By Jake Maxwell Watts 

Rags-to-riches retail tycoon Henry Sy, who began his career selling surplus American army boots during World War II and ended it a billionaire, died Saturday at age 94.

The Chinese-Filipino businessman was a pioneer among the Philippines' network of corporate elite and was worth $19 billion, according to Forbes, as the patriarch of SM Investments Corp., a vast conglomerate with interests spanning retail, banking, property, resorts and mining. He was the country's richest man when he died, and had been for 11 years.

Mr. Sy died in his sleep early Saturday, his family told Agence France-Presse. He is succeeded by six children, including his eldest, Teresita T. Sy-Coson, who run the business together.

The serial entrepreneur was renowned in this fast-growing economy of 100 million people for his business acumen. Born in Xiamen, China, in 1924, Mr. Sy abandoned his studies and left at the age of 12 to follow his father to the Philippines, where he owned a small convenience store.

After the store burned to the ground during World War II, Mr. Sy kept the family business going, undeterred, selling surplus U.S. Army boots and slowly building a retail empire, before diversifying into other sectors including banking and property.

SM Investments, founded in 1958 as the Shoemart Store, is best known for its sprawling network of department stores and shopping malls, including Mall of Asia in Manila, the country's largest. Its other brands include financial firms BDO Unibank Inc. and China Banking Corp. and integrated resorts developer Belle Corp.

SM owns more than 60 malls in the Philippines and in recent years has looked to expand in China, Mr. Sy's country of birth, chasing higher returns from its emerging middle class.

U.S. Ambassador to the Philippines Sung Kim was among many who offered their condolences on social media, Saturday. "I was deeply impressed by Mr. Sy's strong commitment to philanthropy and education, and his enormous contributions to the Philippines development," said Mr. Kim.

Shortly before he died, Mr. Sy's companies brought on thousands of contracted workers as direct employees, offering improved benefits after President Rodrigo Duterte's government began scrutinizing labor rights at major employers in the Philippines. The elderly Mr. Sy invested in education institutions and offered scholarships to students.

"We are truly grateful for the outpouring of sympathy on the passing of our father, Henry Sy Sr. May we respectfully ask for privacy today to give the family time to reflect and to finalize arrangements," the Sy family told local media.

Write to Jake Maxwell Watts at jake.watts@wsj.com

(END) Dow Jones Newswires

January 19, 2019 06:38 ET (11:38 GMT)