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Top 10 Richest People in Thailand

From left: Dhanin Chearavanont, senior chairman of Charoen Pokphand Group, prominent retailer and hotelier Suthikiati Chirathivat and Red Bull owner Chalerm Yoovidhya | Photo Credit: Bangkok Post

The Chearavanont family retains No.1 spot in the Forbes Thailand Rich list with US$29.5 billion (938.6 billion baht), followed by the Chirathivat family with $21 billion (668.2 billion baht) and the Red Bull owner Chalerm Yoovidhya with $19.9 billion (633.2 billion baht).

Here are top 10 richest people in Thailand:

#1 Brothers Chearavanont

Source

Net Worth: $29.5 B

Source of Wealth: food

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Four siblings draw their wealth from Charoen Pokphand Group, one of the world's largest producers of animal feed and livestock.
  • Their father Chia Ek Chor, along with his brother Choncharoen Chiaravanont, opened a shop selling seeds imported from China to Thai farmers in 1921.
  • Dhanin Chearavanont, the youngest, was CP's chairman and CEO for 48 years until he stepped down in 2017 but remains senior chairman.
  • Dhanin's eldest son, Soopakij, 53, and the youngest, Suphachai, 50, are CP's chairman and CEO, respectively.
  • In April 2019, Dhanin stepped down as chairman of group flagship CP Foods, a position he had held for 25 years.

#2 Chirathivat family

Net Worth: $21 B

Source of Wealth: retail

Residence: Bangkok, Thailand

Citizenship: Thailand

  • The Chirathivat family controls Central Group, the country's biggest mall developer, which is led by Tos Chirathivat, grandson of the group's founder.
  • The retail giant gets a more than a quarter of its $12.4 billion revenue from overseas, mainly Europe and Vietnam. 
  • In January 2019, Central invested $200 million for an undisclosed stake in ride-hailing firm Grab's local unit. 
  • The firm has a $560 million joint venture with China's JD.com to set up e-commerce site, JD Central.

#3 Chalerm Yoovidhya & family

Net Worth: $19.9 B

Source of Wealth: energy drinks

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Chalerm Yoovidhya heads a sprawling clan that owns 51% of Red Bull, the iconic energy drink, which sold 6.7 billion cans across 171 countries in 2018.
  • The family's stake includes 2% owned personally by Chalerm, eldest son of Red Bull cofounder, the late Chaleo. 
  • Red Bull Thailand is embroiled in a trademark fight with Red Bull in China.

#4 Charoen Sirivadhanabhakdi

Net Worth: $16.2 B

Source of Wealth: alcohol, real estate

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Son of a Bangkok street vendor, Charoen Sirivadhanabhakdi controls Thai Beverage, Thailand's largest brewer, known for its Chang beer.
  • Other big assets include privately held property firm TCC Land and Singapore beverage and property giant Fraser & Neave.
  • Charoen's retail empire includes hypermarket chain Big C Supercenter, acquired in 2016 for more than $6 billion.
  • Charoen is said to be mulling a public listing of Asset World, his privately held property unit.

#5 Sarath Ratanavadi

Net Worth: $5.2 B

Source of Wealth: energy

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Sarath Ratanavadi is the CEO of Gulf Energy Development, Thailand's third-largest energy producer. 
  • He took the company public in 2017 raising more than $700 million, in what was the country's biggest IPO in a decade.
  • Shares of Gulf Energy Development, in which he has a 73% stake, have more than doubled since its IPO. 
  • In 2018, revenue was up 136% to $636 million as new power projects came online. 
  • Gulf Energy has a $483 million joint venture with the Oman Oil Company for a 326 megawatts power project in Oman's Duqm Special Economic Zone.

#6 Aiyawatt Srivaddhanaprabha

Net Worth: $4.7 B

Source of Wealth: duty-free

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Aiyawatt Srivaddhanaprabha is the son of Thailand's late duty-free tycoon, Vichai Srivaddhanaprabha, who died in a helicopter crash in October 2018.
  • With estimated annual revenue of $3.2 billion, King Power, is the country's leading operator of airport duty-free stores. 
  • The company is now run by Aiyawatt (Top), who's King Power's chairman and CEO and shares his fortune with his mother and three siblings.
  • Aiyawatt also chairs Leicester City, the English football club his family bought and turned into one of the best performing clubs in the league. 
  • They also own a major chunk of MahaNakhon, a Bangkok development that has Thailand's tallest skyscraper.

#7 Prasert Prasarttong-Osoth

Net Worth: $3.4 B

Source of Wealth: hospitals

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Former surgeon Prasert Prasarttong-Osoth cofounded Bangkok Dusit Medical Services, Thailand's largest private hospital operator, in 1972.
  • Bangkok Dusit has a $370 million luxury healthcare complex in Bangkok that includes a 290-room Movenpick hotel.
  • Prasert also also owns and runs regional airline, Bangkok Airways, which he took public in 2014. 
  • He and daughter Poramaporn resigned after the SEC imposed sanctions against them in January 2019 for allegedly manipulating shares of Bangkok Airways.
  • In a company statement, Prasert said they would prove their innocence through the justice system but subsequently paid a fine.

#8 Osathanugrah Famil

Net Worth: $3 B

Source of Wealth: beverages

Residence: Bangkok, Thailand

Citizenship: Thailand

  • The Osathanugrah family owns 128-year-old Osotspa, among Thailand's oldest companies and maker of the popular M-150 energy drink.
  • The family's wealth got a boost from the October 2018 IPO of Osotspa, which is run by Petch Osathanugrah, grandson of the founder.
  • An avid art collector, Petch has built a contemporary art museum in Bangkok.

#9 Vanich Chaiyawan

Net Worth: $2.85 B

Source of Wealth: insurance, beverages

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Former rice trader Vanich Chaiyawan controls Thai Life, Thailand's third-biggest life insurer.
  • The company is run by his son Chai, who is aiming to make it into a regional brand.
  • Thai Life sells mostly through agents and is known for its emotionally-charged TV commercials. 
  • Japan's Meiji Yasuda has a 15% stake in Thai Life.

#10 Somphote Ahunai & family

Net Worth: $2.83 B

Source of Wealth: energy

Residence: Bangkok, Thailand

Citizenship: Thailand

  • Former securities trader Somphote Ahunai started renewable energy outfit Energy Absolute in 2006.
  • He took the company public in 2013 and owns a 44% stake with family.
  • Energy Absolute has expanded into energy storage with a $3 billion, 50-gigawatt factory project to make lithium-ion batteries.
  • Its subsidiary, Mine Mobility, will make electric cars, including a sports version.

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Written by Ibrahim Jabbari

My name is Ibrahim award winning web designer & developer based in Bangkok.

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