Tycoons See Fortunes Plummet Amid Slow Economic Recovery

The collective wealth of tycoons who appeared on the 2022 Forbes list of Thailand’s 50 most affluent people fell nearly 6% from a year ago due to the slow economic recovery and is now valued at $151 billion.

Forbes Thailand published the names of the country’s 50 richest people at The full list can also be found in the July issue of Forbes Asia magazine and the August physical issue of Forbes Thailand.

It considered aspects such as holding and financial information obtained by individuals, stock exchanges and analysts, regulatory agencies, and the Stock Exchange of Thailand. However, the official ranking was based on public fortunes calculated from stock prices and Exchange rates registered until June 17.

The top ultra-wealthy on the list, Dhanin Chearavanont and his brothers, remained unchanged and still hold the 1st spot, despite losing $3.7 billion, the biggest drop in dollar terms, to $26.5 billion. However, the other 47 people were ranked differently this year due to variations in their wealth.

As Red Bull energy drink’s sales surged worldwide for the past few years, Chalerm Yoovidhya’s shared fortune increased by $1.9 billion compared to last year’s figures. He and his family hold the 2nd spot with assets valued at $26.4 billion.

Charoen Sirivadhanabhakdi, an entrepreneur who runs a huge business empire that includes Thai Beverage, was ranked in 3rd place after losing $1.5 billion in the last year for a fortune estimated at $11.2 million.

The top 10 richest people in the kingdom also included Sarath Ratanavadi ($11.1 billion), the Chirathivat Family ($10.6 billion), and Somphote Ahunai ($3.9 billion). Other names that appeared on the list were Prasert Prasarttong-Osoth ($3.1 billion), Vanich Chaiyawan ($3 billion), Prachak Tangkaravakoon ($2.8 billion), and the Osathanugrah Family ($2.7 billion).

The drop in tycoons’ fortunes comes as the downturn hits all sectors of the Thai economy.

Although the government has reopened the tourist-dependent country and has lifted the strictest Covid-19 measures to boost the economy and increase tourism revenue, the nation has seen a slow recovery.

Only a fraction of the 40 million international visitors logged in 2019 is expected to arrive in the country this year. In addition, the benchmark SET Index fell more than 3% and the baht’s value declined 12% in recent months.