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# 460 Lucio Tan $4.48B

Random fact: Called a "national hero" by President Joseph Estrada.


Tan is the chairman and majority shareholder of LT Group, an investment company that controls half of the biggest cigarette maker in the Philippines. The Manila-based company had revenue of 75.6 billion pesos ($1.4 billion) in 2018. Tan also owns a majority stake in PAL Holdings, the parent company of Philippine Airlines.

As of :
Last change -$63.1M ( -1.4%)
YTD change -$573M ( -11.3%)
Industry Diversified
Biggest asset LTG PM Equity
Citizenship Philippines
Age 85
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Lucio Tan's net worth of $4.48B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Tan's wealth is derived from stakes in LT Group and PAL Holdings, both of which are publicly traded in the Philippines. LT reported revenue of 75.6 billion pesos ($1.4 billion) in 2018, according to its 2018 annual report. PAL, the parent company of Philippine Airlines, had revenue of 150.4 billion pesos in 2018, according to its annual report.

He controls about 74 percent of LT through Tangent Holdings and about 77 percent of PAL through Trustmark Holdings, based on information reported to the Philippines stock exchange in 2019. Both holding companies are closely held and based in Pasig, Philippines. Ana Holdings, parent of All Nippon Airways, bought a 9.5 percent stake in PAL for $95 million in January 2019.  

The liabilities included in the analysis reflect the cost of acquiring control of Philippine Airlines, including $750 million borrowed to buy out PAL's minority partners in 2014 and $2 billion spent over 15 years to revive the carrier, according to a June 2013 report in local media.

Tan consolidated cigarette maker Fortune Tobacco and rummaker Tanduay Holdings into LT in 2012, and a joint venture Fortune has with Philip Morris Philippines Manufacturing is the biggest cigarette business in the Philippines with an estimated market share of 70 percent, according to the group's 2018 annual report.

His Hong Kong real estate investments have a combined market value of about $2.6 billion, according to information published in 2013 on the website for Eton Properties Group, a real estate group believed to be wholly owned by Tan. Debt on the properties is calculated to be 30 percent, based on discussions with analysts in 2013. Real estate investments in China are valued at about $5.9 billion, according to the site, 70 percent of it leveraged, according to the analysts.

Cecilia Pesayco, corporate secretary of LT Group, confirmed his holdings in the publicly traded companies.


Birthdate: 7/17/1934
Family: Married, 7 children
Education: Far Eastern University

Tan was born in China's Fujian province in 1934. His family fled to the Philippines to escape the Japan's invasion of China. Tan worked as a janitor to put himself through school. He dropped out of Far Eastern University in Manila, where he was studying chemical engineering, to work in a tobacco factory.

Tan established his own cigarette company, Fortune Tobacco, in 1966. He expanded the business with the introduction of a budget brand called Hope. After the late dictator Ferdinand Marcos had declared martial law, Tan acquired from the government a defunct bank, renaming it Allied Banking Corp. Marcos also gave Tan the license to venture into the brewing business in the 1970s with Asia Brewery, challenging San Miguel's dominance in the beer market. 

After Marcos was ousted in 1986, Tan was accused of tax evasion. It would take 10 years before the case was eventually dismissed by the Supreme Court. He began investing outside the Philippines, setting up Eton Properties about a year later in Hong Kong and using it to pour money into real estate in the city and China. 

Tan started investing in Philippine Airlines in 1992 when it was privatized by then President Corazon Aquino and took over Asia's oldest air carrier three years later. The billionaire sold a 49 percent stake in Philippine Airlines to San Miguel in 2012 and consolidated the rest of his assets in the country under LT Group, formerly Tanduay Holdings. He named his son Michael Tan as the holding company's president. Michael is the child of the billionaire's second wife, Letty, the Philippine Star reported on Aug. 2, 2012.

  • 1934 Tan is born in Fujian province.
  • 1966 Starts Fortune Tobacco.
  • 1977 Acquires a defunct bank and renames it Allied.
  • 1986 Establishes Tan Yan Kee Foundation, named after his father.
  • 1987 Sets up Eton Properties in Hong Kong.
  • 1995 Takes control of Philippine Airlines.
  • 1996 Philippine Supreme Court dismisses his tax evasion case.
  • 2012 Names son, Michael Tan, as president of LT Group.
  • 2012 Consolidates Philippine businesses into LT Group.
  • 2015 Bought back San Miguel's 49 percent stake in Philippine Airlines.