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.

No less bullish, spirits tycoon Charoen Sirivadhanabhakdi joined the race for Big C Vietnam after concluding the $711 million purchase of the Vietnamese unit of German cash-and-carry firm Metro. Though he lost out to the Chirathivats, he scooped up Casino’s 59% stake in Big C Thailand for $3.3 billion through his listed retail unit Berli Jucker. Charoen cemented his control of Big C Thailand by acquiring a further 25% stake from the Chirathivats.

Both tycoons are richer by $700 million each this year. The biggest gainers are the Chearavanont brothers of the Charoen Pokphand group, whose combined fortune, listed earlier under the group’s chairman, Dhanin Chearavanont, rose by $4.1 billion, partly on new information about their private holdings.

For most, however, the falling stock market, down 8% in the past 12 months, and a weaker baht took their toll. More than half of the 45 returnees to the list were poorer. Media tycoons suffered from a fall in advertising revenues. Krit Ratanarak saw $1.4 billion of his wealth erased, and Surang Prempree, former managing director of Krit’s Bangkok Broadcasting & TV, lost her billionaire status, based on stock prices and exchange rates as of May 20.

Thailand’s duty-free king Vichai Srivaddhanaprabha, whose football team Leicester City made sporting history by winning the English Premier League championship (see story, p. 68), saw his wealth get a 30% boost as tourist traffic rose to 30 million visitors in 2015. Five people debuted on the list, including patent-hungry plastics tycoon Pawat Vitoorapakorn of Eastern Polymer Group and doctor Kumpol Plussind, whose Chularat Hospital chain operates in the country’s industrial belt.

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 our 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 20. Private companies were valued based on comparisons with similar companies that are publicly traded.

–Additional reporting by Megha Bahree, Caroline Chen, Sean Kilachand, Suzanne Nam, Phisanu Phromchanya and Anuradha Raghunathan.

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