Forbes yesterday released its annual list of the world’s billionaires, and Thailand has its hands in the till with 28 billionaires, three of whom are ranked in the top 150. The list includes Dhanin Chearavanont, Charoen Sirivadhanabhakdi, and Sarath Ratanavadi, whose net worths range from US$12.3 billion to US$14.9 billion.
Despite this achievement, the year 2023 proved challenging for the world’s wealthiest people, with a drop in the total combined net worth of billionaires to US$12.2 trillion, down from US$12.7 trillion the previous year. Nearly half of the billionaires on the list were poorer than the year before, reported Bangkok Post.
The United States still leads the world in billionaires, with 735 on the list, followed by China, and India.
Notably, Bernard Arnault, head of luxury goods giant LVMH, takes the top spot as the world’s richest person, the first French citizen to do so. However, Elon Musk fell from No.1 to No.2 after his acquisition of Twitter led to a drop in Tesla shares. The rankings were calculated using stock prices and exchange rates from March 10.
Thailand’s success on the Forbes list is a testament to the country’s thriving economy, with a strong presence in sectors such as food and agriculture, alcohol and real estate, and energy. Despite the economic challenges faced by the world’s billionaires, Thailand’s trio of tycoons serves as a reminder of the power of entrepreneurship and innovation in driving economic growth and creating wealth. It’s just a shame that wealth remains with the 1% and none of it really trickles down to give the ordinary folk in the world a healthy share.
The trickle down theory is a model suggesting that tax cuts for corporations and the wealthy will eventually benefit the middle class and poor. The theory suggests that by allowing the wealthy to keep more of their money, they will invest it in businesses, creating new jobs and more economic activity. This in turn will create a trickle down effect, allowing more people to benefit from the increased economic activity.
With more poor people living in poverty than ever before, it is clear the theory does not work.
For the full Forbes list click HERE.
Charoen Sirivadhanabhakdi is ranked 118th with estimated total assets of US$14.8 billion.
Energy tycoon Sarath Ratanavadi is 141st with US$12.3 billion in estimated assets.
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