Henry Sy (Entrepreneur)
Henry Sy, Sr. was a Chinese Filipino entrepreneur and tycoon. Born in Jinjiang City, Fujian Province, China, he later moved to the Philippines to engage in business, with operations spanning the Philippines, Hong Kong, the United States, and Europe. In 2013, Forbes ranked him sixth among the world’s wealthiest Chinese individuals, with a net worth of US$13.2 billion. He was the richest person in the Philippines and held permanent residency in both the Philippines and Hong Kong. His primary investments were in the Philippines and Hong Kong, but extended globally.
He was a prominent figure in the retail industry and served as chairman of SM Holdings, earning him the title "Retail King of the Philippines." The SM Group, founded by Sy, is the world's third-largest and Asia's largest shopping mall development and operations group. His investments reached Hong Kong and Western markets early in his career. He also served as Chairman of Tung Ning Development Company Limited in Hong Kong.
Biography
Henry Sy was born in 1924 in Hongxi Village, Longhu Town, Jinjiang County, Fujian Province (now part of Jinjiang City)[1]. Due to poverty in his hometown, his father immigrated to Manila in the Philippines and opened a small street shop. In 1936, Sy left his hometown and joined his father in the Philippines. During World War II, when Japanese forces occupied Manila, his father returned to China due to business difficulties, leaving young Henry to continue his studies in the Philippines.
After graduating from Chiang Kai Shek College, he earned a degree in business administration from Far Eastern University in 1950.
Initially, Sy sold rejected and off-season shoes on the streets of Tondo, Manila to make a living. Beginning in 1955, he often traveled by propeller plane on a 40-hour journey to New York to source products for resale in the Philippines. In 1958, he opened a small shoe store in Carriedo, Manila, marking the beginning of his business empire.
From 2008 onward, his wealth surpassed that of Lucio Tan, making him the richest man in the Philippines.
Henry Sy passed away on January 19, 2019, in the Philippines at the age of 94[2].