THE combined wealth of tycoons on the 2024 Forbes list of Thailand’s 50 Richest declined by nearly 12% or US$20 billion to $153 billion. The benchmark stock index fell by 15% since last year, in addition to a weaker baht which also affected net worths.
As a result, 39 listees are less well-off this year, with only seven bucking the trend. The biggest gainer in dollar terms is the new No. 1: Red Bull co-owners Chalerm Yoovidhya & family, who added $2.6 billion to boost their wealth to a record $36 billion. Red Bull’s revenue rose to over $11 billion in 2023 as worldwide sales of the drink exceeded 12 billion cans.
After occupying the top spot for nearly a decade, the Chearavanont brothers of the Charoen Pokphand group slipped to No. 2 with $29 billion, down from $34 billion. That decline was partly due to a slump in shares of one of their holdings, China’s Ping An Insurance, which reported a $2.7 billion loss in its asset management business in 2023.
Beverage tycoon Charoen Sirivadhanabhakdi of Thai Beverage retains the No. 3 spot with $10 billion, down $3.6 billion from last year.
Meanwhile the Central Group’s Chirathivat family remains at No. 4 with a net worth of $9.9 billion, down 20% from last year’s $12.4 billion. The Central Group increased its stake in iconic London department store Selfridges in November to become the majority owner.
Dynamic energy-and-telecom tycoon Sarath Ratanavadi continues to hold the No. 5 spot. His fortune, which had been consistently rising since his debut in the rankings six years ago, fell for the first time to $9.2 billion from $11.3 billion previously.
Renewable energy magnate Somphote Ahunai saw his wealth shrink by two-thirds to $995 million and he dropped from the top 10 to No. 32. Shares of Somphote’s Energy Absolute fell over concerns about debt taken on for an ambitious expansion into electric vehicles and batteries.
The frothy market for energy and other bottled drinks boosted the fortunes of four persons: Carabao co founders Sathien Sathientham (No. 14, $1.75 billion) and Nutchamai Thanombooncharoen (No. 36, $895 million); Bangkok-listed Sappe’s founder Anan Ruckariyapong (No. 42, $650 million); and Tan Passakornnatee (No. 45, $620 million), founder of green tea and herbal drinks maker Ichitan Group, who makes a comeback after a seven-year hiatus.
Two patriarchs passed away last year: Osotspa’s former CEO and vice chairman, Petch Osathanugrah of the Osathanugrah family (No. 9, $2.2 billion); and Chaivat Taepaisitphongse, former chairman of Betagro, whose heirs are listed under the Taepaisitphongse family (No. 35, $900 million).
The minimum net worth to make the list was $550 million, down from $590 million last year.
The top 10 richest in Thailand are:
(1) Chalerm Yoovidhya & Family; US$36 billion;
(2) Chearavanont Brothers; $29 billion;
(3) Charoen Sirivadhanabhakdi; $10 billion;
(4) Chirathivat Family; $9.9 billion;
(5) Sarath Ratanavadi; $9.2 billion;
(6) Prasarttong-Osoth; $3.8 billion;
(7) Aiyawatt Srivaddhanaprabha & Family; $3.6 billion;
(8) Vanich Chaiyawan; $3.3 billion
(9) Osathanugrah Family; $2.2 billion
(10) Prayudh Mahagitsiri; $2.15 billion
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies. Unlike the Forbes’ World Billionaires rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations.
Public fortunes were calculated based on stock prices and exchange rates as on June 14. Private companies were valued based on comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
CAPTIONS:
Top: Chalerm Yoovidhya, left, and Dhanin Chearavanont, right.
First insert: Charoen Sirivadhanabhakdi, left and Tos Chirathiwat, right
Second insert: Sarath Ratanavadi, left, and Prasert Prasarttong-Osoth
Third insert: Aiyawatt Srivaddhanaprabha, left, and Vanich Chaiyawan, right.
Fourth insert: Purat Osathanugrah, left, and Prayudh Mahagitsiri. All photos: Naewna
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