Some families in the Philippines got into the Forbes list of richest families in Asia.
Three Filipino families were included in the list of Forbes Asia magazine of the top 50 richest families in Asia in 2016.
Topping the 2016 Forbes list is the Lee family of South Korea, which owns Samsung and having a net worth of $29.6 billion.
The Chearavanonts of Thailand, with a net worth of $27.7 billion is the second. The Ambanis of India with a net worth of $25.8 billion is the third. The Kwoks of Singapore with a net worth of $25.2 billion is the fourth and Lees with a net worth of $24.7 billion of Hong Kong is the fifth richest.
Based on the list on the Forbes website, the rich families in the Philippines mostly own malls, real estate and banks.
The Sy family ranked 17th on the list, with a net worth of $12.8 billion, including the owned SM Investments Corp. (SMIC).
SMIC is the holding company of the SM Group of Companies, which include shopping malls, banks, residential and commercial developments.
Based on the data of Forbes, from January to September this year, SMIC reported a P22-billion net income. It is mainly driven by its property, banking, and retail businesses in gaining the revenues.
After Sy family, the Zobel family of the Ayala Group is ranked 37, having a net worth of $5.1 billion.
Ayala Corp. is the holding company of the Ayala Group of Companies. The corporation has interests in healthcare, automotive, education, telecommunications, power generation, transport infrastructure, real estate and hotels, financial services and insurance, water distribution and wastewater services, and business process outsourcing. Aside from this, the company is also exposed in overseas projects and ventures.
Ranking 39th is the Aboitiz family, with a net worth of $4.95 billion.
Aboitiz has the flagship Aboitiz Equity Ventures Inc. (AEV) which has five main business groups including infrastructure, real estate, food manufacturing, financial services, as well as power generation and retail electricity supply.
Through AEV Aviation Inc., AEV has portfolio investments in aviation. It also has biogas production through AseaGas Corp., underwriting insurable risks of AEV through Archipelago Insurance Pte. Ltd., and bulk water treatment through Apo Agua Infrastructures Inc.