06 Jul '11, 3am

FEU alumni Henry Sy and Lucio Tan top latest billionaire list from Forbes.

Manila (Philippine Daily Inquirer/ANN) - The Filipino rich are richer than ever thanks to the "booming" stock market, and mall magnate Henry Sy remains on top for the fourth year in a row, according to the latest list by Forbes magazine. It said the stock market boom expanded the Philippines' billionaires' list to a record 11, with the combined wealth of the 40 richest also hitting an all-time high. The 86-year-old Sy has a net worth of $7.2 billion, up from $5 billion last year, according to Forbes' list posted on the magazine's website on June 22. The Sy family owns shopping mall developer SM Prime, as well as SM Investments and Banco de Oro Unibank. The Philippines' richest are collectively worth $34 billion, up from last year's $22.8 billion. "The stock exchange's composite index is up 27 percent since last year, surpassing its 2007 benchmark," Forbes said. "This lifte...

Full article: http://sg.news.yahoo.com/mall-tycoon-leads-11-philippine-...

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