The Chearavanont Brothers of the Charoen Pokphand (CP) Group have retained the top spot on the 2023 Forbes list of Thailand’s 50 richest, with the combined wealth of all tycoons rising by almost 15% to US$173 billion.
According to a news release by Forbes on Thursday, the Chearavanont Brothers, who earlier this year finalised the merger between their telecom unit True and rival Total Access Communications (Dtac), saw the largest gain in terms of dollars to maintain their position at No. 1. Their wealth surged to a record $34 billion, up from $7.5 billion last year.
Chalerm Yoovidhaya retains the No. 2 spot with $33.4 billion, fuelled by Red Bull sales of 11.6 billion cans worldwide, with revenue exceeding $10 billion in 2022. The energy drink tycoon added $7 billion to his wealth, which he shares with his family.
Charoen Sirivadhanabhakdi of Thai Beverage ranks third with $13.6 billion, up $2.4 billion from 2022.
The Chirathivat family of the Central Group moved up one spot to No. 4, boasting a net worth of $12.4 billion, up $1.8 billion from $10.6 billion last year. Energy billionaire Sarath Ratanavadi of Gulf Energy Development secures the fifth spot on the list with $11.3 billion, a slight increase from $11.1 billion previously.
Biggest gainers
Overall, 21 fortunes got a boost from a year ago. Some of the biggest gainers in percentage terms were attributed to the return of foreign shoppers. Atiyawatt Srivaddhanaprabha, whose family owns duty-free operator King Power International, more than doubled his net worth to $3.5 billion, reclaiming a place in the top ten and appears at No. 8.
The fortune of Supaluck Umpujh (No. 15), who oversees her family’s retailing empire, The Mall Group, doubled to $2 billion. The Mall Group owns a string of popular malls in Bangkok, including Siam Paragon and EmQuartier.
Newcomers
The retailing rebound propelled one of two newcomers to the list.
Pradit Phataraprasit, the country’s former deputy minister of finance, whose family has a stake in The Mall Group, as well as stakes in other businesses, makes his debut at No. 27 with $1.4 billion.
The other newcomer is Anan Ruckariyapong (No. 50, $590 million), founder of listed beverage firm Sappe. He started out five decades ago selling Thai-style candied peanuts and cookies named after his daughter Piyajit. He now serves as the company's CEO.
Stock market debuts
Two individuals on the list benefitted from their companies' stock market debuts.
Insurance veteran Vanich Chaiyawan (No. 6, $3.9 billion), whose 81-year-old firm Thai Life Insurance went public last year in Thailand's largest initial public offering (IPO) in 2022, saw a 30% rise in his net worth.
Chaivat Taepaisitphongse (No. 30, $1.2 billion) returned to the rankings following the October IPO of his food conglomerate, Betagro, following a two-year gap.
Wealthiest with lesser fortunes
Among the 22 listees who experienced a decline in their fortunes, paints magnate Prachak Tangkaravakoon (No. 16, $1.99 billion). He suffered the most significant percentage drop, nearly 30%, due to issues surrounding Stark Corp, a wire and cable manufacturer, in which his son Vonnarat has a stake.
The minimum net worth required to make the list was $590 million, down from $655 million last year.
The top 10 richest individuals in Thailand, according to the list, are as follows:
- Chearavanont Brothers - $34 billion
- Chalerm Yoovidhya - $33.4 billion
- Charoen Sirivadhanabhakdi - $13.6 billion
- Chirathivat Family - $12.4 billion
- Sarath Ratanavadi - $11.3 billion
- Vanich Chayawan - $3.9 billion
- Prasert Prasarttong-Osoth - $3.8 billion
- Aiyawatt Srivaddhanaprabha - $3.5 billion
- Somphote Ahunnai - $3 billion
- Osathanugrah Family - $2.5 billion
The list was compiled using shareholding and financial information obtained from families, individuals, stock exchanges, analysts, the Stock Exchange of Thailand (SET), and regulatory agencies.
Unlike Forbes' 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 of June 16, 2023. Private companies were valued by comparing them to similar publicly traded companies. The list can also include foreign citizens with business, residential or other ties to Thailand, as well as citizens who do not reside in the country but have significant business or other ties to the country.