The family of Henry Sy Sr are the richest in Philippines with a net worth of $14.4 billion in 2018 according to Forbes Magazine.
The family runs SM Investments which owns 49 SM Malls, 62 departmental stores, 56 supermarkets, and 200 grocery stores.
The late Henry Sy Sr died in 2018 and at the time of his death, his net worth was $19 billion. He was a respected Filipino businessman and investor.
The late Henry Sy Sr owned Banco de Oro which was the second largest bank in Philippines.
He also owned extensive real estate properties. In 1972, he built his first departmental store then named SM Quiapo. In 1985, he established his first mall, SM Supermall. The other shopping malls were opened in 1990s.
To further spread his tentacle in the world of business, in 1994 he registered SM Prime Holdings Ltd.
In order to give back to the community, he incorporated SM Foundation which focused on assisting the vulnerable youth, disabled and the elderly.
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