Philippines' richest man dies at 94

Henry Sy, who became Philippines' wealthiest man by turning a shoe shop into the largest retail chain in the country, has died. He was 94.

He passed away in his sleep, his conglomerate announced.

Bloomberg Billionaires Index labels him the richest person in the Philippines with a net worth of $7.2 billion.

Sy was born in the southeastern Chinese city of Xiamen, and immigrated to the Philippines at the age of 12. He started out by selling rice, sardines and soap at his father's neighbourhood store in Manila before it was destroyed during World War II.