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Thailand’s 50 Richest 2021: Collective Wealth Rises To $160
Thailand’s 50 Richest 2021: Collective Wealth Rises To $160 Billion Amid Pandemic Challenges
As tourism stalled last year, Thailand’s economy contracted 6.1% in 2020, recording its biggest drop in more than two decades. Despite a sudden spike in Covid-19 cases this year, the government has pledged to reopen the tourist haven to vaccinated foreign visitors by October, starting with Phuket in July. Buoyed by the prospect of a recovery and an uptick in exports, the benchmark stock index surged 43% since fortunes were last measured 15 months ago. That rise helped boost the combined wealth of the kingdom’s richest by over a fifth to $160 billion. pg
The pecking order of the top five, whose net worth gains made up nearly half of the total, remained unchanged. The Chearavanont brothers of Charoen Pokphand Group held the No. 1 spot, after adding $2.9 billion to their net worth, which increased to $30.2 billion. Chalerm Yoovidhya, who shares a $24.5 billion Red Bull fortune with his family, was this year’s biggest dollar gainer and retained his position as the second richest.
Another beneficiary was energy tycoon Sarath Ratanavadi, who made headlines in April with an audacious $17 billion bid for Intouch Holdings and its wireless firm Advanced Info Services, Thailand’s biggest mobile operator by revenue (he has yet to complete the deal). His fortune was up by nearly a third to $8.9 billion.
As tourism stalled last year, Thailand’s economy contracted 6.1% in 2020, recording its biggest drop in more than two decades. Despite a sudden spike in Covid-19 cases this year, the government has pledged to reopen the tourist haven to vaccinated foreign visitors by October, starting with Phuket in July. Buoyed by the prospect of a recovery and an uptick in exports, the benchmark stock index surged 43% since fortunes were last measured 15 months ago. That rise helped boost the combined wealth of the kingdom’s richest by over a fifth to $160 billion. pg
The pecking order of the top five, whose net worth gains made up nearly half of the total, remained unchanged. The Chearavanont brothers of Charoen Pokphand Group held the No. 1 spot, after adding $2.9 billion to their net worth, which increased to $30.2 billion. Chalerm Yoovidhya, who shares a $24.5 billion Red Bull fortune with his family, was this year’s biggest dollar gainer and retained his position as the second richest.
Another beneficiary was energy tycoon Sarath Ratanavadi, who made headlines in April with an audacious $17 billion bid for Intouch Holdings and its wireless firm Advanced Info Services, Thailand’s biggest mobile operator by revenue (he has yet to complete the deal). His fortune was up by nearly a third to $8.9 billion.