Dhanin tops Thailand's richest list

[webfact]

WEALTH
Dhanin tops Thailand's richest list
The Nation


Dhanin Chearavanont

BANGKOK: -- Charoen Pokphand Group's Dhanin Chearavanont remains the most wealthy Thai, among the top 50 richest whose combined net worth is tuned at US$84 billion or one fourth of the nation's gross domestic product.

The minimum net worth to make the list this year is $200 million.

According to the latest Forbes Thailand Rich List, the record number of tourists are a boon for Thailand's richest. Tourism is Thailand's number one source of foreign exchange and a growing part of the nation's GDP. In 2012, 22.3 million tourists visited Thailand, up 16 per cent from 2011, reaching an all-time high.

Among the tycoons from Thailand's 50 richest who benefited from the uptick in tourism is Vichai Srivaddhanaprabha, whose duty-free airport stores and retail shops are bustling and group sales increased 35 per cent in 2012. He is the year's top gainer, jumping to No.11 on the rich list from No. 37 with wealth of $1.6 billion. He is also one of 10 who moved into the billionaires club, bringing the number of ten-figure fortunes to 20, up from 12 (two fell below).

Other tycoons who gained from tourism include Nijaporn Charanachitta and Premchai Karnasuta (No. 37, $405 million), who have a stake in Onyx Hospitality and William Heinecke (No. 20, $1 billion), the nation's biggest hotel operator, who became a billionaire in May.

Thailand's richest also got a boost from the robust stock market, which reached a 19-year high in May before sliding a bit and is up 14 per cent from last August. Thai share sales, whether IPOs or secondary offerings, hit an all-time record in 2012. One big beneficiary was transport tycoon Keeree Kanjanapas whose BTS Group Holdings led Asia's largest IPO of the year through April. He too moved into the billionaire ranks.

On top of the list for the fourth straight year is Dhanin Chearavanont. The head of agribusiness Charoen Pokphand led the group on an acquisition spree; his CP All, the world's third biggest operator of 7-Eleven stores, got approval to acquire discount retailer Siam Makro. He also bought a 15 per cent controlling stake in Ping An Insurance in the biggest-ever foreign acquisition of a Chinese company. His wealth jumped $3.6 billion to $12.6 billion this year.

No. 2 is the Chirathivat family with a net worth of $12.3 billion, up 78 per cent from $6.9 billion in 2012, thanks to the strong gains in their stocks including hotelier Central Plaza (up 140 per cent) and developer Central Pattana (up 85 per cent). The family also owns a stake in Post Publishing Plc.

Charoen Sirivadhanabhakdi holds his spot in third place with $10.6 billion, up 71 per cent from $6.2 billion previously. His Thai Beverage, the country's largest brewer whose shares were up three-fourths in past year, paid $11 billion for control of Singapore's beverage and property company Fraser & Neave. His private property arm, TCC Land, is the largest owner of Marriott Hotels in Asia-Pacific.

There are seven new faces on this year's list including Siam Global House's Witoon Suriyawanakul (No. 27, $700 million); WHA's Somyos & Jareeporn Anantaprayoon (No. 33; $525 million); Samart's Watchai Vilailuck (No. 39; $370 million); Energy Absolute's Somphote Ahunai (No. 40; $330 million); and SPCG's Wandee Khunchornyakong (No. 43; $300 million).

The top 10 richest in Thailand are:

1) Dhanin Chearavanont; US$12.6 billion

2) Chirathivat family; $12.3 billion

3) Charoen Sirivadhanabhakdi; $10.6 billion

4) Yoovidhya family; $7.8 billion

5) Krit Ratanarak; $3.9 billion

6) Chamnong Bhirombhakdi; $2.4 billion

7) Vanich Chaiyawan; $2.1 billion

8) Vichai Maleenont; $2 billion

9) Prasert Prasarttong-Osoth; $1.8 billion

10) Thaksin Shinawatra; $1.7 billion


-- The Nation 2013-07-05

[kurnell]

Every dollar honestly earned, no doubt. I am sure the rice farmers are benefiting from the gazillions sitting in these bank accounts.

[Thai at Heart]

All in restricted industries.

[jonclark]

The 7 deadly sins

Pride

Envy

Gluttony

Anger

Lust

Sloth

Greed

All requirements, in different measures, to make it onto a top ten richest list

[jaltsc]

“Behind every great fortune is a crime.”

–Honore de Balzac

[Tatsujin]

Poor Thaksin, only #10. Bet that hurts.

[jasonslater]

Bet his gutted

[pedro01]

How can Thaksin be one of the top 10 richest IN Thailand?

[JetsetBkk]

What's the point of having all that money?

If I had it, I'd give most away to worthy causes.

[Chris Lawrence]

How can Thaksin be one of the top 10 richest IN Thailand?

His chidren made some smart decisions while MR T was in charge.

[drdoom6996]

The 7 deadly sins

Pride

Envy

Gluttony

Anger

Lust

Sloth

Greed

All requirements, in different measures, to make it onto a top ten richest list

In any country.

[jonclark]

The 7 deadly sins

Pride

Envy

Gluttony

Anger

Lust

Sloth

Greed

All requirements, in different measures, to make it onto a top ten richest list

In any country.

completely

[fstarbkk]

TS has 1.7bn?!

Oh boy, that's enough to finance at least one or two more elections and/or red-shirt riots.

[Wombat6]

How can Thaksin be one of the top 10 richest IN Thailand?

Exactly. How come he can still be making money here. Does he pay any Tax ?. Why hasn't the Thai Government frozen his assets to force him to return and serve his sentence..(.oops....silly question.....he is the Government )

[wisheewashee]

Yeah .Duty free . reminds me

Last month as I went through customs I had my two 7 baht water bottles taken from me , thinking cannot take on the plane ....

Well it turned out water was for sale all over duty free for 30 baht ,same sized as the one taken from me !

This is how to get rich !

[Baerboxer]

Yeah .Duty free . reminds me

Last month as I went through customs I had my two 7 baht water bottles taken from me , thinking cannot take on the plane ....

Well it turned out water was for sale all over duty free for 30 baht ,same sized as the one taken from me !

This is how to get rich !

Yep - captive customers and a monopoly. Wonderful businessment aren't they?

[Baerboxer]

Poor Thaksin, only #10. Bet that hurts.

Yes, but a good slice of 2.2 trillion will boost him up next year

[culicine]

TS has 1.7bn?!

Oh boy, that's enough to finance at least one or two more elections and/or red-shirt riots.

1.7 bil on the books, but how much off the books? - I'd imagine he's made a pretty penny the last couple of years his sister's been in power.

[Thai Complains]

Poor Thaksin, only #10. Bet that hurts.

Dont forget that is money Thai can see...

[Thai at Heart]

Yeah .Duty free . reminds me

Last month as I went through customs I had my two 7 baht water bottles taken from me , thinking cannot take on the plane ....

Well it turned out water was for sale all over duty free for 30 baht ,same sized as the one taken from me !

This is how to get rich !

Yep - captive customers and a monopoly. Wonderful businessment aren't they?

The amazing irony of all of this, is that the reasoning behind this protection is that Thailand isn't yet ready to compete with foreign companies. Bearing in mind that several of the foreign companies in various industries are open to continual accusation of using nominees, this really is not a very competitive market place.

And meanwhile, they still haven't managed to come up with a profitable model for farmers, who would no doubt love to be able to sell directly to foreign companies and keep all of the middle men out of the process, continue to get sc*****d. To have an agribusiness tycoon on the top of the pile, whilst farmers continue to live hand to mouth, shouldn't really be something anyone should be that proud of.

[Rooo]

Off topic posts removed. No need to refer to US etc....... this is about here Thailand.

[gerry1011]

Poor Thaksin, only #10. Bet that hurts.

#10 with around 50 billion baht... Enough to tickle the nerves of many

[mrtoad]

Poor Thaksin, only #10. Bet that hurts.

#10 with around 50 billion baht... Enough to tickle the nerves of many

Where are you on the list Gerry?

[kaspercat]

The 7 deadly sins

Pride

Envy

Gluttony

Anger

Lust

Sloth

Greed

All requirements, in different measures, to make it onto a top ten richest list

You sound very envious. Do you know them personally? If not. It's just BS and envy that's coming out.

[gerry1011]

Poor Thaksin, only #10. Bet that hurts.

#10 with around 50 billion baht... Enough to tickle the nerves of many

Where are you on the list Gerry?

I am not Thai

[gerry1011]

Poor Thaksin, only #10. Bet that hurts.

#10 with around 50 billion baht... Enough to tickle the nerves of many

Where are you on the list Gerry?

I am not Thai

By the way, the fact that this listing is only about Thai wealthy individuals or families puts us, the Thaivisa posters, all below the list.

Good news!!! We are all equal here !!!

Uhm... Naaaa. Some here could be even lower

[mrtoad]

Where are you on the list Gerry?

I am not Thai

By the way, the fact that this listing is only about Thai wealthy individuals or families puts us, the Thaivisa posters, all below the list.

Good news!!! We are all equal here !!!

Uhm... Naaaa. Some here could be even lower

Hmm, that would explain why there are a few notable admissions on the list then. There must be at least 10 TV members that would qualify

[Thai at Heart]

I wonder if enterprising business journalist would study the figures for all of the businesses in this top ten to find out what the actual declared onshore profit is of their companies, versus claimed total profitability.

You think they leave the majority of the profit in Thailand?

Just found this little beauty sitting here

Financial Statements For Charoen Pokphand Foods Pub (CPF)

Year over year, Charoen Pokphand Foods Public Co. Ltd. has been able to grow revenues from $6.6B USD to $11.5B USD. Most impressively, the company has been able to reduce the percentage of sales devoted to income tax expense from 1.41% to 0.75%. This was a driver that led to a bottom line growth from $517.7MUSD to $603.5M USD.

http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=CPF:TB&dataset=incomeStatement&period=A&currency=US%20Dollar

Edited July 5, 2013 by Thai at Heart

[mrtoad]

I wonder if enterprising business journalist would study the figures for all of the businesses in this top ten to find out what the actual declared onshore profit is of their companies, versus claimed total profitability.

You think they leave the majority of the profit in Thailand?

That would be tantamount to career suicide, and interesting there is one or two glaring admissions from this list, but I guess that is not possible to discuss.

[Thai at Heart]

I wonder if enterprising business journalist would study the figures for all of the businesses in this top ten to find out what the actual declared onshore profit is of their companies, versus claimed total profitability.

You think they leave the majority of the profit in Thailand?

That would be tantamount to career suicide, and interesting there is one or two glaring admissions from this list, but I guess that is not possible to discuss.

I think you may be sadly mistaken. Agribusiness exports are largely transfer priced out of the country. The unwritten rule, is that you MUST NOT SELL OUT TO FOREIGNERS.