Total wealth of Thailand’s 50 richest soars 16%

• May 31, 2017

SINGAPORE – The collective net worth of Thailand’s 50 richest on the 2017 Forbes List has reached UScopy23.5 billion, an increase of 16% on the ranking in 2016.
The magazine reported that more than two-thirds of the tycoons on the Forbes Thailand Rich List 2017 saw their wealth increase, with the top five notching up the biggest dollar gains. 
The Chearavanont brothers of the Charoen Pokphand Group are the biggest gainers in dollar terms, adding $3 billion to their wealth to retain on top of the list with a fortune of $21.5 billion. 
The magazine said Thailand’s richest clan announced a long-expected succession in its top ranks in January. After 48 years as chairman and chief executive officer, Dhanin Chearavanont crowned his oldest son, 53-year old Supakit, and his youngest son, 50-year old Suphachai, as CP’s chairman and CEO respectively. The 77-year old patriarch is now designated senior chairman of the group.
Liquor tycoon Charoen Sirivadhanabhakdi, remains at No.2 with a net worth of copy5.4 billion from copy3.7 billion last year. He announced plans to build One Bangkok, a $3.5 billion township in central Bangkok, claiming to be the city’s biggest development to date.
The Chirathivat family (No.3, copy5.3 billion) of the Central Group also saw an 18% increase in their net worth from copy3 billion last year. Chalerm Yoovidhya (No.4), who heads the Red Bull clan, is the second biggest gainer in dollar terms. His wealth was up $2.8 billion to copy2.5 billion this year.
Duty-free tycoon Vichai Srivaddhanaprabha (No.5, $4.7 billion) of King Power added copy.45 billion to his fortune and earned his spot among the top five on the list.
Thailand’s tourism boom, which drew a record 32.6 million visitors in 2016, brought in a 20% increase in sales at his stores. (continues below)
Three newcomers are added to the list this year. Poultry producer Winai Teawsomboonkij comes at No.35 with the wealth of $750 million. He founded Thaifoods Group in 1987 with a farm of 20,000 chickens. 
Owner of Taokaenoi Food & Marketing, a maker of seaweed snacks, Itthipat Peeradechapan made his debut at No.44 with a net worth of $610 million. His company’s shares have jumped fivefold since its IPO in 2015. Mr Itthipat, at 32, is the youngest on the list.
Another newcomer is Nutchamai Thanombooncharoen (No.46, $590 million), who is one of half a dozen women on this year’s list. Her company Carabao Group saw its shares surge by 55% in the past 12 months.
The minimum net worth to make the list this year is $460 million, up from $400 million a year ago. 
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies.
Unlike our billionaire rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. Public fortunes were calculated based on stock prices and exchange rates as of May 18. Private companies were valued based on comparisons with similar companies that are publicly traded.

Source: http://www.bangkokpost.com/business/news/1259863/total-wealth-of-thailands-50-richest-soars-16-