Kris kris
Perhaps it is only fitting that FORBES ASIA wrap up our inaugural series of country-specific lists of Southeast Asia's wealthiest with the Philippines. That's because the list of 40 Richest Philippines takes the booby prize among the region's rich. As a group, wealthy Filipinos are actually the poorest, when compared to their brethren in Indonesia, Malayasia, Singapore and Thailand. They had the smallest total net worth, $16 billion; fewest number of billionaires, just three; and lowest minimum net worth, a mere $25 million. The nation's historic political instability certainly hasn't helped, nor has the fact that the Philippine Stock Exchange has the tiniest market capitalization, an estimated $50 billion, in the region. Still the country is showing signs of life. Its stock market is up a third, making it one of the best performers in Asia this year. And foreign investors and businesses are more welcomed than in the past, thanks to President Gloria Macapagal Arroyo's policies. One person who has done very well lately is Henry Sy, ranked No. 1, whose sm Investments is up one-third since June. A common trait among the rich listers, in part due to the stock market's size, is their tendency to keep their fortunes private. Another is the fact that almost all the wealth assigned to an individual is actually shared by families, sometimes large extended ones. Several of these tycoons are true bootstrappers: John Gokongwei Jr. lived on the street as a teenager after his father's death; son of a shrimp vendor, Manuel Villar grew up in a Manila slum before building a fortune providing affordable housing. The source of fortunes is diverse, coming from more than a half-dozen industries including media, household products, mining and education. While most of these m ...