MANILA, Philippines — SM Investments Corp. Chairman Henry Sy has beaten Tesla CEO Elon Musk in the Forbes magazine's 2018 World's Billionaires List.
With a net worth of $20 billion, Sy was ranked 52nd in Forbes' annual roster of world's wealthiest people, while Musk, who has a net worth of $19.9 billion, settled at 54th place.
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The 93-year-old Sy also remains the richest man in the Philippines and the wealthiest in Southeast Asia this year.
Founded in 1960, Sy-controlled SM Investments has become the largest retailer in the Philippines, with interests in consumer-centric sectors like property, banking and retail.
'Extraordinarily well'
Forbes' billionaires ranking was released a month after Tesla announced it won't pay Musk unless the electric car company "does extraordinarily well" by reaching a market value of $650 billion by 2028.
But should the Palo Alto, California-based company meet its ambitious financial targets over the coming years, international business magazine Fortune expects Musk to become the world's richest person.
"If he hits all 12 performance milestones, the company calculates Musk would own as much as 28.3 percent of Tesla," Fortune said.
"With that large a stake of a $650 billion company, Musk’s net worth would surge to $184 billion in Tesla stock alone," it added.
According to Forbes, SpaceX, Musk's rocket company, is now valued at more than $20 billion.