With an estimated net worth of US$3.1 billion, Henry Sy, 83, has been named the richest man in the Philippines according to the Forbes Asia 2008 Philippines Rich List. Sy also acquired the biggest gain with $1.4 billion up from last year. Henry Sy is the chairman and founder of SM Prime Holdings.

Here’s the list of the top 10 Richest Men in the Philippines:

1. Henry Sy & family - US$3.1 billion
2. Lucio Tan & family - $1.5 billion
3. Jaime Zobel de Ayala & family - $1.2 billion
4. Andrew Tan - $700 million
5. Tony Tan Caktiong & family - $690 million
6. John Gokongwei Jr. & family - $680 million
7. Eduardo Cojuangco Jr. - $610 million
8. Enrique Razon Jr. - $525 million
9. George Ty & family - $435 million
10. Inigo & Mercedes Zobel - $430 million