Covid-19 outbreak dents wealth of many Thai tycoons

By The Nation

 

 

Thailand’s export-and-tourism-dependent economy, already weakened by the US-China trade war, was dealt a further blow by the Covid-19 outbreak.

 

The nation’s 50 richest on the 2020 Forbes Thailand Rich List saw $28 billion erased from their combined wealth, which declined 18 per cent to US$132 billion.

 

The list is available at www.forbes.com/thailand and https://forbesthailand.com/forbes-lists/thailand-richest as well as in the April issues of Forbes Asia and Forbes Thailand.

 

Despite the government’s announcement of a $16-billion stimulus package, the benchmark stock index fell by nearly a third since April 2019 when fortunes were last estimated. As a result, 38 tycoons on the list suffered declines in their net worth, including six whose fortunes shrank by more than $1 billion.

 

The Chearavanont brothers of CP Group, who in March successfully acquired Tesco’s Thai and Malaysian operations for $10.6 billion, remained No 1 but their combined net worth declined by $2.2 billion to $27.3 billion.

 

Taking the No 2 spot is Chalerm Yoovidhya, who, along with his family, co-owns energy drink megabrand Red Bull. He was among the eight on the list whose wealth increased despite the broader rout. With gains of $300 million, his net worth rose to $20.2 billion from $19.9 billion last year.

 

Charoen Sirivadhanabhakdi of Thai Beverage moved up to the third position with $10.5 billion, despite a nearly 36 per cent decline in net worth from last year’s $16.2 billion.

 

The Chirathivat clan, who listed their retail empire, Central Retail, in the stock exchange in February in what was Thailand’s biggest initial public offering, saw their wealth more than halve. They slipped to No 4 from No 2 with a fortune of $9.5 billion. With tourists and domestic shoppers now scarce, Central Retail’s shares had fallen 27 per cent below the IPO price when valuations were locked in and have fallen further since.

 

Indian-born petrochemicals tycoon Aloke Lohia (No 26) similarly took a big hit in percentage terms. Lohia, who has been on an acquisition binge, saw his net worth reduced to $1.09 billion from $2.52 billion last year as shares of his Indorama Ventures declined 57 per cent in the past 11 months.

 

Despite the collapse of global energy prices, three of Thailand’s four energy tycoons grew their fortunes. They benefited from their focus on natural gas and renewable power, which is in line with the government’s goal to switch to cleaner fuels. Among them is energy magnate Sarath Ratanavadi, the biggest gainer in dollar terms, with a net worth of $6.8 billion. Sarath got a $1.6-billion boost as his Gulf Energy Development launched more gas-fired power plants and took on new projects, such as ports and roads.

 

B. Grimm’s third-generation leader Harald Link (No 12, $2.3 billion) also saw his wealth rise 12 per cent as his company, B.Grimm Power, increased its power capacity by 40 per cent and profits jumped 34 per cent last year. The buoyant energy sector produced one of two newcomers to this year’s list. Wirachai Songmetta (No 40, $585 million) made his debut after the November listing of his family’s biomass power producer, Absolute Clean Energy.

 

Medical doctor Kumpol Plussind (No 38, $610 million), founder of listed hospital chain Chularat Hospital, made a comeback after a three-year absence as the addition of two new hospitals helped push up his company’s shares.

 

The minimum net worth required to make the list this year is $460 million, down from $565 million in 2019.

 

Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies.

 

Unlike the Forbes billionaire rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. Forbes said public fortunes were calculated based on stock prices and exchange rates as of March 13. Private companies were valued based on comparisons with similar companies that are publicly traded.

 

Source: https://www.nationthailand.com/news/30385346

 

-- © Copyright The Nation Thailand 2020-04-03

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4 minutes ago, webfact said:

Covid-19 outbreak dents wealth of many Thai tycoons

Ah <deleted> diddums !

What about the poor people without a pot to <deleted> in, who will have trouble putting food on the table ?

  

Sometimes. life just sucks don't it?

 

I don't kno whether to laugh or cry. I'd like to laugh but I know who'll be picking up the bill.

 

 

 

1 hour ago, Thaiwrath said:

Ah <deleted> diddums !

What about the poor people without a pot to <deleted> in, who will have trouble putting food on the table ?

  

Same answer as always... No Bread? Let them eat cake...

 

 

I just feel so awful when these rich hi so elites are hurting. 

1 hour ago, holy cow cm said:

I just feel so awful when these rich hi so elites are hurting. 

Me too. I wish I could help. Have a whip-round?

 

 

Cry me a river. My tiny inner communist rejoices.

My heart really bleeds for these filthy rich "tycoons". They lost a few billion. Oh, the humanity!

 

Somehow I'd make me feel better if I knew their wealth diminished because they used countless billions to help fight the virus contagion, for example to buy ventilators and other ICU equipment or source those desperately needed face masks for medical personnel. But no, they only got poorer because stocks plummeted and sales of hugely essential goods such as sugary energy drinks became somewhat sluggish during the prevailing crisis. 

Pathetic article. 

I feel really sorry for them. Did they setup a gofundme campaign yet so that i can donate a bit?

Don't cry too much because most of these are paper losses due to lower share market values. They will recover when things get back to normal. Would be interesting to see real before and after figures for top military brass, though.

         Covid-19 outbreak dents wealth of many Thai tycoons

Come on guys, how about a   You know you can do it. 

Edited April 3, 20206 yr by ratcatcher

Maybe time for a goofundme with some sobstories?

Some people in our village survive on 3000 bht a month and now that meagre income is drying up. There's the real tragedy, not some entitled multi billionaire having to watch his portfolio suffer a fall that still leaves him a multi billionaire.

As stocks go down, all rich people lost a fortune. However. They will be richer again once everything returns to normal.

Well, at least we know who the Nation carries water for but I guess that's all media worldwide nowadays.

You guys seem to care ????.....

????.....I could measure my compassion for them on the sharp end of a pin in nano sized particles.  Don't think for a moment I hate them because they are rich, no it more to do with other things....... 

Oh cry me a river. No one cares whether these rich, entitled fat cats lose a few bucks. Hope they lose a hell of a lot. Besides, they don't deserve what they have. Why don't they do the right thing and donate their wealth to their fellow Thais who are struggling? It would do so much to boost morale and respect for these families. I'm not holding my breath though...

I'm not sure that list is quite accurate.

1 hour ago, ukrules said:

I'm not sure that list is quite accurate.

You may think somebody is missing, I couldn't possibly comment.

i'd like to comment but I don't use a VPN

4 hours ago, Number 6 said:

Well, at least we know who the Nation carries water for but I guess that's all media worldwide nowadays.

It is. As are all the offshoots and spinoffs.

 

 

Oh, the irony. They’re chasing closer ties to the CCP in the pursuit of that cheddar, and it’s the CCP’s blunderings that’s cost them billions. Oh, well - I guess they’ll make it all back once this is over. That’s if certain institutions around the world don’t collapse because of all this. 

Edited April 3, 20206 yr by rkidlad

Ohhh so sad.  Poor tycoons can barely scrape two 5 kilos bars of gold together.  Sad, sad, sad...

And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.

 

Matthew 19:24

Come on guys, show some compassion. Some of these guys are about to lose a digit from their net worth. For most of these guys, that would be worse than going hungry.

 

Having spent many years on Wall Street working alongside very rich folks (although not in this league, obviously), you might be surprised how pathetic and empty their existence really is. You really do end up feeling bad for them. And a bit upset that they cannot see beyond their myopic world, and do something more meaningful with their money.

These billionaires will always be billionaires and part of the 1% that rule Thailand.

 

A list that would be really interesting to see is the current wealth of the generals and upper public servants .

6 hours ago, connda said:

Ohhh so sad.  Poor tycoons can barely scrape two 5 kilos bars of gold together.  Sad, sad, sad...

You have taken sarcasm to new heights.....bravo! Love it! 

In regards to the brothers owning Tesco, this is something about Thailand that has always annoyed the #### out of me - that is the monopoly that they have in the consumer staples sector.  Along with owners of Big C and to a lesser extend Makro. 

Prices in the supermarkets are so expensive, the range of choice and quality is severely lacking compared to Western countries.  Why lack of choices of brands?  Fixed prices, never see any decent specials.  What goes on behind the scenes that prevents more of an open market and competitive pricing?  

Back in Oz as stuck here, but supermarkets have far greater product and brand choices.  We have three main supermarket chains here (Coles, Woolworths and Aldi).  

 

15 hours ago, Thaiwrath said:

Ah <deleted> diddums !

What about the poor people without a pot to <deleted> in, who will have trouble putting food on the table ?

  

Don't you feel badly for these poor hard-done by tycoons, just hope they can survive for the next few months during these really tough times. 

Edited April 4, 20206 yr by Artisi