Thailand’s 50 Richest
BY NAAZNEEN KARMALITop Heavy
As GDP stirs, holdings of the nation’s very wealthiest get another big boost.
BRENT LEWIN/BLOOMBERGA
ter a subdued spell, hailand’s economy
is gathering momentum. With rising
exports and a recovery in domestic de-
mand, the World Bank has forecast that
for the irst time since 2012, economic
growth will exceed 4% in 2018. Relative to this modest
upturn, the nation’s richest are enjoying a disproportion-
ate wealth boom, spurred by stock market gains and a
stronger baht. he Top 50 are collectively worth more
than $162 billion, up by close to one third since we last
measured fortunes 11 months ago.
Two thirds of the nation’s richest saw their wealth
swell, with the top four alone adding close to $25 billion.
Among the big dollar gainers were the Chearavanont
brothers of the Charoen Pokphand Group, who remain
at No. 1 with a record $30 billion. hey got a boost from
soaring shares of their key holdings, such as 7-Eleven
operator CP All, which beneited from an uptick in con-
sumer sentiment, and Chinese insurer Ping An, whose
intech bets are paying of.
All four energy drink fortunes were up, and none
more so than that linked to Red Bull, owned by
Chalerm Yoovidhya and his clan. Analysts recommended a
revaluation of privately held Red Bull, more in line with its listed
American rival Monster, and that pushed Yoovidhya up to No. 3.
Another big winner is hyperactive, Indian-born plastics tycoon
Aloke Lohia, whose proliic dealmaking since 2014 has seen his
Indorama Ventures net 16 acquisitions across the globe, including
in Europe and North America. For 2017, the company, which rose
to the top ten ranks of Asian plastics makers, reported a 17% jump
in revenue to $8.4 billion. A Bangkok resident for three decades,
Lohia’s wealth surged 89% to $3.3 billion.
Relecting rising prosperity, there are 32 billion-dollar-plus
fortunes this year, 4 more than in 2017. he four new names
on the list include two newly minted billionaires, who join the
ranks ater taking their companies public. U.S.-educated Sarath
Ratanavadi, CEO of Gulf Energy Development, which listed in
December, is the richest newcomer, with $3.4 billion. he buoy-
ant beauty business yielded two newcomers, including Sarawut
Pornpatanaruk, whose Do Day Dream is cashing in on theskin-whitening craze (see p. 66).
Of the 9 women who feature in the top 50, 2 returned to the
fold this year, including matriarch Somporn Juangroongru-
angkit, chairman of auto parts group hai Summit, whose son
hanathorn took a surprising plunge into politics.
Media magnates, bufeted by weak ad revenues and competition
from online channels, were among those who didn’t fare well (see p.
72). Given the list’s required minimum net worth of $600 million,
seven dropped of, including Pawat Vitoorapakorn, whose plastic
packaging maker Eastern Polymer Group saw revenue and net
proit fall on tepid demand and higher raw material costs. A poach-
ing scandal involving infrastructure tycoon Premchai Karnasuta,
who fell of two years ago, kept him in the news (see p. 75).
Net worths are based on stock prices and exchange rates from
April 20.
Reporting by Megha Bahree, Ron Gluckman, Sean
Kilachand, Suzanne Nam, Anuradha Raghunathan and
Busrin TreerapongpichitPlastic fantastic: Aloke Lohia’s frenetic dealmaking has almost doubled his wealth.70 | FORBES ASIA MAY 2018