China-born businessman, investor and philanthropist Henry Sy has an estimated net worth of $13.5 billion as of 2015, according to Forbes. As of October 2018, this rose to $16.6 billion. He is the richest man in the Philippines. Sy is the chairman of SM Prime Holdings.
Henry Sy, Sr. was born on December 25 1924 in Xiamen, China. He earned his Associate of Arts degree in Commercial Studies in 1950 from the Far Eastern University.
Sy started off by working in his family’s convenience store. He started a small shoe store in Quiapo, Manila, in the year 1958. This shoe store became SM Quiapo in 1972. Sy established his first mall in 1985. Today the SM Group is a conglomerate that has interests in retail, shopping mall development and management, banking, real estate development and tourism.
Sy gained $5 billion in 2010, amid global financial crisis. This shows his business acumen. He has stake in National Grid Corp, a privately-owned electricity firm that supplies power to Manila.
Henry Sy is married and has six children. He resides in Manila. His eldest daughter Teresita Sy-Coson is actively involved in expanding the family business’ retail sector. She is also the chairperson of BDO Unibank. Sy’s SM Foundation Inc. helps underprivileged, needy and promising young Filipinos.