Henry Sy

Henry Sy, who became a billionaire by turning a shoe shop into the biggest retailer in the Philippines, has died. He was 94. He died in his sleep this morning, his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments said. Sy had a net worth of US$7.2 billion, according to the Bloomberg Billionaires Index, making him the richest person in the Philippines. The Philippines richest man came from China as a child to work in father's convenience store. Starting with small shoe store in Manila, he built one of the country's largest retail groups. SM Prime, ,which he controls and is run by son Hans, is the Philippines largest shopping mall developer with 39 malls; continues China expansion. Banco de Oro Unibank, run by daughter Teresita Sy-Coson, is the country's largest bank. Expanding into gaming with $350 million Las Vegas-style casino scheduled to open in Manila. The country's richest man tapped a long-time associate, Jose Sio, to succeed him as chairman of SM Investments, but his children still hold key positions in his vast retail and banking empire. Eldest daughter Teresita Sy-Coson and son Henry Sy Jr are co-vice chairpersons at SM Investments, where Harley Sy is also executive director. Hans Sy stepped down as president of SM Investments in late 2016. The patriarch's grandson, Howard, recently started Storage Mart, a self-service storage facility in Makati, clearly taking inspiration from Shoe Mart, the seed of his grandfather's shopping mall business.