Red Bull’s Chalerm Yoovidhya & Family Ascend to the Top Spot
The combined fortunes of Thailand’s 50 richest individuals and families have diminished by almost 12%, according to the 2024 Forbes list. The cumulative wealth of these tycoons now stands at $153 billion, a reduction of $20 billion from the previous year. This decline is attributed primarily to a 15% drop in the country’s benchmark stock index and the weakening of the baht, which adversely impacted net worths. The complete list is featured in the July issue of Forbes Asia and the August issue of Forbes Thailand.
Out of the 50 individuals and families on the list, 39 saw their wealth diminish this year. Only seven managed to increase their fortunes, with the most significant gain recorded by the new No. 1: Chalerm Yoovidhya & Family, co-owners of Red Bull. Their wealth surged by $2.6 billion, bringing their total to a record $36 billion. Red Bull, known for its popular energy drinks, saw its revenue climb to over $11 billion in 2023, fueled by global sales exceeding 12 billion cans.
The Chearavanont brothers of the Charoen Pokphand Group, who had held the top position for nearly a decade, dropped to the second spot with a net worth of $29 billion, down from $34 billion. This decline was partly due to the poor performance of their holding in China’s Ping An Insurance, which reported a $2.7 billion loss in its asset management business in 2023.
Top Wealthiest in Thailand
Beverage magnate Charoen Sirivadhanabhakdi, the force behind Thai Beverage, retained the third spot with a net worth of $10 billion. However, his wealth decreased by $3.6 billion from the previous year. The Chirathivat family, owners of the Central Group, remained in fourth place with a net worth of $9.9 billion, down from $12.4 billion last year. The family notably increased their stake in the iconic London department store Selfridges in November, becoming the majority owners.
Sarath Ratanavadi, an energy and telecom tycoon, held onto the fifth spot with a fortune of $9.2 billion. This is the first time Sarath’s wealth has declined since he debuted on the rankings six years ago, dropping from $11.3 billion previously.
The list also highlighted some significant losses among Thailand’s richest. Renewable energy mogul Somphote Ahunai, whose company Energy Absolute expanded ambitiously into electric vehicles and batteries, saw his wealth shrink by two-thirds to $995 million, plunging him from the top 10 to No. 32.
Energy and Beverage Tycoons Thrive Amid Challenges
Despite the overall downturn, the robust market for energy and bottled beverages boosted the fortunes of four individuals: Carabao cofounders Sathien Sathientham and Nutchamai Thanombooncharoen, Sappe’s founder Anan Ruckariyapong, and Tan Passakornnatee, the founder of green tea and herbal drinks maker Ichitan Group. Sathien, who ranks at No. 14, has a net worth of $1.75 billion, while Nutchamai is at No. 36 with $895 million. Anan, at No. 42, has a net worth of $650 million, and Tan, at No. 45, reappeared on the list with $620 million after a seven-year hiatus.
A Year of Loss and Transition
The year also saw the passing of two notable patriarchs. Petch Osathanugrah, former CEO and vice chairman of Osotspa, left behind a fortune now listed under the Osathanugrah family at No. 9, with $2.2 billion. Meanwhile, Chaivat Taepaisitphongse, former chairman of Betagro, passed away, with his heirs now appearing under the Taepaisitphongse family at No. 35 with a net worth of $900 million.
The minimum net worth required to make it onto the 2024 list was $550 million, slightly down from $590 million last year.
Thailand’s Top 10 Richest
The top 10 wealthiest individuals and families in Thailand for 2024 are as follows:
- Chalerm Yoovidhya & Family – $36 billion
- Chearavanont Brothers – $29 billion
- Charoen Sirivadhanabhakdi – $10 billion
- Chirathivat Family – $9.9 billion
- Sarath Ratanavadi – $9.2 billion
- Prasert Prasarttong-Osoth – $3.8 billion
- Aiyawatt Srivaddhanaprabha & Family – $3.6 billion
- Vanich Chaiyawan – $3.3 billion
- Osathanugrah Family – $2.2 billion
- Prayudh Mahagitsiri – $2.15 billion
Methodology Behind the Rankings
The Forbes list was compiled using shareholding and financial data obtained from families and individuals, stock exchanges, analysts, the Stock Exchange of Thailand, and regulatory agencies. Unlike Forbes’ World Billionaires rankings, this list considers family fortunes, including those shared across multiple generations of extended families. Public fortunes were calculated based on stock prices and exchange rates as of June 14, 2024. Private companies were valued based on comparisons with similar publicly traded companies. The list also includes foreign citizens with significant business, residential, or other ties to Thailand, as well as citizens who don’t reside in the country but maintain substantial business interests there.
For more detailed insights, the full list can be accessed at Forbes Thailand’s website.
Comments 1
This is quite interesting.
Would be more so if they managed to rope in China somehow..