The chairman of International Container Services (ICTSI) had a net worth of $21.8 billion in the early August wealth update by U.S. magazine Forbes.
Undeterred by geopolitical tensions, Razon stepped up the global expansion of his company, driving its share price higher and increasing his fortune by $10.3 billion from a year earlier.
Shares of ICTSI, where Razon serves as chairman and president, have more than doubled over the past year, making it the country’s most valuable publicly traded company.
The port operator posted record earnings in 2025, with net profit rising 23% to $1.1 billion as revenue increased 18% to $3.2 billion.
In December, ICTSI signed a 25-year joint venture agreement with South Africa’s state-owned Transnet to operate a container terminal at the Port of Durban, which handles nearly half of the country’s port traffic.
The company said it plans to invest nearly $650 million to upgrade the facility. That same month, ICTSI also announced a $175 million expansion of its terminal in Rio de Janeiro, Brazil.
In the Philippines, ICTSI has earmarked $1 billion for projects that include upgrading its flagship Manila port and constructing a new container terminal in Batangas province, south of the capital.
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Enrique Razon Jr. Photos by Reuters, International Container Services |
A June research report by Malaysia’s Maybank said these investments will “support sustained compounding of earnings over the long term.”
Razon is also expanding his investments in other sectors, including casinos, energy, and mining. In March, his privately held Prime Infrastructure Capital agreed to acquire SierraCol Energy, a Colombian oil and gas producer, from private equity firm Carlyle.
Ranking second in wealth in the Philippines is the property tycoons Sy siblings, with a fortune of $9.2 billion, followed by Ramon Ang, chairman of conglomerate San Migue, with a net worth of $3.5 billion.
