Every time we post a list of the Richest Filipinos, many commenters always ask why Manny Pacquiao — with his millions of boxing winnings and earnings from product endorsements — is not on it.
The simple answer? He’s not rich enough.
That seems surprising, considering he is now the Philippines’ richest congressman and even topped the ESPN’s list of Highest Paid Athletes in 2010.
How much is he worth exactly?
As of December 31, 2010, his Statement of Assets, Liabilities and Net Worth (SALN) shows that his total net worth is P1.134 billion. That translates to around $26 million.
His assets consist of P397.9 million ($9.2 million) in real estate properties and P736.3 million ($17 million) in personal and other properties.
This does not even include yet his winnings in his latest victorious fight against Sugar Shane Mosley, which would net him an additional $30 million, according to TopRank promoter Bob Arum.
Liabilities? He has none. With that amount of money, why borrow?
And yet, billionaire Manny Pacquiao is not on the Forbes 40 Richest Filipinos list.
Why? Because his $26 million is, apparently, still not good enough. In 2010:
- the No. 1 richest Filipino (Henry Sy) is worth $5 billion — that’s five billion DOLLARS!
- the 10th richest Filipino (Danding Cojuangco) has a net worth of $760 million
- the 40th richest (Philip Ang of NickelAsia) is worth $50 million
This is probably the reason why Manny Pacquiao has no intention of retiring yet. He wants to be in that list.
Actually, his $30 million income from the Mosley fight brings his net worth to more than $50 million — making him a part of the upcoming 2011 richest Filipinos list — but we don’t know if he’ll actually get that entire amount.
So to seal the deal, Pacquiao has to win his next fight with Juan Manuel Marquez on November 12, 2011.
Image source: Forbes magazine