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Henry Sy Net Worth, Biography & Wiki 2017
Henry Sy was born on 25 December 1924, in Xiamen, China, into a relatively poor family, and is famous in the Phillipines for being the founder of the SM Group, and a totally self-made billionaire. Forbes magazine ranks Henry as the richest person in the Phillipines, and the 73rd richest in the world in 2015.
So just how rich is Henry Sy? Forbes estimates that Henry’s net worth is over $14 billion, his wealth having been accumulated primarily through his SM Group, specifically in developing department stores and shopping malls.
Henry Sy Net Worth $14 Billion
Henry Sy’s family migrated to the Phillipines in 1937. He was educated at Chiang Kai Shek College – established in Manila by emigrant Chinese in 1939 – and then graduated from Far Eastern University in 1950 with a degree in commercial studies. Henry Sy got his grounding in retail business by helping in his father’s store, before establisheding his own small shoe store in Quiapo, Manila in 1958 – this marked the founding of SM (for Shoe Market) Prime Holdings, which in 1972 became SM Quiapo, SM’s first standalone department store. Henry Sy’s net worth was growing steadily as he successfully expanded his operations.
In 1985, he established his first SM Supermalls, SM City North EDSA. Now Henry Sy operates a chain of SM Department Stores, SM Supermarkets, SM Mall of Asia, SM Megamall, the glamorous SM Aura Premier and more. When the SM Mall of Asia, was built in the reclamation area of Pasay City, and opened to the public in 2006, it was the third-largest mall in the world. Henry Sy’s net worth increased commensurately.
Henry Sy also owns and controls his holding company, SM Investments Corporation, through which he diversified and is the operator of Banco de Oro and owner of Chinabank. In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines third largest lender, in which he already had a 34% stake, and merged it with Banco de Oro in 2007. The merger created the Philippines’ second largest financial institution with resources of close to $17 billion.
In 2005, Sy’s stake in the San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate, reached 11%. He sold that stake in 2007 for $680 million. Henry’s net worth rose makedly.
Henry Sy, Sr., was named “Management Man of the Year” by the Makati Business Club in 1999 and was conferred an Honorary Doctorate in Business Management by De La Salle University in that year. Sy’s holding company, SM Investments Corporation, has consistently been cited as one of the Philippines best-managed companies.
In his private life, Henry Sy is married to Felicidad Tan Sy, and the couple has six children. Several hold senior management positions in his companies, although he has apparently groomed his daughter Teresita Sy-Coson and his grandchildren Hailey Sy-Coson, Darcie Sy, Lance Harold Sy, Cheska Sy, Sarita Sy, Samantha Ong-Sy and Josiah Sy as his successors.
Henry Sy is also a significant philanthropist. He organized the SM Foundation Inc., which helps underprivileged and promising young Filipinos.