Chearavanonts keep top spot in wealth

[webfact]

Chearavanonts keep top spot in wealth 
By   THE NATION

 

Dhanin

 

BANGKOK: -- THE CHEARAVANONT brothers of Charoen Pokphand Group are the biggest gainers in wealth, adding US$3 billion (Bt102 billion) to retain their No 1 spot with a fortune of $21.5 billion, according to Forbes Asia and Forbes Thailand in the June issue unveiled yesterday. 

 

Thailand’s richest clan revealed a long-expected succession in its top ranks in January. 

 

After 48 years as chairman and CEO, Dhanin Chearavanont crowned his oldest son, Soopakij, 53, as chairman and his youngest son, Suphachai, 50, as CEO. The 77-year old patriarch remains as senior chairman.

 

Liquor tycoon Charoen Sirivadhanabhakdi, still sits in second place with a net worth of $15.4 billion, up from $13.7 billion. He plans to build One Bangkok, a $3.5 billion township, the city’s biggest development. 

 

This is overseen by his youngest child, Panote, 39, CEO of listed property arm Frasers Centrepoint in Singapore, who is in charge of the family’s international property interests. 

 

His older sibling, Thapana, presides over flagship Thai Beverage as president and CEO.

 

The Chirathivat family (No 3, $15.3 billion) of Central Group saw a 18-per-cent increase in their net worth from $13 billion. 

 

Chalerm Yoovidhya (No 4), who heads the Red Bull clan, is the second biggest gainer. His wealth was up $2.8 billion to $12.5 billion this year. 

 

Though Red Bull sales are flat, the sector is sizzling and public competitors trade at higher multiples than a year ago.

 

More than two-thirds of the tycoons on the Forbes Thailand Rich List 2017 saw their wealth increase, with the top five notching up the biggest dollar gains. 

 

The collective net worth of Thailand’s 50 richest is $123.5 billion, up 16 per cent. 

 

Thailand’s economy saw an uptick as it expanded 3.3 per cent in the first quarter of this year, its fastest in four years. 

 

This was largely due to improved farm production, increased consumer spending and a recovery in exports. The stock market also rose 12 per cent in the past 12 months.

 

Three newcomers are on this year’s list, including poultry producer Winai Teawsomboonkij (No 35, $750 million), who founded Thaifoods Group in 1987 with a farm of 20,000 chickens. 

 

Itthipat Peeradechapan (No 44), founder of Taokaenoi Food & Marketing Plc, a maker of seaweed snacks, made his debut with a net worth of $610 million. 

 

His company’s shares have jumped fivefold since its IPO in 2015. Itthipat, at 32, is the youngest on the list. 

 

Another newcomer is Nutchamai Thanombooncharoen (No 46, $590 million), who is one of half a dozen women on this year’s list. Her company Carabao Group saw its shares surge by 55 per cent in the past 12 months.

 

The minimum net worth to make the list this year is $460 million, up from $400 million.

 

The top 10 richest in Thailand are including Chearavanont brothers $21.5 billion, Charoen Sirivadhanabhakdi $15.4 billion, Chirathivat family $15.3 billion, Chalerm Yoovidhya $12.5 billion, Vichai Srivaddhanaprabha $4.7 billion, Krit Ratanarak $3.9 billion, Vanich Chaiyawan $3.8 billion, Prasert Prasarttong-Osoth $2.6 billion, Santi Bhirombhakdi $2.3 billion and Aloke Lohia $1.75 billion.

 

This 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 Forbes’ billionaire rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. 

 

Public fortunes were calculated based on stock prices and exchange rates as of May 18. Privately owned companies were valued based on comparisons with similar companies that are publicly traded.

 

Source: http://www.nationmultimedia.com/news/business/corporate/30316857

 

-- © Copyright The Nation 2017-06-01

[canuckamuck]

It's funny how down on our end the people seem to have less to spend and prices are higher.  I guess some of the money got stuck at the top.

[shady86]

Rich getting richer, poor getting poorer. This will be the trend from now.

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[tonray]

7 minutes ago, shady86 said:

Rich getting richer, poor getting poorer. This will be the trend from now.

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It's the American way.....oops...this is Thailand !

[Smarter Than You]

I find two things very interesting here:

1. Not one of these 10 have said anything public about returning democracy in the last three years

2. All the bleating about Thaksin using his wealth to influence politics, and it turns out the guy isn't even in the top 10.