The Philippines’ 40 richest are now worth US$22.8 billion, up 39 percent from $16.4 billion a year ago, according to the 2010 Forbes Asia Philippines Rich List.

The biggest dollar gainer this year and sitting firmly at pole position again is 85-year old mall mogul Henry Sy. He has held the richest Pinoy title four times, including this year, since Forbes Asia published the inaugural list of the country’s richest in 2006. Sy is worth $5 billion, $1.2 billion more than last year.

His wealth was boosted by his stock, SM Investments, which is up more than 25% in the past year. The group is one of the country’s biggest conglomerates with interests in retail, mall operations and banking.

Staying put at No. 2 is Lucio Tan with $2.1 billion, up from $1.7 billion in 2009. The 76-year old tycoon owns a bevy of businesses which include Fortune Tobacco, Asia Brewery, and Hong Kong-based Eton Properties.

Third on the list is first-time billionaire John Gokongwei Jr. The 83-year old is worth $1.5 billion, more than double his last year’s net worth of $720 million. His JG Summit Holdings’ shares hit a two-year peak earlier this year, pushing his net worth into the 10-figure bracket. The stock rose partly on plans to list the group’s budget carrier, Cebu Pacific, whose IPO subsequently got delayed.

This year, there are five billionaires on the list, compared with three last year. In addition to the top three, Ayala Corporation’s Jaime Zobel de Ayala, who dropped a notch to No. 4 this year, is worth $1.4 billion, and Alliance Global Group’s Andrew Tan is again a billionaire, after a two-year hiatus, at No. 5 with $1.2 billion.

The top five tycoons are not the only ones who saw gains in their wealth, 28 others on the list also enjoyed growth in their net worths. One notable winner is 89-year old David Consunji, ranked No. 12, whose wealth again significantly increased for the second straight year. His net worth soared to $715 million, up from $300 million in 2009 and $105 million in 2008, as his construction firm DMCI’s shares have more than doubled.

Bucking the trend, four tycoons are poorer compared with a year ago. Manuel Villar, who lost the Philippine presidential election in May, dropped to No. 17 with a reduced net worth of $380 million, down from $530 million last year. GMA Network’s Gilberto Duavit (No. 25; $145 million), Menardo Jimenez (No. 26; $143 million), and Felipe Gozon (No. 27; $120 million) also saw smaller fortunes this year.

There are two new faces on the list this year. The highest ranking newcomer is former minister of trade, Roberto Ongpin (No. 21; $300 million). He is part of an investor group that is poised to become the majority shareholder in San Miguel. The 73-year old also has investments in property, gaming, mining and telecom. The other new entrant is Wilfredo Keng (No. 32; $100 million) who runs mining company Century Peak Metals.

The minimum net worth to make the list this year increased to $50 million, up from $38 million previously.

The complete list of Forbes Magazine's 40 Richest in the Philippines follows:
1. Henry Sy                                                           US$5 billion
2. Lucio Tan                                                           $2.1 billion
3. John Gokongwei Jr.                                         $1.5 billion
4. Jaime Zobel de Ayala                                      $1.4 billion
5. Andrew Tan                                                       $1.2 billion
6. Tony Tan Caktiong                                        $980 million
7. Enrique Razon Jr.                                          $975 million
8. Beatrice Campos                                          $840 million
9. George Ty                                                        $805 million
10. Eduardo Cojuangco Jr.                              $760 million
11. Inigo and Mercedes Zobel                        $ 730 million
12. David Consunji                                            $715 million
13. Emilio T. Yap                                                $665 million
14.Andrew Gotianun                                          $500 million
15. Vivian Que Azcona                                       $445 million
16. Oscar Lopez                                                 $420 million
17. Manuel Villar                                                 $380 million
18. Jon Ramon Aboitiz                                      $360 million
19. Mariano Tan                                                  $330 million
20. Robert Coyuito, Jr.                                       $310 million
21. Roberto ONgpin                                           $300 million
22. Alfonso Yuchengco                                      $260 million
23. Betty Ang                                                        $165 million
24. Enrique Aboitiz                                              $150 million
25. Gilberto Duavit                                              $145 million
26. Mynardo Jimenez                                         $143 million
27. Felipe Gozon                                                 $120 million
28. Alfredo Ramos                                              $117 million
29. Manuel Zamora                                             $116 million
30. Wilfred Uytengsu, Jr.                                    $115 million
31. Benjamin Romualdez                                  $110 million
32. Wilfred King                                                    $100 million
33. Tomas Alcantara                                             $99 million
34. Bienvenido Tantoco, Sr.                                 $95 million
35. Frederick Dy                                                      $70 million
36. Eugenio Lopez III                                              $68 million
37. Lourdes Montinola                                           $65 million
38. Luis Virata                                                          $57 million
39. Jesus Tambunting                                           $55 million
40. Philip Ang                                                           $50 million