Among Thailand’s top 50 richest people, wealth is declining

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Thailand has made progress over the past 20 years, but it still ranks fourth in ASEAN for wealth disparity, after the Philippines, Indonesia, and Malaysia. His achievement is a result of the energy behemoth expanding into the telecom industry through agreements made with AIS and Singtel. Chalerm Yoovidhya, co-owner of Red Bull and son of its co-founder, has seen his energy drink company spread throughout the globe and has nipped at the top with a US$1.9 billion gain in net worth, bringing it to US$26.4 billion. Gunkul Dhumrongpiyawut of Gunkul Engineering, a renewable energy firm that has expanded into the freshly decriminalized cannabis business, is one notable returnee to the list. He now occupies number 44 on Thailand’s wealth list.

The Chiaravanont brothers of Charoen Pokphand Group had their wealth decline by around US$3.7 billion this year, but they still hold the title of Thailand’s richest people with a net worth of US$26.5 billion. Sarath Ratanavadi, the CEO of Gulf Energy Development, is one of only 12 people in the top 50 who saw their fortune improve this year, moving up to the number 4 spot with an increase of US$2.2 billion, the greatest gain of anyone in Thailand. Thai beverage tycoon Charoen Sirivadhanabhakdi’s fortune decreased by US$1.5 billion over the previous year, and his net worth is now less than half that of the top two billionaires, who each have US$11.2 billion in their respective fortunes. Although the combined wealth of Thailand’s top 50 earners has decreased by about 6 percent to US$151 billion, Forbes Asia reported that the top 10 earners have mostly maintained their positions. Thailand’s economy is struggling, but it is slowly rebounding, and there is still a huge wealth inequality in the nation.

The full ranking of the top 10 richest people in Thailand this year:

RANKING NAME BUSINESS NET WORTH

1 Chiaravanont BrothersCP GroupUS$26.5 billion

2 Chalerm YoovidhyaRed BullUS$26.4 billion

3 Charoen SirivadhanabhakdiThaiBevUS$11.2 billion

4 Sarath RatanavadiGulf Energy DevelopmentUS$11.1 billion

5 Chirathivat FamilyCentral GroupUS$10.6 billion

6 Somphote AhunaiEnergy AbsoluteUS$3.9 billion

7 Prasert Prasarttong-OsothBDMS, Bangkok AirwaysUS$3.1 billion

8 Vanich ChaiyawanThai Life InsuranceUS$3 billion

9 Prachak TangkaravakoonTOA PaintUS$2.8 billion

10 Osathanugrah FamilyOsotspaUS$2.7 billion