The political uncertainty in Thailand has dented investor confidence in Southeast Asia’s second-largest economy and contributed to the benchmark stock index falling by 15% since last year. Hit by a weaker baht, the combined wealth of Forbes richest people in Thailand was down nearly 12% to $153 billion from $173 billion a year ago.
As a result Forbes reports, 39 of Thailand’s wealthiest people are less well-off this year, with only seven bucking the trend. The biggest gainer in dollar terms is No. 1: Red Bull co-owners Chalerm Yoovidhya & family, who added $2.6 billion to boost their wealth to a record $36 billion. Red Bull’s revenue rose to over $11 billion in 2023 as worldwide sales of the energy drink exceeded 12 billion cans.
After occupying the Forbes top spot for nearly a decade, the Chearavanont brothers of the Charoen Pokphand group slipped to No. 2 with $29 billion, down from $34 billion. That decline was partly due to a slump in shares of one of their holdings, China’s Ping An Insurance, which reported a $2.7 billion loss in its asset management business in 2023. The other rankings in the top five remained unchanged from a year ago though all three saw their wealth shrink.
Beverage tycoon Charoen Sirivadhanabhakdi’s fortune faced sober reality, falling by more than a fourth to $10 billion, though he retained his position as the country’s third-richest person. Following closely behind at No. 4 with $9.9 billion—down 20% since last year—is Thailand’s first family of retail, the Chirathivat family, whose Central Group increased its stake in iconic London department store Selfridges in November to become the majority owner.
The net worth of dynamic energy-and-telecom tycoon Sarath Ratanavadi, which had been consistently rising since his debut in the rankings six years ago, fell for the first time to $9.2 billion.
Others caught in the downdraft include renewable energy magnate Somphote Ahunai, whose wealth shrank by two-thirds to $995 million, the biggest decline in percentage terms, and he dropped from the top ten to No. 32. Shares of Somphote’s Energy Absolute tanked over concerns about debt taken on for an ambitious expansion into electric vehicles and batteries.
Roiled by weak demand in China and Europe, petrochemicals billionaire Aloke Lohia’s Indorama Ventures reported a net loss of $310 million in 2023 and its shares took a hit, bringing down his fortune to $1.2 billion.
The frothy market for energy and other bottled drinks boosted the fortunes of four persons: Carabao cofounders Sathien Sathientham and Nutchamai Thanombooncharoen; Bangkok-listed Sappe’s founder Anan Ruckariyapong; and Tan Passakornnatee, founder of green tea and herbal drinks maker Ichitan Group, who makes a comeback after a seven-year hiatus.
Two patriarchs passed away last year: former CEO and vice chairman of Osotspa, Petch Osathanugrah of the Osathanugrah family; and Chaivat Taepaisitphongse, former chairman of Betagro, whose heirs are listed under the Taepaisitphongse family. The minimum net worth to make the list edged down to $550 million from $590 million last year.
