Thailand’s business-friendly prime minister Srettha Thavisin is facing uncertainty as investor confidence in the country has declined, resulting in a 15% drop in the benchmark stock index. The combined wealth of Thailand’s richest individuals has also decreased by nearly 12% to $153 billion, down from $173 billion the previous year. Only seven individuals on the list managed to increase their wealth, with the biggest gainer being Red Bull co-owners Chalerm Yoovidhya & family, who added $2.6 billion to reach a record $36 billion in wealth.
The Chearavanont brothers of the Charoen Pokphand group, who held the top spot for almost a decade, slipped to No. 2 with $29 billion, down from $34 billion. Other top rankings remained unchanged, with Charoen Sirivadhanabhakdi’s fortune falling by more than a fourth to $10 billion, holding the position of the country’s third-richest person. The Chirathivat family, owners of Central Group, also saw a decline in wealth to $9.9 billion, while Sarath Ratanavadi’s fortune fell for the first time to $9.2 billion after six years of consistent growth in the rankings.
Several individuals experienced significant declines in their wealth, including renewable energy magnate Somphote Ahunai, whose fortune shrank by two-thirds to $995 million, and petrochemicals billionaire Aloke Lohia, whose net worth fell to $1.2 billion after reporting a net loss of $310 million in 2023. However, the market for energy and bottled drinks boosted the fortunes of four individuals, including Carabao co-founders Sathien Sathientham and Nutchamai Thanombooncharoen, and Ichitan Group founder Tan Passakornnatee, who made a comeback after a seven-year hiatus.
Two influential figures in the business world passed away in the last year: former Osotspa CEO Petch Osathanugrah and Betagro chairman Chaivat Taepaisitphongse. The minimum net worth required to make the list decreased to $550 million from $590 million the previous year. The list was compiled using shareholding and financial information obtained from families, individuals, stock exchanges, analysts, and regulatory agencies, with public fortunes based on stock prices and exchange rates as of June 14. Private companies were valued based on comparisons with similar publicly traded companies. The list may also include foreign citizens with ties to Thailand or significant business relationships in the country.
