Bloomberg Billionaires Index

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#545 George Ty $3.89B

Random fact: Chinese name Siao Kian means youth and persistence.

Overview

Ty is the founder of GT Capital Holdings, an investment group with revenue of 202.1 billion Philippines pesos ($4.3 billion) in 2016. The Manila-based publicly traded company has investments in the banking, automotive, infrastructure and property sectors. He also has a direct stake in Metropolitan Bank & Trust Co.

As of Jan. 21, 2018:
Last change +$168M (+4.5%)
YTD change +$127M (+3.4%)
Industry Industrial
Biggest asset GTCAP PM Equity
Citizenship Philippines
Age 85
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

George Ty's net worth of $3.89B can buy ...

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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 U.S. existing home sales
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Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Ty's fortune is derived from his stake in publicly traded GT Capital Holdings, an investment company that has interests in Filipino banks, insurers, property developers and carmakers. The Manila-based company had revenue of 202.1 billion Philippines pesos ($4.3 billion) in 2016, according to its 2016 annual report. The billionaire and his family own 47 percent of the company, according to a September 2017 stock exchange filing. Most of the shares are controlled through Manila-based Grand Titan Capital Holdings. The billionaire is credited with the entire stake because he's the founder of GT Capital and exerts strategic control over the company.

He also controls about 12 percent of Metrobank directly and through Nove Ferum, Philippine Securities, Grand Titan Capital Holdings and 82 Alpha Holdings, according to an October 2017 stock exchange filing.

The value of his cash holdings is based on an analysis of share sales, dividends, market performance, taxes and charitable contributions.

No response was received to e-mails sent to Metrobank seeking comment.

Biography

Birthdate: 9/5/1932
Family: Married, 5 children
Education: University of Santo Tomas, Graduated

George San Kiao Ty was born in Yongchun County of Fujian Province, China, in 1932, and grew up in Manila with his family. He graduated from the University of Santo Tomas and started working for the family-owned Wellington Flour Mills when he was 18 years old. The struggle to secure a bank for the construction of a factory spurred him to create his own bank, according to an interview with the Philippine Daily Inquirer in 2012.

Ty waited in the office of then Central Bank Governor Andres Castillo every week for several years with the hope of setting up a bank that would lend money to new businesses. His application was approved in 1961 and he established Metrobank at Plaza Calderon in Binondo a year later.

His business developed into a Filipino conglomerate with interests in banking, property developments, life insurance and cars. Toyota Motor Philippines Corp. was formed in 1988 as the only locally-controlled Toyota subsidiary in the world, according to the Philippine Star.

Ty created Metrobank Foundation in 1979 to support education, health care and the arts in China and the Philippines. The billionaire was chairman of GT Capital Holdings until handing it over to his son Arthur in 2012. He lives in the Philippines and China, and is married with five children.

Milestones
  • 1932 Born in Yongchun County of Fujian Province, China.
  • 1962 Founds Metrobank in Binondo.
  • 1979 Establishes Metrobank Foundation.
  • 1988 Starts Toyota Motor Philippines Corp.
  • 2007 Creates GT Capital Holdings.
  • 2008 Becomes a senior advisor of Philippine Savings Bank.
  • 2012 Son Arthur becomes co-chairman.
  • 2015 Ty family sells 5 percent of GT Capital.