Henry Sy slightly richer than Elon Musk according to Forbes

We all know that Henry Sy Sr. is filthy rich, but how rich? Every Filipino grew up and saw how SM Corporation took over almost everything, every land and every business in the Philippines, and now based on the 2018 Forbes Worlds’s Billionaires list, the Sy family is now worth $20billion, a big surge from the $12.7 billion last year.  Henry Sy and his kids already own the SM investment, SM Prime Holdings, and BDO Unibank.  SM Prime and SM investments have already reached the 1 trillion market capitalization mark and are the first Philippine stock exchange company to do so.

Globally, Sy is already the 52nd richest person in the world and is slightly richer than Elon Musk the founder of Space X and Tesla who is just valued at  $19.9 billion.

Henry Sy however and his family is considered to be one of the most corrupt in the world, and has had several lawsuit cases over the years, including massive protests in the Philippines particularly in Baguio City for cutting down Centennial Trees. The protests and clamor against the Sy family were so strong, this even led Sting to cancel his concert and move it to another venue once he heard that the venue is owned by the family.

Despite being richer than Elon Musk, the Sy family is a far cry from the achievements and humanitarian work of Elon Musk. Elon Musk revolutionized electric cars and has unveiled the concept of high-speed transportation system called the Hyperloop. He also acquired SOlar City and introduced Powerwall including the creation of Open AI.

He also created the software company Paypal and continues to create environmentally friendly and groundbreaking solutions for humanity. Whereas Henry Sy despite being rich, only grew richer without really creating much of anything beneficial for the Filipinos, or the entire world. Despite being one of the richest family in the Philippines and Asia, there is not much that could be said about the Sy family when it comes to humanitarian works.

SM Corporation is also known for evading taxes in Cebu City when the City Government of Cebu filed a case against them. The  Bases Conversion and Development Authority or BCDA also sued SM group, after they were allowed to take possession of a disputed 47 hectare land in Fort Bonifacio. For more than a decade now, the SM Corporation f Henry Sy is also known for unjust treatment of workers and low salary despite earning billions.

 Visit:

http://manilastandard.net/opinion/columns/back-channel-by-alejandro-del-rosario/146532/unfair-labor-practices.html

https://www.rappler.com/nation/3620-sm-uproots-trees-in-baguio,-triggers-protests

 

 

 

 

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