Virus crisis erases $28 billion in wealth of Thailand’s richest

Thailand’s 50’s richest see their wealth shrinking fundamentally as a result of panic selling at the stock markets due to the ongoing coronavirus pandemic, the new Forbes list of Thailand’s 50 Richest 2020 released on April 3 shows. They, however, still maintain much of their money even as the country’s economy takes a dive.

Despite the government’s announcement of a $16-billion stimulus package, the SET Index of the Stock Exchange of Thailand has fallen by nearly a third since April 2019, when fortunes were last measured. As a result, 38 tycoons on the list suffered declines in their net worth, including six whose fortunes shrank by more than $1 billion.

Overall, Thailand’s 50 richest list saw $28 billion erased from their combined wealth, an 18-per cent decline to a total of $132 billion.

Topping the Forbes list, yet again, were the Chearavanont brothers of CP Group continue to take the top spot, although their combined net worth dipped $2.2 billion to $27.3 billion.

Some moguls actually saw their wealth increase: in the number two spot is Chalerm Yoovidhya, the co-owner of Red Bull, whose net worth climbed up $300 million to $20.2 billion.

ThaiBev’s Charoen Sirivadhanabhakdi is third with $10.5 billion, a dip from 2019’s $16.2 billion.

Fourth is the Chirathivat clan who owns Central Retail malls and retail, who saw their net worth take a dive from $21 billion in 2019 to $9.5 billion.

Kumpol Plussind, the founder of the Chularat Hospital chain, also saw his wealth increase to $610 million. He last appeared on Thailand’s Richest List in 2016, with a listed net worth of $565 million.

Harald Link of B. Grimm is the richest non-Thai on the list at number 12, with a net worth of $2.3 billion, jumping 12 per cent. Over the past year, B. Grimm Power’s profit jumped 34 per cent, Forbes noted. Other energy magnates also climbed up the list, which can be viewed in full here.

In turn, more than 19 million people in Thailand are facing unemployment and applied for government cash handouts of 5,000 baht ($151) a month on April 30. The programme is only eligible for informal workers or self-employed people whose livelihoods are affected by the coronavirus.

Thailand’s 50’s richest see their wealth shrinking fundamentally as a result of panic selling at the stock markets due to the ongoing coronavirus pandemic, the new Forbes list of Thailand’s 50 Richest 2020 released on April 3 shows. They, however, still maintain much of their money even as the country’s economy takes a dive. Despite the government’s announcement of a $16-billion stimulus package, the SET Index of the Stock Exchange of Thailand has fallen by nearly a third since April 2019, when fortunes were last measured. As a result, 38 tycoons on the list suffered declines in their net worth,...

Thailand’s 50’s richest see their wealth shrinking fundamentally as a result of panic selling at the stock markets due to the ongoing coronavirus pandemic, the new Forbes list of Thailand’s 50 Richest 2020 released on April 3 shows. They, however, still maintain much of their money even as the country’s economy takes a dive.

Despite the government’s announcement of a $16-billion stimulus package, the SET Index of the Stock Exchange of Thailand has fallen by nearly a third since April 2019, when fortunes were last measured. As a result, 38 tycoons on the list suffered declines in their net worth, including six whose fortunes shrank by more than $1 billion.

Overall, Thailand’s 50 richest list saw $28 billion erased from their combined wealth, an 18-per cent decline to a total of $132 billion.

Topping the Forbes list, yet again, were the Chearavanont brothers of CP Group continue to take the top spot, although their combined net worth dipped $2.2 billion to $27.3 billion.

Some moguls actually saw their wealth increase: in the number two spot is Chalerm Yoovidhya, the co-owner of Red Bull, whose net worth climbed up $300 million to $20.2 billion.

ThaiBev’s Charoen Sirivadhanabhakdi is third with $10.5 billion, a dip from 2019’s $16.2 billion.

Fourth is the Chirathivat clan who owns Central Retail malls and retail, who saw their net worth take a dive from $21 billion in 2019 to $9.5 billion.

Kumpol Plussind, the founder of the Chularat Hospital chain, also saw his wealth increase to $610 million. He last appeared on Thailand’s Richest List in 2016, with a listed net worth of $565 million.

Harald Link of B. Grimm is the richest non-Thai on the list at number 12, with a net worth of $2.3 billion, jumping 12 per cent. Over the past year, B. Grimm Power’s profit jumped 34 per cent, Forbes noted. Other energy magnates also climbed up the list, which can be viewed in full here.

In turn, more than 19 million people in Thailand are facing unemployment and applied for government cash handouts of 5,000 baht ($151) a month on April 30. The programme is only eligible for informal workers or self-employed people whose livelihoods are affected by the coronavirus.

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