Global expansion propels port tycoon Enrique Razon Jr. to Philippines’ richest
Ports billionaire Enrique Razon Jr. became the Philippines’ richest person this year for the first time since debuting on the list in 2007, as his port empire expands with new projects both domestically and overseas.
Enrique Razon Jr., the head of International Container Services (ICTSI), has become the richest person in the Philippines, according to the latest Forbes wealth update. With a net worth of $21.8 billion, Razon's wealth surged by $10.3 billion in just one year, marking a significant rise despite ongoing world tensions. His company's shares have more than doubled in value over the past year, positioning ICTSI as the country's most valuable publicly traded company.
In 2025, ICTSI reported record earnings, with profits jumping by 23% to $1.1 billion while revenue increased by 18% to $3.2 billion. Razon's global expansion strategy paid off, as evidenced by the company's share price growth. In December, ICTSI signed a 25-year joint venture with South Africa’s Transnet to operate a container terminal in Durban, a port that handles nearly half of South Africa's traffic. The company plans to invest nearly $650 million to modernize this facility.
In December, ICTSI also announced a $175 million expansion of its terminal in Rio de Janeiro, Brazil. Meanwhile, in the Philippines, ICTSI has set aside $1 billion for projects such as upgrading its flagship Manila port and constructing a new container terminal in Batangas province. A June report by Malaysia’s Maybank stated that these investments will support long-term, sustained earnings growth.
Beyond shipping, Razon is diversifying his investments into other sectors, including casinos, energy, and mining. In March, his private investment firm Prime Infrastructure Capital acquired a Colombian oil and gas producer, SierraCol Energy, from private equity firm Carlyle. Ranked second in wealth in the Philippines, the Sy siblings are worth $9.2 billion, followed by Ramon Ang, chairman of the conglomerate San Migue, with a net worth of $3.5 billion.
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