Photo of Charoen Sirivadhanabhakdi courtesy of Bangkok Post

 

In a significant shift within Thailand's corporate landscape, Charoen Sirivadhanabhakdi, the country's second-richest individual, has passed the mantle of his vast business empire to his children. At 81, the billionaire is relinquishing day-to-day management and transferring ownership of major companies, marking a pivotal moment in Thai business history.

 

According to filings from May 26 by Asset World Corp and Berli Jucker, Charoen divested all his shares in Sutthasup 9 Company, which indirectly controls these firms, to his five children. The filings, however, did not detail the size of his previous holdings in the companies. Despite this transfer of ownership, the companies reassured that their management, operations, and strategic direction would remain unchanged.

 

With a net worth estimated at US$11.6 billion by the Bloomberg Billionaires Index, Charoen has established a vast empire, spanning industries from beverages to property. His portfolio includes Thai Beverage Plc, the largest whiskey and spirit producer in Thailand, as well as Fraser and Neave Ltd and Frasers Property Ltd, both significant players in their respective sectors.

 

Earlier this month, Frasers Property made headlines with its announcement to privatise a real estate investment trust valued at 1.37 billion Singaporean dollars, marking another strategic move within Charoen's business activities.

 

While Charoen steps back, Dhanin Chearavanont retains the title of Thailand's richest individual, boasting a net worth of US$15.2 billion. He ranks 141st globally on Forbes World's Billionaires 2025 list, surpassing Charoen’s position, with Thailand hosting 25 billionaires overall.

 

Other notable Thai billionaires include Sarath Ratanavadi, CEO of Gulf Development Plc, ranked second in Thailand with US$12.9 billion, and former Prime Minister Thaksin Shinawatra, with US$2.1 billion.

 

Globally, tech magnates continue to dominate. Elon Musk of Tesla leads with US$342 billion, followed by Mark Zuckerberg of Meta with US$216 billion and Jeff Bezos of Amazon at US$215 billion.

 

Charoen's pivotal decision to hand over control to his children not only marks a personal milestone but also signifies a new chapter in the evolution of Thailand's business elite, reflecting stability and continuity amidst changing leadership.

 

  Adapted by ASEAN Now from The Thaiger 2025-05-27

 

 

I can see how Musk and Bezos made so much but Zuck coming in at number 2 ahead of Bezos, how and WTF?