Forbes has released their Philippines 40 Richest ranking. Topping the list are the usual, Zobel de Ayala Family, Henry Sy and Lucio Tan. Surprisingly, ranking 4th and 5th is Andrew Tan and  Manny Villar.

Both Andrew Tan and Manny Villar made their billions in real estate. Andrew Tan owns Megaworld and Empire East. He also owns a big share of McDonalds Philippines. Manny Villar on the other hand owns Vista Land, the mother company of various real estate company catering to various market segments.

What made Tan and Villar jumped to higher ranking is the value of their company holdings. Since their companies are public, the rise in stock prices have made their wealth multiply.

Interestingly, John Gokongwei is only at number 15. His fall in ranking can probably be attributed to the donation of half of his wealth to charity.