Mall tycoon Henry Sy tops rich list in Philippines, with JG Summit's John Gokongwei in second

Property, retail and banking tycoon Henry Sy whose conglomerate owns the chain of SM Supermalls in his country and China has retained the title of the Philippines' richest person for the eight consecutive year, with his net worth up $1.7 billion from last year to $14.4 billion.

Forbes Philippines said Thursday that the value of Sy's publicly traded conglomerates SM Investments rose 17 percent and SM Prime Holdings 20 percent over the past year, keeping him top of the list. His companies announced record income from banking and retail businesses and two new mall partnerships in 2014.

John Gokongwei Jr. of JG Summit conglomerate is the second richest, with a net worth of $5.5 billion. Forbes says he moved up three spots after his company's stocks rose 30 percent.