For the first time in years, the richest man in the Philippines isn’t in real estate—but in ports, casinos, and utilities.
Enrique Razon Jr. has officially overtaken Manny Villar to claim the top spot, thanks to a massive rally in his port company’s stock and growing influence across energy and gaming.
Ports and profit power that made Razon rise
Razon’s net worth surged by $3 billion in the past year alone, reaching $12 billion, according to Forbes Asia’s latest rankings.
His flagship company, International Container Terminal Services Inc. (ICTSI), saw its shares soar nearly 80% amid a post-pandemic rebound in global trade. That pushed the company’s value past ₱700 billion, with shares still trading close to all-time highs.
But ports are just one piece of Razon’s empire. He also owns Bloomberry Resorts, which runs Solaire Resort & Casino, valued at around ₱90 billion. And through Prime Infrastructure, Razon controls major utilities, including Manila Water Co., positioning himself at the center of some of the country’s most critical industries.
Villar’s empire still growing—but slower
Manny Villar, who topped the list last year, now sits in second place. His net worth rose to $11.1 billion this year, but Razon’s momentum proved too strong to beat. Villar remains a major force in property development, running Vista Land & Lifescapes and cemetery developer Golden MV Holdings—one of the most valuable firms in the local market.
While Villar’s wealth grew by over a billion dollars, some reports noted a decline from earlier highs this year, signaling more modest gains compared to Razon’s rapid climb.
From ports to casinos to power and water, Razon’s diversified playbook is proving more than recession-proof—it’s becoming billionaire rocket fuel. And as global trade and infrastructure investment continue to rebound, don’t expect him to slow down anytime soon.
