Forbes released its list of the 50 richest families in all of Asia. Coming in at #17 is the Sy family, owners of the SM Investments Corporation or, to put it simply, SM. I’m sure you’ve stumbled at least one of their malls especially this Christmas. The Zobel clan comes in at #37 and the Aboitiz family at #39.
Commanding a net worth of $12.8 billion, the Sy family belongs to a list with clans coming mostly from India with sources of income varying from real estate to paint manufacturing. Others come from Hong Kong and Singapore. Copping the top spot is the Lee family, owners of electronic gadget giant Samsung.
To qualify for the list, the wealth of the family must also have included participation of at least three generations.
It goes without saying that this makes the Sy family the richest in the Philippines, with assets continually growing. Earlier this year, they annouced how all their retail-related endeavors shall be recognized under SM Retail. What started as a small shoe business in a forgotten district in Manila is now an inescapable location across the metro.