"Thailand's 40 richest business figures have a combined net worth of US$20 billion, evenly split between old and new wealth, according to Forbes magazine.
Thailand's 40 Richest list, to be published in the July 24 edition of Forbes Asia, shows that at least a third of the country's super-rich are self-made entrepreneurs who built fortunes from scratch. The list was compiled at a turbulent time for the country and its tycoons. Billionaire politician Thaksin Shinawatra, who ranks fourth, has faced unrelenting pressure for months over his family's sale of their 49.6% stake in Shin Corp tax-free to Singaporean investors.
Another mogul, Thai Beverage founder Charoen Sirivadhanabhakdi, who topped the list at $3.2 billion in net worth, took his company public in Singapore after protesters objected to an alcohol company listing on the Stock Exchange of Thailand.
The second richest person on the list, Chaleo Yoovidhya created the formula for the popular energy drink Red Bull. With $2.7 billion, he owns a 49% share of the company. Mr Chaleo also owns TC Pharmaceuticals, the maker of Krating Daeng energy drinks for the Thai market, and holds a stake in Piyavate Hospital.
About half of Thailand's top 40 inherited their fortunes and often share them with extended families. Wanchai Chirathivat, the fifth richest at $1.2 billion, is one example. He chairs the Central Group, with interests in retailing, real estate, hotels and resorts. Its main business is the Central Retail Corp, with sales of $1.7 billion, being the country's largest retailer. Many family members work at Central and as many as 45 relatives share in the fortune.
Sixth on the list at $860 million, the Vongkusolkit family is seeing sweet returns as the Mitr Phol Sugar Corp celebrates its 50th anniversary. The country's largest producer and exporter of sugar is diversifying into biomass power and plans to operate two bioethanol fuel plants.
Media magnate Vichai Maleenont, the chairman of the BEC World media group, also has several family members operating the Maleenont group of companies. He oversees a collection of TV, radio, Internet and video-rental interests that have earned the family an estimated $475 million.
Somporn Jungrungreangkit is the only woman in the top 10. Ranked 10th with a net worth of $420 million, Ms Somporn took over the reins of Thai Summit, one of the country's largest auto-parts groups, after her husband's death in 2002. She now oversees more than a dozen companies as the group president. Her brother-in-law, Suriya Jungrungreangkit, is the acting deputy prime minister.
To compile the list, Forbes Asia looked at family shareholdings in public as well as private companies. Publicly traded fortunes were calculated using recent share prices and exchange rates. For private fortunes, it estimated what the firms and assets would be worth if they were public."
Bangkok Post
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