Wealth decreasing among top 50 richest in Thailand

PHOTO: Dhanin Chearavanont - the richest man in Thailand. (via Bangkok Post)

While the wealth of the 50 richest people in Thailand has fallen nearly 6% to a collective US$151 billion, Forbes Asia has announced at the top 10 richest people in the country remain in mostly the same ranking. Charoen Pokphand Group’s Chiaravanont brothers saw their wealth decrease by nearly US$3.7 billion this year but still remain the richest in Thailand with a net worth of US$26.5 billion.

Son of the co-founder of Red Bull, co-owner Chalerm Yoovidhya, has seen worldwide growth of his energy drink empire and has inched very close to the number one spot with a US$1.9 billion increase in net worth up to US$26.4 billion. Thai Beverage magnate Charoen Sirivadhanabhakdi’s fortune fell by US$1.5 billion over the last year, and his net worth is less than half the number 1 and 2 ranked billionaires with US$11.2 billion.

Gulf Energy Development leader Sarath Ratanavadi is 1 of just 12 in the top 50 who saw an increase in their wealth this year moving up to the number 4 ranking with an increase of US$2.2 billion, the largest gain of anyone in Thailand. His success is due to the energy giant’s growth in the telecom sector, with deals forged with AIS and Singtel.

One notable return to the list is Gunkul Dhumrongpiyawut of Gunkul Engineering, a renewable energy company that has branched into the recently decriminalised cannabis field, moving him back up to the 44th position on Thailand’s wealth list.

Thailand’s economy is slowly recovering, though still struggling, and the wealth gap is still tremendously significant in the country. Thailand is ranked fourth for income inequality among the countries of ASEAN, behind the Philippines, Indonesia, and Malaysia, though it has made improvements over the last two decades.

The full ranking of the top 10 richest people in Thailand this year:

1 Chiaravanont Brothers CP Group US$26.5 billion
2 Chalerm Yoovidhya Red Bull US$26.4 billion
3 Charoen Sirivadhanabhakdi ThaiBev US$11.2 billion
4 Sarath Ratanavadi Gulf Energy Development US$11.1 billion
5 Chirathivat Family Central Group US$10.6 billion
6 Somphote Ahunai Energy Absolute US$3.9 billion
7 Prasert Prasarttong-Osoth BDMS, Bangkok Airways US$3.1 billion
8 Vanich Chaiyawan Thai Life Insurance US$3 billion
9 Prachak Tangkaravakoon TOA Paint US$2.8 billion
10 Osathanugrah Family Osotspa US$2.7 billion

SOURCE: Bangkok Post

Business News

Neill Fronde

Neill is a journalist from the United States with 10+ years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

Related Articles