According to Forbes Magazine, supermall mogul Henry Sy is the wealthiest man in the Philippines.

The 83-year old owner of SM Supermalls has an estimated net worth of US$3.1 billion, up by $1.4 billion from last year.

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 based the ranking from shareholder and financial information including estimates on privately held assets.