Updated: Wealth, royal and other

2 09 2010

Despite all of the bleating from business in Thailand regarding the red shirt protests in March, April and May, 91 dead and thousands injured in violent government crackdowns, all of the gloom about tourism falling and so on, the Thai economy – measured by the value of the baht, exports and the stock market – has done exceptionally well. As Forbes points out, the  SET 50 Index is up 20% since last year at this time.

Each year Forbes ranks Thailand’s wealthiest as “calculated using share prices and exchange rates as of Aug. 20. For privately held assets we estimated what they would be worth if public, using information from the Thailand Ministry of Commerce and other sources. This ranking, unlike the Forbes billionaires list, includes numerous family fortunes. Dhanin Chearavanont, for instance, is valued by himself in the billionaire ranks but counted here [in the Forbes listing] with his three brothers.”

The top-10 in the Forbes ranking for 2010 is:

1. Dhanin Chearavanont, US$7.0 billion

2. Chaleo Yoovidhya, US$4.2 b.

3. Charoen Sirivadhanabhakdi, US$4.15 b.

4. Chirathivat family, US$2.9 b.

5. Krit Ratanarak, US$1.7 b.

6. Aloke Lohia, US$1.25 b.

7. Chamnong Bhirombhakdi, US$1.2 b.

8. Thongma Vijitpongpun, US$1.15 b.

9. Vichai Maleenont, US$1.11 b.

10. Isara Vongkusolkit, US$1.1 b.

Forbes points out that 30 of the 40 on their full list “of the richest added to their fortunes” in the past year. Topping the list this year is “Dhanin Chearavanont, whose conglomerate Charoen Pokphand Group has seen the value of its stock assets more than double over the past year…”.

Even the owners of the burned down Central World – the Chirathivat family – did very well and remain ranked at No. 4. Liquor tycoon Charoen Sirivadhanabhakdi comes in at No. 3 and the Singha beer family Bhirombhakdi rank 7th. PPT picked these names out, at 1, 3, 4, and 7 because of their previous mentions at this blog for political connections with an support to the monarchy. They are core, card-carrying members of the Abhisit Vejjajiva regime and core members of the royalist elite. There are several more on the list of 40.

Of course, eagle-eyed readers will note that the wealthiest family in Thailand is missing from the list. That’s because the they appear on a very special list at Forbes that we posted on in July: “Thailand’s royal family again tops Forbes’ richest royals list. Forbes says: “Thailand’s King Bhumibol remains the world’s richest royal for the third year in a row, despite his country’s riots and turmoil. Royal assets are held under Thailand’s Crown Property Bureau, which benefited from stock market and real estate gains in 2009. As a result, his fortune remains stable at $30 billion…”. That’s more than 4 times the wealth of the Chearavanont family, at No. 1 above.

Update: That other wealthy Thai-in-exile, Thaksin Shinawatra (no. 23 on Forbes’ list) has turned up in Africa, with confirmed meetings with Nelson Mandela and his former wife Winnie. He is said to be involved with diamonds.



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10 03 2011
The rich, minus 1 | Political Prisoners in Thailand

[…] Billionaires 2011 – and lists three for Thailand. The ranking hasn’t changed much since 2010, although wealth is increasing: […]

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