Chalerm Yoovidhya and family are the richest among Thai billionaires
Despite a decline in wealth among Thai billionaires, Chalerm Yoovidhya and family became the richest this year due to a sharp increase in energy drink sales last year, according to a report by business magazine Forbes on Wednesday.
The family that co-owns the Red Bull energy drink toppled last year’s richest, the Chearavanont Brothers, due to a loss they suffered in Ping An Insurance, a Chinese financial services holding company in which they have a major stake.
Forbes highlighted that the 15% fall in the Stock Exchange of Thailand Index since last year, the weakening baht and the impact of political instability on investor confidence had led to a 12 per cent decline in the wealth of 39 Thai billionaires compared to the previous year.
Thai billionaires’ wealth dropped from US$173 billion (6.36 trillion baht) last year to $153 billion (5.62 trillion baht) this year, it said.
The top 10 Thai billionaires were:
1. Chalerm Yoovidhya and family: $36 billion (1.32 trillion baht)
The co-owner of Red Bull energy drink rose to No. 1 from second place last year. The brand witnessed a $11-billion increase in revenue over last year after 12 billion pieces of energy drinks were sold worldwide.
2. Chearavanont Brothers: $29 billion (1.06 trillion baht)
The owners of Thailand’s largest conglomerate, Charoen Pokphand Group (CP), fell from first place due to a decline in revenue. This follows a $2.7-billion loss last year suffered by Ping An Insurance.
3. Charoen Sirivadhanabhakdi: $10 billion (368 billion baht)
The founder and chairman of Thailand’s largest beverage company, Thai Beverage, is among three billionaires who managed to retain their ranking. However, his wealth dropped from $11.3 billion last year.
4. Chirathivat Family: $9.9 billion (364 billion baht)
The owner of the Central Group is the second billionaire to retain the previous ranking. Even though their wealth dropped from $12.4 billion last year, the group purchased KaDeWe shopping complex in Berlin, Germany at $1 billion in April this year.
5. Sarath Ratanavadi: $9.2 billion (338 billion baht)
The third billionaire to retain his ranking is the CEO of leading sustainable energy and infrastructure firm Gulf Energy Development. His asset value dropped from $11.3 billion last year, the first year-on-year drop in six years.
6. Prasert Prasarttong-Osoth: $3.8 billion (139 billion baht)
The co-founder of Thailand’s largest private hospital chain, Bangkok Dusit Medical Service, rose from seventh place last year. He is also owner of regional airline Bangkok Airways, which has been named 27th among the world’s top 100 airlines this year by aviation consultancy firm Skytrax.
7. Aiyawatt Srivaddhanaprabha: $3.6 billion (132 billion baht)
The CEO of duty-free shop operator King Power rose from eighth place last year. He is also chairman of Leicester City football club in England and owns King Power Mahanakhon, the tallest tower in Thailand.
8. Vanich Chaiyawan: $3.3 billion (121 billion baht)
The chairman emeritus of Thai Life Insurance, Thailand's second-biggest life insurer, fell from sixth place last year. He and his family also have a majority stake in commercial bank Thai Credit Bank, which got listed on the SET in February this year.
9. Osathanugrah Family: $2.2 billion (81 billion baht)
The owner of Osotspa, among Thailand's oldest companies and maker of M-150 energy drink, rose from 10th place last year. The family's wealth got a boost from the initial public offering of the company shares in October 2018. It dominates about 46 per cent of Thailand's energy drinks market.
10. Prayudh Mahagitsiri: $2.1 billion (79 billion baht)
Thai coffee magnate Prayudh Mahagitsiri's Quality Coffee Products is a long-standing joint venture with multinational food and drink processing conglomerate Nestlé. He also has interests in steel, copper, shipping, offshore drilling and property development.
