Chalerm Yoovidhya, co-owner of Red Bull, now leads Thailand’s richest family, according to the latest Forbes list, overtaking the Chearavanont brothers. Despite this, the total wealth of Thailand’s 50 richest families has declined by 15%.
Forbes Asia reported on Wednesday that the Yoovidhya family increased their fortune by USD 2.6 billion (95.8 billion baht), reaching USD 36 billion (1.3 trillion baht). Red Bull’s revenue surpassed USD 11 billion (405.5 billion baht) last year, with global sales exceeding 12 billion bottles and cans.
The Chearavanont brothers, known for the Charoen Pokphand Group, fell to second place after nearly a decade at the top. Their wealth decreased from USD 34 billion (1.2 trillion baht) last year to USD 29 billion (1.1 trillion baht) this year, partly due to the declining value of their stake in Ping An Insurance in China, which reported a USD 2.7 billion (99.5 billion baht) loss last year.
Charoen Sirivadhanabhakdi of Thai Beverage remains in third place with an estimated wealth of USD 10 billion (368.6 billion baht), down USD 3.6 billion (132.7 billion baht) from last year.
The Chirathivat family holds the fourth position with USD 9.9 billion (364.9 billion baht), a 20% decrease from USD 12.4 billion (457.1 billion baht) last year. The family’s Central Group became the major shareholder in London’s Selfridges department store after raising its shareholding in November.
Energy and telecom tycoon Sarath Ratanavadi retains fifth place with USD 9.2 billion (339.1 billion baht), down from USD 11.3 billion (416.5 billion baht) last year.
Somphote Ahunai, CEO of Energy Absolute, saw his wealth drop by two-thirds to USD 995 million (36.7 billion baht), falling to 32nd place. His shares in the renewable energy and electric vehicle company declined due to debt concerns.
The combined wealth of “Thailand’s 50 Richest” fell by nearly 12% to USD 153 billion (5.6 trillion baht), attributed to a declining Stock Exchange of Thailand index and the depreciation of the baht, Forbes Asia stated. The full list is available at www.forbes.com/thailand.