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Thailand's 40 Richest
Suzanne Nam
24 September 2009


Thaksin Shinawatra
(file picture)

The land of smiles has seemed more like the land of uncertainty lately. Thailand has had to deal not just with the global economic slowdown but also with the self-inflicted political instability that has seen five prime ministers in three years. That, in turn, has led to protests at the airports and in the streets.

Given the landscape, Thailand's wealthiest are holding up well and certainly are much better off than they were nine months ago. Together they are worth $25 billion, unchanged since June 2008, when we last looked at net worths of the nation's richest. The set index is down 9% from that date but is up 82% from its December low.

Recovery hasn't been equal across the board. While 13 added to their fortunes, four held steady, including Chaleo Yoovidhya, No. 1 for the third year. Among the big gainers are folks whose fortunes are tied to food and agriculture, including Dhanin Chearavanont, who runs one of the world's largest feed and poultry companies, seafood tycoon Kraisorn Chansiri and sugar barons Nantha Chinthammit of Khon Kaen Sugar Industry and Isara Vongkusolkit of Mitr Phol Sugar. Some, like Dhanin and Isara as well as Krit Ratanarak, all of whom share their fortunes with siblings or parents, also got a boost on the list because of new information on shareholdings or on valuations of certain businesses.

Nineteen are worth less than a year ago, including three who make their fortunes in auto parts, a media baron and a hospital entrepreneur. One of Thailand's most flamboyant self-made entrepreneurs, American-born Thai citizen William Heinecke, dropped about one-fourth of his fortune but is still charging ahead with new ventures. His Minor International, for instance, recently signed a deal to open Gap stores in Thailand next year.

Results were mixed, even within certain industries. Consider the diverging fortunes of real estate developers Thongma Vijitpongpun and Anant Asavabhokin: While Thongma's Preuksa rose 15% since last year's list, Anant's Land & Houses slipped 13%.

Four newcomers made the cut, including two who took their companies public last year before the markets swooned: Worawit Weeraborwornpong, founder of lpg distributor Siamgas & Petrochemicals, and Virot Thanalongkorn, head of lingerie firm Sabina. Because the list seeks to include Thailand's most successful businessmen and women, longtime Thai resident Aloke Lohia, whose company Indorama Polymers is headquartered in Bangkok and has factories in the country, qualifies for the first time, even though he is Indian.

High profile rich-lister Thaksin Shinawatra again makes the list, ranked No. 16 this year with a net worth of $390 million. The former prime minister, now living outside the country, was convicted in absentia in October 2008 to two years in prison for violating conflict-of-interest laws when his wife (they divorced in November 2008) purchased land from the government. More than 3 million Thais signed a petition requesting his pardon and presented it to the king in August.

A net worth of $85 million was needed to make the ranks, up from last year's $70 million. Four from last year's list fell below the cutoff, including Vikrom Kromadit, whose stock in industrial estate developer Amata has dropped 38% since the last list.

Public fortunes were calculated using share prices and exchange rates as of Sept. 10, 2009. For privately held assets, we estimated what they would be worth if public, using information from the Ministry of Commerce of Thailand and other sources. This ranking, unlike Forbes' billionaires list, includes numerous family fortunes. Dhanin Chearavanont, for instance, is valued by himself in the billionaire ranks but counted here with his three brothers.

Additional reporting by Caroline Chen, Justin Doebele, Lan Anh Nguyen, Penpicha Rakbanglaem and Cristina von Zeppelin.

channelnewsasia.com

__________________
"Keeping quiet while monks and other peaceful protesters are murdered and jailed is not evidence of constructive engagement." - Arvind Ganesan, Human Rights Watch.

"I think...I think it's in my basement. Let me go upstairs and check" - M.C. Escher

pickel

I think they didn't include a certain somebody in the rankings.

wefearourdespot

and now that he's just got "appetite" back I wonder what will happen next

Rural Surin

You reckon this was an intentional oversight or an unconsciously honest faux pas?

Rattanaburi

Money rules the world. You can't trust this news service or most. The news services as well as a lot of internet sites won't print anything true or not that will cause them to lose customers. If the print the wrong info, they can't sell in LOS. The same goes for the websites. They don't print things for fear of problems. Some will also turn in posters to save their own business. It's all about the Benjamins in the end. Watch what you say.

wefearourdespot

So you are just confessing that your previous pro-yellow stand was at gunpoint, or even better at money-point ?

Rattanaburi

Not at all. I support those that were out to get rid of Thaksin. Thaksin is nothing more than a leader like Mugabe who uses the poor to empower himself.

I've always been for the country people. I'm not going to support one form of corruption to take the place of another. To me this whole country needs a massive enema. In fact, the whole world needs an enema. One thing is still the same though, the wealthy of Thailand on both sides are corrupt selfish souls who deserve a good boot in their ass.

Dan

The depressing thing about these lists in the fawning adulation which always runs through them.

Dan

Surely you meant a bullet in the back of the head?

Wayne Kerr

Don't suppose Driventowank made the list