Thailand’s Wealthiest See Combined Wealth Drop by 12% in 2024

The cumulative wealth of the top 50 richest individuals in Thailand fell by nearly 12% in 2024, amounting to a $20 billion decline, bringing the total to $153 billion. This reduction was influenced by a 15% drop in the benchmark stock index and a weaker baht, impacting net worth across the board.

Out of the 50 listees, 39 experienced a decrease in their fortunes, with only seven managing to grow their wealth. Leading the pack is the new number one Chalerm Yoovidhya and family, co-owners of Red Bull. Their fortune surged by $2.6 billion, reaching a record $36 billion, driven by Red Bull’s revenue exceeding $11 billion in 2023, with over 12 billion cans sold globally.

The Chearavanont brothers of the Charoen Pokphand Group, who held the top spot for nearly a decade, slipped to second place with $29 billion, down from $34 billion. This decline was partly attributed to a significant drop in shares of their holding, China’s Ping An Insurance, which suffered a $2.7 billion loss in its asset management business in 2023.

Beverage magnate Charoen Sirivadhanabhakdi of Thai Beverage maintained his position at number three with $10 billion, though his wealth decreased by $3.6 billion. The Chirathivat family of the Central Group remained fourth, with their net worth falling by 20% to $9.9 billion. Notably, the Central Group became the majority owner of London’s Selfridges in November.

Energy and telecom tycoon Sarath Ratanavadi held onto the fifth spot, although his fortune dipped for the first time to $9.2 billion from $11.3 billion. Renewable energy entrepreneur Somphote Ahunai saw his wealth plummet by two-thirds to $995 million, dropping him from the top 10 to number 32 due to concerns over debt from his ambitious expansion into electric vehicles and batteries.

The buoyant market for energy drinks and other bottled beverages boosted the fortunes of four individuals: Carabao cofounders Sathien Sathientham ($1.75 billion) and Nutchamai Thanombooncharoen ($895 million); Sappe’s founder Anan Ruckariyapong ($650 million); and Ichitan Group’s Tan Passakornnatee ($620 million), who re-entered the list after a seven-year absence.

Two notable patriarchs passed away last year: Petch Osathanugrah, former CEO and vice chairman of Osotspa, and Chaivat Taepaisitphongse, former chairman of Betagro. Their respective families inherited their wealth, placing them at number 9 and 35 on the list.

The threshold to make the list dropped to $550 million from $590 million last year. Here are the top 10 richest individuals in Thailand:

• • • Chalerm Yoovidhya & Family: $36 billion
    • Chearavanont Brothers: $29 billion
    • Charoen Sirivadhanabhakdi: $10 billion
    • Chirathivat Family: $9.9 billion
    • Sarath Ratanavadi: $9.2 billion
    • Prasert Prasarttong-Osoth: $3.8 billion
    • Aiyawatt Srivaddhanaprabha & Family: $3.6 billion
    • Vanich Chaiyawan: $3.3 billion
    • Osathanugrah Family: $2.2 billion
    • Prayudh Mahagitsiri: $2.15 billion

This ranking was compiled using data from shareholding and financial records, stock exchanges, analysts, and regulatory agencies. This list includes family fortunes shared among extended families of multiple generations. Public fortunes were assessed based on stock prices and exchange rates as of June 14, while private companies were valued by comparing them to similar publicly traded companies. The list also considers foreign citizens with significant business or residential ties to Thailand, as well as citizens living abroad with substantial connections to the country.

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