With an economy driven by tourism, Thailand stands as a jewel on the crown of Southeast Asia. While sandy beaches and gorgeous temples make it a favourite among travellers, the nation is also a hub of private companies which are owned by some of the richest Thai billionaires who have astounding net worth.
The COVID-19 pandemic indeed impacted the economy adversely which resulted in a slump in the net worth of these billionaires. However, the easing of border restrictions and a slow revival of trade and business helped boost their wealth.
A July 2022 report by Forbes says, “Amid a sluggish economic recovery, the benchmark SET Index declined just over 3% since we last measured fortunes with the baht down by 12%. The combined wealth of the 50 richest fell by nearly 6% to $151 billion from a year ago.”
Despite a drop in their net wealth, the top three names on the Forbes 2022 list of Thailand’s 50 Richest — the Chearavanont brothers of the Charoen Pokphand Group, Red Bull co-owner Chalerm Yoovidhya and Thai Beverage king Charoen Sirivadhanabhakdi — continue to hold on to their position with their recuperating net worth.
It is noteworthy that the Forbes list encompasses family fortunes and takes into account the wealth shared among extended families across generations. The list is based on the financial information from the families, the Stock Exchange of Thailand (SET) and regulatory bodies, which helps compute the fortunes of the richest people in the nation, their businesses and others who have ties with the Thai economy. Although this may give an overview of 2022, real-time net worth, current trends and changes in the economic fabric of Thailand show a slightly reshuffled order, with some of these billionaires seeing an uptick in their net worth.
Here are the richest Thai billionaires and what they do
Charoen Sirivadhanabhakdi
Net worth: USD 14.8 billion
Industry: Food and beverage, real estate
One of the richest billionaires in Thailand, Charoen Sirivadhanabhakdi has made his wealth through his liquor business and real estate. He is the founder and chairman of TCC Group, a beverage and real estate conglomerate in the country whose biggest flagship subsidiary is Thai Beverage. It is the largest drinks maker in the nation and is behind the popular Chang beer.
As of 2021, Thai Beverage has garnered a revenue of 240.5 billion THB (USD 7.7 billion). The company went public in 2006 in Singapore after revolts against alcohol promotion in Thailand.
Some of his other businesses include Singapore food & beverage and property giant Fraser & Neave and hypermarket chain Big C Supercenter, which he acquired in 2016 for over USD 6 billion. The Thai billionaire also went public with his privately held property unit Asset World Corp in 2019 and continues to own the majority stake.
Dhanin Chearavanont
Net worth: USD 13.7 billion
Industry: Diverse
Charoen Pokphand Group Co., Ltd is one of Thailand’s leading corporations and is the parent company of CP Group. It is also a holding company and has subsidiaries both in Thailand and abroad such as Chinese insurer Ping An and Hong Kong conglomerate CITIC.
The company has diverse businesses, ranging from agriculture to innovation and technology and e-commerce. It is also one of the world’s largest producers of animal feed and livestock.
The founding seeds of the company were laid by Chia Ek Chor, father of Dhanin Chearavanont, along with his brother Choncharoen Chiaravanont who opened a seed shop in 1921. Chor’s four sons amass their wealth from this company, and Forbes 2022 list of Thailand’s 50 Richest mentions their combined net worth to be around USD 26.5 billion.
The youngest of the four brothers, Dhanin Chearavanont, served as the CEO for 48 years before stepping down in 2017 and is a senior chairman. He appointed his eldest and youngest sons, Soopakij and Suphachai, as chairman and CEO, respectively. In 2020, CP Group acquired Tesco’s Thailand and Malaysia operations for USD 10.6 billion.
The group also has a philanthropic arm and often goes on plantation drives and climate change activities. During the COVID-19 pandemic, CP Group invested USD 3 million in a factory to produce 30 million face masks per month, provided food to 40 hospitals and donated USD 29 million to various initiatives in the country to battle the pandemic.
Sarath Ratanavadi
Net worth: USD 12.3 billion
Industry: Energy
Energy tycoon Sarath Ratanavadi serves as the director, vice chairman of the board and CEO of Gulf Energy Development (GED), one of the largest energy and power producers in Thailand. With such an enormous net worth, Ratanavadi is among the very few Thai billionaires who worked their way up the rich person list.
In a semi-feudal society like Thailand, where family wealth and political connections help in running a business, Ratanavadi came into prominence only when he appeared on the Forbes list of Thailand’s 50 Richest in 2018. In 2021, he became Thailand’s fifth richest person with a net worth of USD 8.9 billion.
The same year, he was conferred with his first royal award — Knight Grand Cross (First class) of the Most Noble Order of the Crown of Thailand.
In 2017, he listed the company as public and raised nearly USD 700 million in the nation’s biggest IPO in a decade. In 2021, he also bought huge shares of telecom behemoth InTouch Holdings and Advanced Info Service (AIS).
The former director of the Thailand Golf Championship, Sarath Ratanavadi holds 58 percent of GED himself as well as through his wife Nalinee and holding companies, including Gulf Holding (Thailand) Company and Gulf Capital Holdings. The Bangkok-based company has installed a power capacity of over 14,000 megawatts.
Sumet Jiaravanon
Net worth: USD 4.9 billion
Industry: Diverse
Elder brother of Dhanin Chearavanont, Sumet Jiaravanon has been serving as an executive chairman of Charoen Pokphand Group, one of Thailand’s biggest conglomerates, since 1993. He worked with his billionaire brother in planning and managing the CP Group.
Jiaravanon is also the chairman of Chia Tai Group, which looks after the family’s assets in China. He is listed separately from his brothers since he owns nearly 13 percent of his vast family wealth. He has extensive experience in establishments and operations in Asia, the US and Europe.
In 2018, Jiavarnon’s son Chatchaval achieved a major milestone when he bought Fortune magazine for USD 150 million.
Jaran Chiaravanont
Net worth
: USD 4.8 billion
Industry: Diverse
Jaran Chiaravanont is the eldest of the four Chearavanont brothers running the mammoth Thai business house, Charoen Pokphand Group. While he might be an honorary chairman, Chiaravanont has worked with his brothers. In 1979, he became the first chairman of the Charoen Pokphand Group until 1989 and has vast experience in establishing and operating its business in Thailand.
While the agricultural segment of the business includes a livestock section with chicken, ducks and pigs, its aquaculture portion consists of shrimp and fish. Some of its other items include animal feed, animal farm products as well as ready-to-eat and processed foods.
Jaran Chiaravanont is listed separately from his other brothers because of his 12.76 percent stake in the family fortunes.
Montri Jiaravanont
Net worth
: USD 4.7 billion
Industry: Diverse
Montri Jiaravanont is an honorary chairman and director of the Charoen Pokphand Group and the older brother of one of the richest Thai billionaires Dhanin Chearavanont. With an impressive knowledge of agro-business in Asia and overseas, Jiaravanont also served as executive director for two years at listed CP Pokphand Co.
He is listed separately from his youngest sibling for owning a 12.63 percent stake in the family wealth.
Vanich Chaiyawan
Net worth: USD 3.9 billion
Industry: Finance and investment
Vanich Chaiyawan is the chairman emeritus of Thai Life Insurance, one of the country’s biggest insurance companies. Interestingly, although the concept of life insurance has been around in Thailand for a long time, it only gained importance in 1942 during World War II when a group of Thai people started the first indigenous life insurance company for the citizens.
Today, the business is mostly run by Chaiyawan’s son, Chai Chaiyawan, who serves as its director, CEO and chairman of the executive committee. The company works majorly via agents and is known for some creative and thought-provoking advertisements. Thai Life also has Japan’s Meiji Yasuda owning 15 percent of the conglomerate.
Additionally, Vainch Chaiyawan has a very small share in fellow Thai billionaire Charoen Sirivadhanabhakdi’s listed alcohol and beverage company.
Prasert Prasarttong-Osoth
Net worth: USD 3.5 billion
Industry: Healthcare
One of the renowned Thai billionaires, Prasert Prasarttong-Osoth is a game-changer in the country’s healthcare segment. He belongs to an old Bangkok-based family who sold traditional medicines.
Prasarttong-Osoth is the group CEO and president, chairman of the executive committee and authorised director of Bangkok Dusit Medical Services. Founded in 1972, it is the largest medical service provider in the country. Bangkok Dusit owns a USD 370-million luxury healthcare complex in the Thai capital and houses a 290-room Movenpick hotel. Prasarttong-Osoth’s daughter Poramaporn is the president of the company.
Former surgeon, medical practitioner and member of the National Legislative Council, Prasarttong-Osoth is also the owner of Bangkok Airways PCL, a regional airline, which went public in 2014. He serves as the vice chairman of the board of directors and chairman of the executive committee of the airline.
A multi-hyphenate business magnate, his digital television channel PPTV owns the rights to broadcast English Premier League matches.
Somphote Ahunai
Net worth
: USD 3.5 billion
Industry: Energy
Ranked among the wealthiest Thai billionaires, Somphote Ahunai is a former securities trader who changed track in 2006 when he established the renewable energy company Energy Absolute. The electricity giant went public in 2013.
In 2019, South China Morning Post reported Energy Absolute to foray into an uncharted yet growing market of electric vehicles (EVs) in South East Asia. According to the report, the statistics of the time showed that there were less than 1,500 battery-operated vehicles in Thailand. “That’s about 0.004 per cent of registered vehicles through December,” it added.
Although the region was relatively slow to adopt EVs, the Thai government realised it was a cleaner alternative, and Ahunai made a mark. SCMP states, “Energy Absolute is using subsidies and tax breaks to put 5,000 EVs on the road by next year, backed by 700-plus charging stations.”
Energy Absolute also entered the energy storage domain in 2021, with a USD 3 billion battery gigafactory project that produces lithium-ion batteries. Forbes says, Energy Absolute subsidiary, Energy Mahanakorn, has built 1,855 charge stations for electric vehicles across the country, and another subsidiary Mine Mobility’s first EV is a five-seat hatchback vehicle. The company has another unit named Absolute Assembly Company, which manufactures electric buses.
Harald Link
Net worth: USD 2.2 billion
Industry: Diverse
The director and president of B Grimm Power, Harald Link is the third-generation head of one of Thailand’s leading electricity and steam producers. As per the company website, it strives to “support infrastructural development and enhance energy security, an important factor to drive the economy and industry, both domestic and regional.”
Link was brought up in Switzerland and Germany. He arrived in 1978 to join his uncle in the company. Associated with the company for over 28 years, Link has been serving as its chief executive since 1987.
He has an interest in real estate, transportation, power and infrastructure. Siam Dispensary, which was founded in 1878, was taken over by his grandfather in 1914, and Link served as an independent director of Siam City Cement Public Company Limited from 1998 to 2020.
Link also wears several hats. He has been the president of the South East Asian Equestrian Federation (SEAFE) and chairman of group 3, South East Asia of the Asian Equestrian Federation since 2008. Since 2006, Link has also been the president of the riding section of The Royal Bangkok Sports Club (RBSC) and founded the Thai Polo & Equestrian Club.
Instances of Link’s other associations include being the governor of the Thai German Cultural Foundation, chairman of the Royal Bangkok Symphony Orchestra and a committee member of Bangkok’s International Dance and Music Festival.
(Main and featured image: Joshua Rawson-Harris/ Unsplash)
(All real-time net worth as on 10 March 2023, as per Forbes)
Frequently Asked Questions (FAQs)
Answer: As per Forbes’ real-time net worth of 10 March 2023, Thailand’s liquor and food and beverage baron Charoen Sirivadhanabhakdi is the richest billionaire in the country. He has a net worth of USD 14.8 billion.
Answer: According to Forbes’ real-time net worth as on 10 March 2023, Charoen Sirivadhanabhakdi is the richest Thai.