Royal wealth extraction

19 01 2021

Readers may recall the demonstration at the Siam Commercial Bank, where the king is the largest shareholder, when activists “demanded public oversight of … Vajiralongkorn’s vast wealth…”. In our view, the king’s control of huge wealth is as significant as his political meddling. And, perhaps more important than his personal wealth, and how he and his forebears got it, is the huge piles of taxpayer’s money that “supports” the monarchy.

Helpfully, and in the current circumstances, bravely, Prachatai has posted on these topics.

On the money sucked from the taxpayer, the Prachatai report states:

In summary, in 2021, various agencies allocated budget related to the monarchy, all of which total approximately 37.228 billion baht or 1.12% of all the national budget (3.3 trillion baht), divided into 20.653 billion baht in direct expenses and 16.575 billion baht in indirect expenses.

That’s a lot of money – more than $1 billion! Helpfully, there’s considerable detail, all extracted from the Budget Bureau’s reports. The report states that “many of the projects among the indirect expenses are for the public benefit.” We are not convinced. After all, money sucked out of the public purse to glorify the monarch is money lost to other possibly good purposes.

The Royal Offices alone get more than 8.98 billion baht in 2021, up almost 17% over 2020. Meanwhile, the Thai economy languishes and millions are struggling to make ends meet. By 2024, this budget is forecast to increase to almost 10.7 billion baht by 2024, up almost 40% over 2020.

We at PPT also wonder if the figures mined by Prachatai are complete. For example, does it include the budget for the hugely expensive royal projects? Our feeling is that the monarchy east far more taxpayer wealth than we are seeing here.

Further information on how the monarchy accumulated its wealth is covered in a second Prachatai report. This is mainly focused on historical wealth. We guess it is too difficult and potentially dangerous to add up Vajiralongkorn’s many property grabs.


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