Thailand's richest newcomer is a retailer who made his fortune in nation's poorest area

[webfact]

Thailand's Richest Newcomer Is A Retailer Who Made His Fortune In Nation's Poorest Area
This story appears in the July 15, 2013 issue of Forbes Asia.

ROI ET: -- With his Siam Global House headquartered in Thailand’s northeastern city of Roi Et (pop. circa 40,000), Witoon Suriyawanakul, 55, has made a fortune in a place few others have. There are some who, like him, hail from the nation’s northeast region, but most moved to Bangkok to strike it rich.

The son of mom-and-pop shopkeepers, Witoon grew up in a humble house in the city, studied civil engineering in nearby Khon Kaen and then got work as a contractor, always staying close to home. After a few years he earned enough money to open his first store in his hometown, a cramped little shop filled with building supplies.

Eventually, after a trip to Home Depot HD +0.54% and Lowe’s in the U.S., he began opening similar superstores called Siam Global House throughout the northeast. Isan, as the region is called, is the country’s poorest area and home to a third of Thailand’s population.

Despite its relative poverty, Isan’s economy is booming, growing at double the pace of Bangkok over the past five years. The average household saw its income rise 40% between 2007 and 2011, a bigger jump than any other part of Thailand. [more...]

Full story: http://www.forbes.com/sites/suzynam/2013/07/03/thailands-richest-newcomer-is-a-retailer-who-made-his-fortune-in-nations-poorest-area/

-- Forbes 2013-07-04

[Thaddeus]

Despite its relative poverty, Isan’s economy is booming, growing at double the pace of Bangkok over the past five years. The average household saw its income rise 40% between 2007 and 2011, a bigger jump than any other part of Thailand.

Is that down to being industrious and hard work or a 300 THB a day election promise?

[Thai at Heart]

Despite its relative poverty, Isans economy is booming, growing at double the pace of Bangkok over the past five years. The average household saw its income rise 40% between 2007 and 2011, a bigger jump than any other part of Thailand.

Is that down to being industrious and hard work or a 300 THB a day election promise?

East West corridor, and relocation of factories outside Bangkok, ptp government ploughing big cash.

Let's see if it's sustainable. Have my doubts.

[Siripon]

A lot of it is down to the sons and daughters sending money home.

In my village near Ban Phai perhaps half the houses now boast pick-ups- the boom in rubber prices 2 years ago and the popularity of sugar cane partly contributed to this, but in many cases it's because the offspring are working in Korea, Africa, the Middle East, the Eastern Seaboard etc and remitting money home.

[CelticBhoy]

I thought the richest newcomer was the globetrotting monk.

[jalansanitwong]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands.

Some girls are sending 30-50,000 baht monthy back to Ubon,KK,Udon, Kalasin Roi et Buriram etc from their German,Swiss,Austrian husbands businesess or her own income (massage).

Everywhere you go in Isan you see big new houses next to wooden huts and shacks. New houses abound.

Old man farang money.Thai's get the farangs to build them.

Add it up. Hundreds of thousands of Isan people sending billions of baht back home every year. I;m not surprised Isan is slowly moving ahead.

Turn off the o/s bank remittance tap and you can forget about selling building supplies.

Edited July 4, 2013 by jalansanitwong

[LawrenceChee]

True but there seems to be an endless supply of men

I am saying the boom will continue

[noitom]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands.

Some girls are sending 30-50,000 baht monthy back to Ubon,KK,Udon, Kalasin Roi et Buriram etc from their German,Swiss,Austrian husbands businesess or her own income (massage).

Everywhere you go in Isan you see big new houses next to wooden huts and shacks. New houses abound.

Old man farang money.Thai's get the farangs to build them.

Add it up. Hundreds of thousands of Isan people sending billions of baht back home every year. I;m not surprised Isan is slowly moving ahead.

Turn off the o/s bank remittance tap and you can forget about selling building supplies.

Good points.

[noitom]

Too bad we never read anything about these top wealthy Thais and their charitable foundations and giving back to their communities. The one notice in this newspaper several months ago cited piddling amounts by the top ten Thais on the global list.

[thinkingofhow]

Government funds avialable for free Swiming for Bangkokian residence.

The Sea is rising at 1.10 inch a year and Bangkok soil is sinking at rate of 1.25 inches a year. Do the math......

[Siripon]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands.

Some girls are sending 30-50,000 baht monthy back to Ubon,KK,Udon, Kalasin Roi et Buriram etc from their German,Swiss,Austrian husbands businesess or her own income (massage).

Everywhere you go in Isan you see big new houses next to wooden huts and shacks. New houses abound.

Old man farang money.Thai's get the farangs to build them.

Add it up. Hundreds of thousands of Isan people sending billions of baht back home every year. I;m not surprised Isan is slowly moving ahead.

Turn off the o/s bank remittance tap and you can forget about selling building supplies.

But unless the world's economy collapses I don't think the remittance tap will turn off.

When I was last home in May I went to a tasty noodles shop I often used to use 10 years ago.

In the past it was a pleasant experience to sit at the seat nearest the road and watch the occasional motorbike, skylab go by. Not anymore! A constant stream of hurtling pick-ups has shattered the tranquility.

Land prices in Khon Kaen, Udon, Nongkhai are soaring too.

[belg]

for my part, issan get can all the polluting industries from around bangkok ... so we could breath some cleaner air

[Nickymaster]

Can't be correct. Surely the richest newcomer has to come from Yingluck 's cabinet 4 (or 5).

[craigt3365]

Global House is a great store. If you need building supplies, they've got just about everything. Many of their employees are quite knowledgeable about what they are selling.

[craigt3365]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands.

Some girls are sending 30-50,000 baht monthy back to Ubon,KK,Udon, Kalasin Roi et Buriram etc from their German,Swiss,Austrian husbands businesess or her own income (massage).

Everywhere you go in Isan you see big new houses next to wooden huts and shacks. New houses abound.

Old man farang money.Thai's get the farangs to build them.

Add it up. Hundreds of thousands of Isan people sending billions of baht back home every year. I;m not surprised Isan is slowly moving ahead.

Turn off the o/s bank remittance tap and you can forget about selling building supplies.

Issan is booming and property prices are going way up. And it's not just from overseas remittances.

[MobileContent]

In our village five new houses were build and nope they are all locals without any links to foreign remittances.

[barrybankruad]

In the overall picture overseas remittances are a drop in the ocean. Wholesale switching of rice for rubber, and especially cheap government loans for civil servants are just two of the reasons for Isaan advancement. I was speaking to a police friend of mine the other day (he's only a low ranker), who has just got married. He was able to borrow millions, new car, house and land, sin sot etcetera. Low interest it will still take him a lifetime to repay. I've heard of nurses, doctors, teachers and other civil servants doing likewise. It means that they will have to persevere in their professions to pay back what they borrow.

[gerry123]

Global House is a great store. If you need building supplies, they've got just about everything. Many of their employees are quite knowledgeable about what they are selling.

and the majority do not have a clue apart from promoting the larger commission items

[Kudel]

In the overall picture overseas remittances are a drop in the ocean. Wholesale switching of rice for rubber, and especially cheap government loans for civil servants are just two of the reasons for Isaan advancement. I was speaking to a police friend of mine the other day (he's only a low ranker), who has just got married. He was able to borrow millions, new car, house and land, sin sot etcetera. Low interest it will still take him a lifetime to repay. I've heard of nurses, doctors, teachers and other civil servants doing likewise. It means that they will have to persevere in their professions to pay back what they borrow.

I think a few years back i read an article in the newspaper that cant be mensioned here about woman from Buriram province married to foreigners sending money home from overseas the pile of cash being mentioned in the article was not a drop in the ocean and would make the hair raise on youre back.

[LawrenceChee]

In the overall picture overseas remittances are a drop in the ocean. Wholesale switching of rice for rubber, and especially cheap government loans for civil servants are just two of the reasons for Isaan advancement. I was speaking to a police friend of mine the other day (he's only a low ranker), who has just got married. He was able to borrow millions, new car, house and land, sin sot etcetera. Low interest it will still take him a lifetime to repay. I've heard of nurses, doctors, teachers and other civil servants doing likewise. It means that they will have to persevere in their professions to pay back what they borrow.

I think a few years back i read an article in the newspaper that cant be mensioned here about woman from Buriram province married to foreigners sending money home from overseas the pile of cash being mentioned in the article was not a drop in the ocean and would make the hair raise on youre back.

I can hardly blame the ladies if the man is feeling generous or dumb.

Aplenty of decent Thai ladies around and it's not decent to slam a region just because of a small minority profiteering from man who are not thinking things through or for the long term

[Kudel]

In the overall picture overseas remittances are a drop in the ocean. Wholesale switching of rice for rubber, and especially cheap government loans for civil servants are just two of the reasons for Isaan advancement. I was speaking to a police friend of mine the other day (he's only a low ranker), who has just got married. He was able to borrow millions, new car, house and land, sin sot etcetera. Low interest it will still take him a lifetime to repay. I've heard of nurses, doctors, teachers and other civil servants doing likewise. It means that they will have to persevere in their professions to pay back what they borrow.

I think a few years back i read an article in the newspaper that cant be mensioned here about woman from Buriram province married to foreigners sending money home from overseas the pile of cash being mentioned in the article was not a drop in the ocean and would make the hair raise on youre back.

I can hardly blame the ladies if the man is feeling generous or dumb.

Aplenty of decent Thai ladies around and it's not decent to slam a region just because of a small minority profiteering from man who are not thinking things through or for the long term

It was not my intention to slam people from a certain region in Thailand i did not write that article it was a study and poll done by a female proffesor from a big uni in Bangkok.

Many Thai females in my country live honest lives and have decent jobs .

[retell]

A lot of it is down to the sons and daughters sending money home.

In my village near Ban Phai perhaps half the houses now boast pick-ups- the boom in rubber prices 2 years ago and the popularity of sugar cane partly contributed to this, but in many cases it's because the offspring are working in Korea, Africa, the Middle East, the Eastern Seaboard etc and remitting money home.

can't deny that in some cases this is true but in MOST cases they earn more cos they are not afraid to invest and work

[Baerboxer]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands.

Some girls are sending 30-50,000 baht monthy back to Ubon,KK,Udon, Kalasin Roi et Buriram etc from their German,Swiss,Austrian husbands businesess or her own income (massage).

Everywhere you go in Isan you see big new houses next to wooden huts and shacks. New houses abound.

Old man farang money.Thai's get the farangs to build them.

Add it up. Hundreds of thousands of Isan people sending billions of baht back home every year. I;m not surprised Isan is slowly moving ahead.

Turn off the o/s bank remittance tap and you can forget about selling building supplies.

I know lots of Thai ladies married to foreign husbands who have never worked in the sex industry. Some have successful businesses in their new countries, some take on two or more manual type jobs. All work very hard and in legal occupations; and most fulfil what they see as their duty to send some money to their parents.

Shocking isn't it that not all Isan ladies fit your biased and insulting narrow minded stereotype,

[arthurwait]

Can't be correct. Surely the richest newcomer has to come from Yingluck 's cabinet 4 (or 5).

How do you think they got into the cabinet in the first place ?

[DGIE]

The son of mom-and-pop shopkeepers, Witoon grew up in a humble house in the city, studied civil engineering in nearby Khon Kaen and then got work as a contractor, always staying close to home. After a few years he earned enough money to open his first store in his hometown, a cramped little shop filled with building supplies.

Thumbs up!!

[mrdome]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands. [...]

You are way overstating the amount of these foreign remittances, I'd bet. It's a stereotype that many posters on this forum will keep alive until the buffaloes come home. Frankly, it's a racist stereotype too.

[Thai at Heart]

Good luck to him but i seriously doubt if there has been an economic boom in dusty Isan. Isan's economy is the same as the Phllipines. It relies heavily on overseas remittances from women and men working overseas and of course the tens of thousands of village girls living abroad with foreign husbands. [...]

You are way overstating the amount of these foreign remittances, I'd bet. It's a stereotype that many posters on this forum will keep alive until the buffaloes come home. Frankly, it's a racist stereotype too.

I wouldn't ever underestimate the wealth of some families in isaan. They may not be Bangkok rich, but by anyone standards they can be loaded.

The provincial towns are not the backwaters they were 40 years ago.

[craigt3365]

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[retell]

Global House is a great store. If you need building supplies, they've got just about everything. Many of their employees are quite knowledgeable about what they are selling.

and the majority do not have a clue apart from promoting the larger commission items

they do are friendly 5 people working in every aisle and greeting you every 10 seconds but i always seem to want the products they do not have such as a torque wrench , thin natural rope , pz 1/2/3 bits , staples for my stapler from europe and so on , but they do have almost everyhing

[Maggusoil]

True but there seems to be an endless supply of men

I am saying the boom will continue

The richest Thai woman in the village to the north, is the ex-wife of a British sea captain. The richest woman to the south of us is the Thai wife of a German farmer, bar owner and resort builder. The next richest woman in our village is the ex-Thai wife of a Malaysian businessmen. No, not always white fellas, fellas. And I have sent and brought my own modest sums here with great regularity.

Thai ladies. What an asset for a country.