Who is Manuel Villar, the Philippines' richest man?

He has several listed businesses spanning multiple sectors, with the biggest being Golden MV Holdings, which specializes in developing mass housing projects and memorial parks.

The others include property developer Vista Land & Lifescapes, shopping mall chain Vista Malls, real estate investment trust VistaREIT, home improvement chain AllHome, supermarket AllDay Marts and holding firm Premiere Island Power REIT.

Behind his rise to entrepreneurial success is a classic rags-to-riches story.

Manuel Villar speaks at the University of the Philippines in Quezon city, Feb. 8, 2010. Photo by Reuters

Villar was born in late 1949 in Manila as the second of nine siblings. His father was a government employee while his mother was a seafood dealer, according to the official Senate of the Philippines website.

From a young age, he helped his mother sell seafood at a market to help support his siblings and fund their education, as well as his own.

He graduated from the University of the Philippines with degrees in business administration and accountancy, and began his career as an accountant for SyCip Gorres Velayo, the Philippines’ largest accounting firm. He soon left the job to launch a seafood delivery business that did not take off.

Undeterred, Villar ventured into another business, purchasing two trucks to transport gravel and sand to construction firms.

"I learned from my mother what it takes to be an entrepreneur," he said, as quoted by the Philippine Senate website. "And it means working really hard to achieve your dreams."

That investment eventually led him to property development. Understanding the benefits of economies of scale, Villar ventured into mass housing to provide homes at reasonable prices, the Manila Standard reported.

He also established water management firm PrimeWater and, in 1984, launched Golden Haven Memorial Park, a chain of high-end cemeteries that later rebranded as Golden MV. Several of his firms became listed on the Philippine Stock Exchange in 1995.

Villar entered politics in 1992 and ran for president in 2010, where he suffered a crushing defeat, securing only 15% of the vote, according to Forbes.

He returned to his work, focusing on scaling up his property business, which had long been the cornerstone of his career.

The share prices of his listed companies surged in 2018, propelling him to the second spot on the Philippines’ rich list. The next year, he became the country’s single richest individual.

The largest boost to his wealth has come from Golden MV, whose share price surged more than 60 times from its 2016 debut to 2022.

Nowadays, the real estate magnate is focused on bringing his vision of Villar City to life, a premium residential and commercial development spanning 3,500 hectares in southern Metro Manila set to be the crowning achievement of his legacy.

The project will encompass 15 cities and towns and is designed to be a housing and leisure hub, featuring two golf courses, an event and sports arena, and an integrated entertainment complex.

Villar is married and has three children, whom he considers his proudest achievement in life.

"Raising our kids to become kind and loving people, contributing to the betterment of our society, leaving a legacy for others so that they can enjoy a better and brighter future, these are the things that we live for, not money nor power," he wrote on his website.

He has been portrayed by the local media as a family man who ensures his family spends holidays and special occasions together, according to Philstar.

He always makes time in his busy schedule to spend Sundays with his mother, siblings, and their families.

Despite entering his 70s, Villar has yet to retire, a decision he chalked up to his passion for business, he told Tattler Asia in an interview last year.

For those aspiring to embark on an entrepreneurial journey, Villar advised developing a product or service that aligns with both their interests and the needs of others.

"To become rich should never be your goal. It’s the idea that you can build something from the ground up. The feeling of accomplishing something out of your blood, sweat and tears should be your goal," he said in the interview.

"The money will follow and nothing can put a price on entrepreneurial success."