SINGAPORE (May 3, 2018) –Thailand’s richest saw their collective wealth surge to more than US$162 billion, up one third from the previous year. Among the top 50 richest on the 2018 Forbes Thailand Rich list, two-thirds saw their wealth rise, with the top four alone adding close to $25 billion. The list is available at www.forbes.com/thailand and www.forbesthailand.com as well as in the May issues of Forbes Asia and Forbes Thailand.
After a subdued spell, Thailand’s economy is gathering momentum. With rising exports and a recovery in domestic demand, the World Bank has forecast that for the first time since 2012, Thailand’s economic growth will exceed 4% in 2018. Relative to this modest upturn, the nation’s richest are enjoying a disproportionate wealth boom, spurred by stock market gains and a stronger baht.
The top four on the list are the year’s biggest dollar gainers, with the Chearavanont brothers of the Charoen Pokphand Group retaining the No. 1 spot with a record $30 billion. Their wealth got a boost from soaring shares of their key holdings, such as 7-Eleven operator CP All, which benefited from an uptick in consumer sentiment, and Chinese insurer Ping An, whose fintech bets are paying off.
Taking the second spot on the list is the Chirathivat family of Central Group who saw their wealth rise to $21.2 billion, up from $15.3 billion last year. Red Bull owner Chalerm Yoovidhya and his clan took the No. 3 spot on the list as their wealth increased by $8.5 billion to $21 billion this year. Charoen Sirivadhanabhakdi (No. 4, $17.4 billion) of Thai Beverage saw his fortune increase by $2 billon from a year ago.
Another big winner is Aloke Lohia (No. 9), whose wealth surged 89% to $3.3 billion this year. Since 2014, his prolific deal making saw his Indorama Ventures net 16 acquisitions across the globe, including in Europe and North America. For 2017, his company reported a 17% jump in revenue to $8.4 billion.
Reflecting rising prosperity, there are 32 billion-dollar-plus fortunes on this year’s list, four more than in 2017. There are four new names including two newly minted billionaires who join the ranks after taking their companies public. US-educated Sarath Ratanavadi (No. 7), CEO of Gulf Energy Development, which listed in December, is the richest newcomer with $3.4 billion. Prachak Tangkaravakoon (No. 14) makes his debut on the list with a net worth of $2.1 billion.
The other two new listees are from Thailand’s buoyant beauty industry. They are Suwin and Tanyapon Kraibhubes (No. 40) of Beauty Community with a combined net worth of $715 million, and Sarawut Pornpatanaruk (No. 45, $675 million), whose Do Day Dream is cashing in on the skin-whitening craze.
Of the nine women who feature in the top 50, there are two returnees this year, including matriarch Somporn Juangroongruangkit (No. 28, $1.3 billion), chairman of auto parts group Thai Summit. Another notable woman to make the list is shipping heiress Nishita Shah Federbush (No. 32, $1.06 billion), who helms the GP Group and saw her family’s fortune cross $1 billion for the first time. Much of the gain was due to the family’s 51% stake in listed pharma unit Mega Lifesciences, founded by her father Kirit in 1982.
Seven tycoons dropped off as they did not make the cut of this year’s minimum net worth of $600 million, including Pawat Vitoorapakorn, whose plastic packaging maker Eastern Polymer Group saw revenue and net profit fall on tepid demand and higher raw material costs.
The top 10 richest in Thailand are:
- Chearavanont brothers; US$30 billion
- Chirathivat family; $21.2 billion
- Chalerm Yoovidhya; $21 billion
- Charoen Sirivadhanabhakdi; $17.4 billion
- Vichai Srivaddhanaprabha; $5.2 billion
- Krit Ratanarak; $3.7 billion
- Sarath Ratanavadi; $3.4 billion
- Prasert Prasarttong-Osoth; $3.35 billion
- Aloke Lohia; $3.3 billion
- Vanich Chaiyawan; $3 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 our billionaire 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 of April 20. Private companies were valued based on comparisons with similar companies that are publicly traded.
For more information, visit www.forbes.com/thailand and www.forbesthailand.com
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