the past year and remains the Philippines' richest man, the website said in its annual update of the country's wealthiest. Lucio Tan, 77, tobacco tycoon and former crony of the late dictator Ferdinand Marcos, kept his spot at number-two with $2.8 billion, while budget airline king John Gokongwei, 83, remained third-richest with $2.4 billion. Six Filipinos became billionaires for the first time as the paper value of their shares in listed companies soared, boosting their select group's numbers to a record 11. "The Philippines' econo...

Full article: http://sg.finance.yahoo.com/news/Philippines-record-11-af...

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