Thailand’s richest earned a few more billions in 2016

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Thailands richestThe new Forbes list of Thailand’s 50 richest is out, and it shows that most of those who already possess a considerable fortune added a few more billions or millions to their coffers.

The biggest gainers in absolute terms, according to Forbes, were the Chearavanont brothers of the Charoen Pokphand (CP) Group, Thailand’s largest conglomerate engaged in agriculture, food production, convenience stores, land and property, telecom and automotive. Their combined fortune rose by $4.1 billion to $18.5 billion, partly on new information about their private holdings.

Charoen Sirivadhanabhakdi, a business tycoon engaged in beverages, property and retail stores ranked second, grew his fortune to $13.7 billion from $13 billion over 2015. He joined the race for Big C Vietnam after concluding the $711 million purchase of the Vietnamese unit of German cash-and-carry firm Metro. He also entered a $3.3 billion deal with France’s Casino Groupe for a 59-per cent stake in hypermarket operator Big C Supercenter Thailand. Last year, his Singapore-listed Frasers Centrepoint bought MHDV Holdings, a UK boutique hotel operator for $575 million. But Charoen’s biggest asset remains his controlling stake in Thai Beverage, maker of Chang beer.

The Chirathivat family, owner of Central Group, one of Thailand’s leading retailers and shopping mall operators, and ranked three on the Forbes list, enhanced their fortune to $13 billion from $12.3 billion. Under CEO Tos Chirathivat, Central Group, along with its Vietnamese partner, electronics retailer Nguyen Kim, bought France’s Groupe Casino’s stake in hypermarket chain Big C Supercenter Vietnam for $1.1 billion.

Rank four remains occupied by energy drink magnate Chalerm Yoovidhya with a fortune of $9.7 billion, up some $100 million over 2015, and rank five is now being held by Vanich Chaiyawan who controls Thai Life Insurance and whose fortune grew to $4.1 billion from $4 billion last year. He surpassed media mogul Krit Ratanarak whose wealth declined to $3.3 billion from $4.7 billion, mainly due to dwindling advertising income and a few expensive takeovers. Krit is now ranked sixth on the list.

Thailand’s duty-free king Vichai Srivaddhanaprabha, ranked seventh with $3.25 billion, saw his wealth get a whopping 30 per cent boost as tourist traffic to Thailand rose to 30 million visitors in 2015.

Rising medical tourism and an aging population benefited health care magnate Prasert Prasarttong-Osoth’s Bangkok Dusit Medical Services, Thailand’s largest private hospital network. Prasert, ranked eighth, now owns $3.3 billion, up from $2.8 billion in the previous year.

Prasert also surpassed beer baron Santi Bhirombhakdi and his family, owners of Boon Rawd Brewery, who had to face a slump in wealth to $2.4 billion from $2.9 billion a year earlier to rank nine. This was mainly owing to investments in expansion to Vietnam and in property arm Singha Estate.

Ousted former prime minister Thaksin Shinawatra and his family remain ranked place ten with a fortune of about $1.65 billion, a little bit lower than the $1.7 billion they owned in 2015. Thaksin owns a controlling stake in property firm SC Asset, among many other business interest. He currently resides in Dubai.

Full list here.

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The new Forbes list of Thailand's 50 richest is out, and it shows that most of those who already possess a considerable fortune added a few more billions or millions to their coffers. The biggest gainers in absolute terms, according to Forbes, were the Chearavanont brothers of the Charoen Pokphand (CP) Group, Thailand's largest conglomerate engaged in agriculture, food production, convenience stores, land and property, telecom and automotive. Their combined fortune rose by $4.1 billion to $18.5 billion, partly on new information about their private holdings. Charoen Sirivadhanabhakdi, a business tycoon engaged in beverages, property and retail stores ranked second,...

Reading Time: 2 minutes

Thailands richestThe new Forbes list of Thailand’s 50 richest is out, and it shows that most of those who already possess a considerable fortune added a few more billions or millions to their coffers.

The biggest gainers in absolute terms, according to Forbes, were the Chearavanont brothers of the Charoen Pokphand (CP) Group, Thailand’s largest conglomerate engaged in agriculture, food production, convenience stores, land and property, telecom and automotive. Their combined fortune rose by $4.1 billion to $18.5 billion, partly on new information about their private holdings.

Charoen Sirivadhanabhakdi, a business tycoon engaged in beverages, property and retail stores ranked second, grew his fortune to $13.7 billion from $13 billion over 2015. He joined the race for Big C Vietnam after concluding the $711 million purchase of the Vietnamese unit of German cash-and-carry firm Metro. He also entered a $3.3 billion deal with France’s Casino Groupe for a 59-per cent stake in hypermarket operator Big C Supercenter Thailand. Last year, his Singapore-listed Frasers Centrepoint bought MHDV Holdings, a UK boutique hotel operator for $575 million. But Charoen’s biggest asset remains his controlling stake in Thai Beverage, maker of Chang beer.

The Chirathivat family, owner of Central Group, one of Thailand’s leading retailers and shopping mall operators, and ranked three on the Forbes list, enhanced their fortune to $13 billion from $12.3 billion. Under CEO Tos Chirathivat, Central Group, along with its Vietnamese partner, electronics retailer Nguyen Kim, bought France’s Groupe Casino’s stake in hypermarket chain Big C Supercenter Vietnam for $1.1 billion.

Rank four remains occupied by energy drink magnate Chalerm Yoovidhya with a fortune of $9.7 billion, up some $100 million over 2015, and rank five is now being held by Vanich Chaiyawan who controls Thai Life Insurance and whose fortune grew to $4.1 billion from $4 billion last year. He surpassed media mogul Krit Ratanarak whose wealth declined to $3.3 billion from $4.7 billion, mainly due to dwindling advertising income and a few expensive takeovers. Krit is now ranked sixth on the list.

Thailand’s duty-free king Vichai Srivaddhanaprabha, ranked seventh with $3.25 billion, saw his wealth get a whopping 30 per cent boost as tourist traffic to Thailand rose to 30 million visitors in 2015.

Rising medical tourism and an aging population benefited health care magnate Prasert Prasarttong-Osoth’s Bangkok Dusit Medical Services, Thailand’s largest private hospital network. Prasert, ranked eighth, now owns $3.3 billion, up from $2.8 billion in the previous year.

Prasert also surpassed beer baron Santi Bhirombhakdi and his family, owners of Boon Rawd Brewery, who had to face a slump in wealth to $2.4 billion from $2.9 billion a year earlier to rank nine. This was mainly owing to investments in expansion to Vietnam and in property arm Singha Estate.

Ousted former prime minister Thaksin Shinawatra and his family remain ranked place ten with a fortune of about $1.65 billion, a little bit lower than the $1.7 billion they owned in 2015. Thaksin owns a controlling stake in property firm SC Asset, among many other business interest. He currently resides in Dubai.

Full list here.

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