How do the ultra-rich go from “mere” multi-millionaires to billionaires? A closer analysis of the 40 richest Filipinos provides eight answers
By Carlos Gonzales
Let me tell you about the very rich. They are different from you and me. – F. Scott Fitzgerald in “The Rich Boy”
What is a million pesos nowadays? Or even a few millions? Having tens of millions is more like it. Hundreds of millions is already mind-boggling. But a billion pesos? Let alone P92,000,000,000? Our brains somehow refuse to grasp the possibility. Jaime Zobel de Ayala and his family are worth exactly that. According to Forbes Asia’s “The Philippines 40 Richest” list for 2007, four Filipinos have reached billion dollar status. Aside from the Zobels are Henry Sy, Lucio Tan, and newly minted billionaire Andrew Tan. In Philippine peso terms, all 40 are billionaires.
Most of the names on the list are familiar. That’s because they are the same families that have ruled the Philippine economy for decades. However, there are a few new faces that neither belong to the old rich nor are considered political cronies. And somehow, that should put billionaire status within the realm of possibility for those of you who harbor such ambition.
So how did these billionaires become so rich? Is it because of race? After all, almost half are pure Chinese, with at least five being first generation Chinese immigrants from Fujian (where most of our taipans coincidentally come from). Around 15% are Spanish (most of them Basque). Sure, many Filipinos are mixed, if you think of it, so it’s hard to pinpoint anyone on the list who is Filipino of pure Malay blood.
Is it political connections? A good number of these billionaires are known Marcos cronies, or at least have benefited one way or another from that regime. And many are close to a previous and/or the current administration.
Maybe it’s because they were born rich in the first place. At least half of those on the list came from wealthy families and a bigger proportion were already relatively rich when they hit the bigger jackpot. Just seven can be easily identified as true rags-to-riches stories. Perhaps we are being too cynical. Could it be plain hard work and sheer luck?
