Following Converge ICT Solutions’ dizzying rise since its initial public offering 11 months ago, Forbes ranked Dennis and Grace No. six on the 2021 list with a net worth of $2.8 billion.
The P49 billion IPO of Monde Nissin landed its wealthy owners three places in the Philippines rich list, on top of the perennial spot held by its founder and president Betty Ang.
Ang’s brother-in-law, Monde chairman Hartono Kweefanus notched 11th place with a net worth of $1.95 billion, seven places ahead of Ang with $1.4 billion in assets.
Ang’s other brother-in-law, Monde CEO Henry Soesanto, ranked No. 25 with a $795 million fortune.
The heirs of M.Y. San founder Mar Chew, Keng Sun and Peter Mar, entered the elite list at No. 35 with a combined wealth of $410 million.
The brothers divested the family’s remaining 40 percent stake in M.Y. San to majority owner Monde six months before the food giant’s IPO in June this year.
Mass housing builder 8890 Holdings, with a market cap of $890 million, snatched two places on the list – chairman emeritus Lus Yu Jr. at No. 32 with $445 million and chairman Mariano Martinez Jr. at No. 49 with $205 million.
GMA Network’s massive leap following the fall of its rival ABS-CBN Network led to a third spot on the list with newcomer, president and CEO Gilberto Duavit Jr. at No. 33 with a net worth of $440 million.
The 57-year old Duavit ranked higher than retired GMA president Menardo Jimenez (No. 34 with $430 million) and chairman and CEO Felipe Gozon (No. 36 with $405 million).
The heir of the late textile and banking mogul Clarencio Yujuico also joined the select club for the first time after netting P4.4 billion from the partial sale of their DoubleDragon REIT IPO.
Benedicto Yujuico and his wife Teresita, owner of the DDMP building site, ranked No. 48 with a net worth of $210 million.
The Yap family has made a comeback on the list after a five-year absence.
The Yaps – who own Philtrust Bank, Euromed, Manila Hotel, Centro Escolar University, and Manila Bulletin – placed No. 30 with $530 million. The family patriarch, Emilio Yap, died in 2014.