Bloomberg Billionaires Index

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#489 Enrique Razon $4.04B

Random fact: Enjoys kiteboarding off the coast of the Philippine island of Palawan.

Overview

Razon is chairman of International Container Terminal Services, a Manila-based cargo facilities operator that had revenue of $40 billion in 2016. He also owns 69 percent of Bloomberry Resorts, which owns the Manila gambling complex Solaire Resort & Casino, as well as gold mining and an oil exploration assets.

As of Sept. 22, 2017:
Last change +$27.3M (+0.7%)
YTD change +$1.04B (+34.9%)
Industry Services
Biggest asset ICT PM Equity
Citizenship Philippines
Age 57
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Enrique Razon's net worth of $4.04B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
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Misc. liabilities
Confidence rating:

The majority of Razon's wealth is derived from his stake in International Container Terminal Services. He owns 48 percent of the company directly and through two holding companies, Bravo International Port Holdings and Razon Group Shareholdings, according to an July 2017 filing with the Philippine Stock Exchange.

According to Estella Occena, a spokeswoman for Razon, the billionaire also has 69 percent of Bloomberry Resorts, which he owns directly and through three holding companies: Prime Metroline Transit, Quasar and Falcon Investco. Bloomberry Resorts owns Solaire Resort & Casino, a gambling complex in the capital city that reported $40 billion in revenue in 2016, according to its 2016 annual report. He also has 80 percent of Apex Mining, a publicly traded gold producer in the Philippines, which he owns through six holding companies, including Philippines-based Prime Metroline and Lakeland Village.

The billionaire has an investment in Service Contract 72, an oil exploration operation that he values at $483 million and owns through Monte Oro Resources and Energy, according to Occena. He also has $400 million invested in oil and gas in the US through the Appalachian oil field and drilling activities in Houston, Occena said.

Razon has $165 million real estate assets in New York, San Francisco and the Philippines and owns three airplanes and two helicopters. Occena confirmed Razon's publicly traded assets.

Biography

Birthdate: 3/3/1960
Family: Married, 2 children
Education: 1980, Business Administration, de LA Salle College, Bachelor's Degree

Enrique Razon is the youngest of five siblings and the only one involved in the family's ports business. His grandfather started Manila's main port operation under U.S. rule in the 1930s, passing the business on to his son, who ran the business before and after the Philippines nationalized, then privatized, the ports in 1988. That's when the Razons, along with partners the Soriano Group and Sea-Land, won a bid to run the capital city's port.

The youngest Razon dropped out out college at the age of 17 to join the family firm. Known as "Ricky," he expanded the operation from Manila to a global player with cargo facilities in 19 countries. He first expanded outside the Philippines to Argentina in 1994. The next year, his father died and Razon was named chairman.

His overseas expansion plans were stymied by the Asian financial crisis in 1997, when the Philippines devalued its currency, which doubled the debt of his ports business. The billionaire sold most of the group's assets outside the Philippines to Li Ka-Shing's Hutchison Whampoa. ICTSI rebounded, expanding in India, Croatia and Mexico, focusing on taking control of port operations. The company plans to add 10 projects over the next decade in emerging markets such as Congo and the Ivory Coast, to avoid the effect of the European debt crisis, Razon said in an October 2012 interview with Bloomberg News.

Razon is also betting on gambling. In March 2013, the Razon's Bloomberry Resorts opened its $1.2 billion Solaire casino in Manila, the country's first casino resort.

Milestones
  • 1960 Enrique Razon is born in Manila.
  • 1980 Graduates from De La Salle University with a BSBA degree.
  • 1995 Becomes chairman of ICTSI after his father, Enrique, dies.
  • 2001 Sells overseas assets to Li Ka-Shing's Hutchison after Asia crisis.
  • 2006 Buys out the Sorianos' 23 percent stake in ICTSI.
  • 2007 Hires ex-Las Vegas Sands executives from Macau to run Solaire.
  • 2013 Opens $1.2 billion Solaire resort, Manila's first gambling complex.
  • 2013 Cancels service operator contract with Global Gaming.