Thailand’s 50 Richest 2024: Tycoons Face A Actuality Verify As Mixed Wealth Declines 12% To $153 Billion

This story is a part of Forbes’ protection of Thailand’s Richest 2024. See the total checklist here.

Lower than a yr after taking workplace, the destiny of Thailand’s business-friendly prime minister Srettha Thavisin, a former actual property mogul, hangs in steadiness as we go to press. The political uncertainty dented investor confidence in Southeast Asia’s second-largest economic system and contributed to the benchmark inventory index falling by 15% since final yr. Hit additionally by a weaker baht, the mixed wealth of the nation’s richest was down almost 12% to $153 billion from $173 billion a yr in the past.

In consequence, 39 listees are much less well-off this yr, with solely seven bucking the development. The largest gainer in greenback phrases is the brand new No. 1: Pink Bull co-owners Chalerm Yoovidhya & family, who added $2.6 billion to spice up their wealth to a file $36 billion. Pink Bull’s income rose to over $11 billion in 2023 as worldwide gross sales of the vitality drink exceeded 12 billion cans.

After occupying the highest spot for almost 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 on account of a hunch in shares of certainly one of their holdings, China’s Ping An Insurance coverage, which reported a $2.7 billion loss in its asset administration enterprise in 2023. The opposite rankings within the high 5 remained unchanged from a yr in the past although all three noticed their wealth shrink.

Beverage tycoon Charoen Sirivadhanabhakdi’s fortune confronted sober actuality, falling by greater than a fourth to $10 billion, although he retained his place because the nation’s third-richest particular person. Following intently behind at No. 4 with $9.9 billion—down 20% since final yr—is Thailand’s first household of retail, the Chirathivat family, whose Central Group elevated its stake in iconic London division retailer Selfridges in November to develop into the bulk proprietor. The web price of dynamic energy-and-telecom tycoon Sarath Ratanavadi, which had been persistently rising since his debut within the rankings six years in the past, fell for the primary time to $9.2 billion.

Others caught within the downdraft embody renewable vitality magnate Somphote Ahunai, whose wealth shrank by two-thirds to $995 million, the largest decline in share phrases, and he dropped from the highest ten to No. 32. Shares of Somphote’s Vitality Absolute tanked over issues about debt taken on for an bold growth into electrical autos and batteries. Roiled by weak demand in China and Europe, petrochemicals billionaire Aloke Lohia’s Indorama Ventures reported a internet lack of $310 million in 2023 and its shares took successful, bringing down his fortune to $1.2 billion.

The frothy marketplace for vitality and different bottled drinks boosted the fortunes of 4 individuals: Carabao cofounders Sathien Sathientham and Nutchamai Thanombooncharoen; Bangkok-listed Sappe’s founder Anan Ruckariyapong; and Tan Passakornnatee, founding father of inexperienced tea and natural drinks maker Ichitan Group, who makes a comeback after a seven-year hiatus. Two patriarchs handed away final yr: former CEO and vice chairman of Osotspa, Petch Osathanugrah of the Osathanugrah family; and Chaivat Taepaisitphongse, former chairman of Betagro, whose heirs are listed below the Taepaisitphongse family. The minimal internet price to make the checklist edged right down to $550 million from $590 million final yr.

Full Protection of Thailand’s Richest 2024:

Reporting by Gloria Haraito, Phisanu Phromchanya and Anuradha Raghunathan.

Methodology:

This checklist was compiled utilizing shareholding and monetary info obtained from the households and people, inventory exchanges and analysts, the Inventory Change of Thailand and regulatory businesses. In contrast to our billionaire rankings, this checklist encompasses household for­tunes, together with these shared amongst prolonged households of a number of generations. Public fortunes had been calculated based mostly on inventory costs and ex­change charges as on June 14. Personal firms had been valued based mostly on comparisons with comparable firms which might be publicly traded. The checklist may also embody overseas residents with enterprise, residential or different ties to the nation, or residents who don’t reside within the nation however have important enterprise or different ties to the nation. The editors reserve the correct to amend any info or take away any listees in mild of latest info.