The country’s billionaires seem to favor certain industries that help them rake in huge amounts of money.
Forbes magazine released their Philippines’ 50 Richest 2017 with Henry Sy topping the list at $18 billion. The list is comprised of business tycoons from a diverse set of industries. However, seven sectors stood out as top favorites of the country’s wealthiest business owners. Entrepreneurs Philippines made a “Rich Sector” list and took a closer look at the business profiles of the billionaires and the industries they favor over others.
Topping the list is the real estate industry. According to Entrepreneurs, more than half of the country’s 50 richest people are from this industry. More than half of the 27 tycoons with real estate business are dollar billionaires.
Second on the list is the food and beverage industry, which includes both retailing and manufacturing of food and drinks as well as restaurant businesses. A total of 21 richest businessmen belong in this industry.
Thirdly, is the utilities industry, which includes power generation as well as electricity and water distribution. It has 20 tycoons on the list.
It is followed by financial services with 19 billionaires. Leisure and hospitality, retail and infrastructure come in fifth, sixth and seventh place respectively.
Henry Sy Sr. is the richest person in the Philippines for 10 years in a row. He is the chairman of SM Investments with main businesses being in retail, real estate and financial services. SM also has investments in the hospitality, mining and logistics sectors.