Philippines' wealthiest man Henry Sy dies at 94

Henry Sy, Philippines' SM tycoon, has died at the age of 94.

Henry Sy Sr. in 2013 Source: Ted Aljibe/AFP via Getty Images

The billionaire who made his fortune by building his shoe shop into one of the country's most valuable listed companies died in his sleep on Saturday morning (Jan 19), his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp, said.

Sy had a net worth of US$7.2 billion (S$9.78 billion), according to the Bloomberg Billionaires Index, making him the richest person in the Philippines.