According to the Forbes Asia 2008 Philippines Rich List, 83-year old shopping mall mogul, Henry Sy is Philippines’ wealthiest man.

The top 10 richest people in the Philippines are:

1. Henry Sy & family – US$3.1 billion
2. Lucio Tan & family – $1.5 billion
3. Jaime Zobel de Ayala & family – $1.2 billion
4. Andrew Tan – $700 million
5. Tony Tan Caktiong & family – $690 million
6. John Gokongwei Jr. & family – $680 million
7. Eduardo Cojuangco Jr. – $610 million
8. Enrique Razon Jr. – $525 million
9. George Ty & family – $435 million
10. Inigo & Mercedes Zobel – $430 million

Forbes Asia used the October 3 stock prices and exchange rates to calculate net worths and come up with the list. Public wealth was estimated using shareholder and financial information on the other hand, privately held assets were estimated based on what they would be worth if public.