Thailand's 50 Richest 2016: Growth Pangs Spur Tycoons To Go On A Buying Binge

[webfact]

Thailand's 50 Richest 2016: Growth Pangs Spur Tycoons To Go On A Buying Binge
Naazneen Karmali , FORBES STAFF

BANGKOK: -- With soaring household debt and an economy crawling along at 2.8% in 2015, Thailand has become a nation of reluctant shoppers.

To boost domestic consumption, the military junta offered a tax rebate to every citizen who spent up to $420 during the December festive season and a similar rebate for the New Year break in April. Hungry for growth, the country’s retail magnates are in a dealmaking frenzy to expand their footprints.

Several have flocked to Vietnam, with its buoyant economy and a “buy Thai” trend. Leading the charge is Central Group’s Chirathivat clan, Thailand’s first family of retailing. Under CEO Tos Chirathivat, Central, along with its Vietnamese partner, electronics retailer Nguyen Kim, bought France’s Groupe Casino’s stake in hypermarket chain Big C Supercenter Vietnam for $1.1 billion.

Full story: http://www.forbes.com/sites/naazneenkarmali/2016/06/01/thailands-50-richest-2016-growth-pangs-spur-tycoons-to-go-on-a-buying-binge/

-- Forbes 2016-06-02

[stoneyboy]

Thailand's richest is on the wane,no amount of money can buy health and longevity I'm afraid.

Edited June 1, 2016 by stoneyboy

[gandalf12]

I wonder if the countries they are buying in insist that the Thai's can only own 49%

[DrTuner]

Gee, with a mall every 500m it's becoming hard to fill them? Who would have thought.

[Emster23]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

[Deli]

Well, some go them need the money to buy their kids outta the monkey house

[chainarong]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

I was wondering that , also how much are they going to contribute to Vietnam charities.

[anon467848]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

Wealthy Thais are not known for their generosity. The number of philanthropists in Thailand are few and far between. IMHO, even the ones that do donate, the gift is paltry in relation to their wealth.

[Jimbo2014]

Hmmm not really investing in the thai economy as the finance minister wishes... I wonder why ?

[Nbarch]

Forbes is a highly respected financial media publisher, but they are so wrong about Thailand's economy.

The economy is booming, tourists numbers are up and everybody is happy.

Don't the people at Forbes do their research properly and read the Thai press?

[mike324]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

Wealthy Thais are not known for their generosity. The number of philanthropists in Thailand are few and far between. IMHO, even the ones that do donate, the gift is paltry in relation to their wealth.

hate to break it to you, its the same for most Asian countries...

In fact Thais have been surveyed by World Giving Index and they rank pretty high....but most of the donations go to temples instead of other charitable organizations.

[mike324]

Thailand's richest is on the wane,no amount of money can buy health and longevity I'm afraid.

I think you are quite wrong, Many of Thailands richest know how to diversify, many have business interests overseas that complement their existing trade. Many are becoming or already a global brand.

[Sealbash]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

Wealthy Thais are not known for their generosity. The number of philanthropists in Thailand are few and far between. IMHO, even the ones that do donate, the gift is paltry in relation to their wealth.

hate to break it to you, its the same for most Asian countries...

In fact Thais have been surveyed by World Giving Index and they rank pretty high....but most of the donations go to temples instead of other charitable organizations.

I disagree. The Thai people I associate with (business) donate both time and money to numerous charities. Thai communities in neighbouring countries are very active with charitable events and fund raisers.

[JAG]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

Wealthy Thais are not known for their generosity. The number of philanthropists in Thailand are few and far between. IMHO, even the ones that do donate, the gift is paltry in relation to their wealth.

hate to break it to you, its the same for most Asian countries...

In fact Thais have been surveyed by World Giving Index and they rank pretty high....but most of the donations go to temples instead of other charitable organizations.

I disagree. The Thai people I associate with (business) donate both time and money to numerous charities. Thai communities in neighbouring countries are very active with charitable events and fund raisers.

Like people the world over, some are rich some are poor, some are generous some are mean!

[moe666]

I wonder if the countries they are buying in insist that the Thai's can only own 49%

They will need a partner

[gandalf12]

I wonder if the countries they are buying in insist that the Thai's can only own 49%

They will need a partner

I would think so. That will please the Thai's when they don't control what they have paid money for

[webfact]

Forbes Asia’s release of Thailand’s 50 richest families



BANGKOK: -- Forbes Thailand today released the country's 50 richest families in its Forbes Asia's June 2016 issue with the Chearavanonts being on the top having a combined net worth of US$ 18.5 billion.

It said four Chearavanont siblings, Jaran, Montri, Sumet and Dhanin, who control agribusiness conglomerate Charoen Pokphand group, got a boost to their wealth due to new information on their private holdings.

Under Chairman Dhanin, in whose name this fortune was earlier listed, CP continues to strike mega deals. Telecom arm True, run by Dhanin’s son Suphachai, bid a record price of more than $3 billion to acquire 4G spectrum in government auctions.

Coming second on the list is Charoen Sirivadhanabhakdi, chairman of Thai Beverage, at a net worth of $13.7 billion, followed by the Central Group’s Chirathivat family, with net worth of $13 billion, and Chalerm Yoovidhya $9.7 billion.

Came fifth on the list with net worth of US$ 3.25 billion is duty-free tycoon Vichai Srivaddhanaprabha’s King Power, which has a monopoly on retail operations at Bangkok’s Suvarnabhumi and Don Muang airports.

King Power reported a 12% rise in revenues to $2 billion in 2015 on the continuing influx of Chinese tourists, its biggest customers. It also runs three shopping complexes in Bangkok but will face new competition once South Korea’s Lotte Group opens its first duty free store in Bangkok later this year.

Former premier Thaksin Shinawatra came 10th on the list with net wort of $1.65 billion.

The 10 richest in Thailand and their net worths are as follow:

1. Chearavanont brothers; $18.5 billion.

2. Charoen Sirivadhanabhakdi; $13.7 billion.

3. Chirathivat family; $13 billion.

4. Chalerm Yoovidhya; $9.7 billion.

5. Vanich Chaiyawan; $4 billion.

6. Krit Ratanarak; $3.3 billion.

7. Vichai Srivaddhanaprabha; $3.25 billion.

8. Prasert Prasarttong-Osoth; $3.2 billion.

9. Santi Bhirombhakdi; $2.4 billion.

10. Thaksin Shinawatra; $1.65 billion.

Source: http://englishnews.thaipbs.or.th/content/165758


-- Thai PBS 2016-06-02

[Usernames]

That list is incorrect. That, I know. For a fact. Several (smart) people don't appear on it and thus keep a low profile and a target off their back.

[GAZZPA]

Thailand's richest is on the wane,no amount of money can buy health and longevity I'm afraid.

I think you are quite wrong, Many of Thailands richest know how to diversify, many have business interests overseas that complement their existing trade. Many are becoming or already a global brand.

Think you misunderstood stoneyboys post.

[Baerboxer]

Thaksin enjoyed spectacular growth in his fortune whilst PTP were in office. Now it seems to have stagnated since they were replaced.

The world financial markets and economics must be in bad shape then, if even the genius inventor of Thaksinomics can't make a bob or two more

[GAZZPA]

I wonder if they ever consider perhaps paying workers more or donating to charity with all that extra loot they've got. Nah.....

Wealthy Thais are not known for their generosity. The number of philanthropists in Thailand are few and far between. IMHO, even the ones that do donate, the gift is paltry in relation to their wealth.

hate to break it to you, its the same for most Asian countries...

In fact Thais have been surveyed by World Giving Index and they rank pretty high....but most of the donations go to temples instead of other charitable organizations.

I disagree. The Thai people I associate with (business) donate both time and money to numerous charities. Thai communities in neighbouring countries are very active with charitable events and fund raisers.

Well, the ones I know don't. They are far too busy earning more and more and preserving their hiso status.

[koolkarl]

In western countries, the very wealthy donate a lot of money to charities, colleges, health care research,etc. They give most back to the people.

I have been in this country some time and have never noticed wealthy Thais doing any of the previously mentioned.

I visit a major university regularly and the books are so old that the pages fall out. Not 1 baht received as a donation.

And I trust the Thai tax department is being vigilant in their duties.

[MiKT]

Looks like my cunning plan to keep my name of the list for yet another year has been entirely successful.

[thaiduncankk]

No monks in the top 10 ?

[soalbundy]

Thailand's richest is on the wane,no amount of money can buy health and longevity I'm afraid.

I would rather be rich in bad health than poor in bad health. Statistics show that rich people in general live 8 years longer than the poor but to the poor it feels as if they have lived an additional 20 years.

Edited June 2, 2016 by soalbundy

[Usernames]

In western countries, the very wealthy donate a lot of money to charities, colleges, health care research,etc. They give most back to the people.

I have been in this country some time and have never noticed wealthy Thais doing any of the previously mentioned.

I visit a major university regularly and the books are so old that the pages fall out. Not 1 baht received as a donation.

And I trust the Thai tax department is being vigilant in their duties.

You should know that there are prohibitions against anyone contributing too much money, say, to build schools or other facilities in villages. Above a certain amount, any money must be approved, licensed, and supervised by the government.

Edited June 2, 2016 by Usernames

[eliotness]

In western countries, the very wealthy donate a lot of money to charities, colleges, health care research,etc. They give most back to the people.

I have been in this country some time and have never noticed wealthy Thais doing any of the previously mentioned.

I visit a major university regularly and the books are so old that the pages fall out. Not 1 baht received as a donation.

And I trust the Thai tax department is being vigilant in their duties.

In western countries a lot of "donations" are done to avoid or reduce tax. Most "charity" activity in Thailand seems to be for temples and shrines.

[Prbkk]

Gee, with a mall every 500m it's becoming hard to fill them? Who would have thought.

10 big cranes are working on the Icon development just across from River City: the floor space in it is enormous and one wonders who will buy the 300,000 psm condos above. Embassy Mall is doing it really tough ....but then again who is going to buy famous enough brand hifi @ x2 the retail price overseas, eg sound link 3 speaker for 12000B? Or shoes at Central for $200. Most people in Europe don't spend that kind of money : the most popular brand, made in Poland , sold throughout Europe for 30-50. But you will never see them for sale in Thailand.

[dominique355]

If a country has very poor people: shame on the country.

But if in the same country there are super rich people: shame on these super rich people.

[dominique355]

In western countries, the very wealthy donate a lot of money to charities, colleges, health care research,etc. They give most back to the people.

I have been in this country some time and have never noticed wealthy Thais doing any of the previously mentioned.

I visit a major university regularly and the books are so old that the pages fall out. Not 1 baht received as a donation.

And I trust the Thai tax department is being vigilant in their duties.

You should know that there are prohibitions against anyone contributing too much money, say, to build schools or other facilities in villages. Above a certain amount, any money must be approved, licensed, and supervised by the government.

Can you elaborate on this and show us some evidence?

It's hard to believe because in a small school outside Hua Hin a Multipurpose Hall and a classroom building have just been built entirely financed from private donations. Cost over 11 million baht. So I just wonder...