SINGAPORE (May 31, 2017) – 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 collective net worth of Thailand’s 50 richest is US$123.5 billion, up 16% since 2016.

Thailand’s economy saw an uptick as it expanded 3.3% in the first quarter of 2017, its highest rate in four years, largely due to improved farm production, increased consumer spending and a recovery in exports. The stock market also rose by 12% in the past 12 months.

The Chearavanont brothers of the Charoen Pokphand Group are the biggest gainers in dollar terms, adding $3 billion to their wealth to retain their No. 1 spot with a fortune of $21.5 billion. Thailand’s richest clan announced a long-expected succession in its top ranks in January. After 48 years as Chairman and CEO, Dhanin Chearavanont crowned his oldest son, 53-year old Soopakij, 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 $15.4 billion from $13.7 billion last year. He announced plans to build One Bangkok, a $3.5 billion township in central Bangkok, the city’s biggest development to date. This is overseen by his youngest child, 39-year old Panote, group CEO of listed property arm Frasers Centrepoint in Singapore, who is in charge of the family’s international property interests. His older sibling, Thapana, presides over flagship Thai Beverage as President and Chief Executive.

The Chirathivat family (No. 3, $15.3 billion) of the Central Group also saw an 18% increase in their net worth from $13 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 $12.5 billion this year. Though Red Bull sales are flat, the sector is sizzling and public competitors trade at higher multiples than a year ago.

Duty-free tycoon Vichai Srivaddhanaprabha (No. 5, $4.7 billion) of King Power added $1.45 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.

There are three newcomers on this year’s list, including poultry producer Winai Teawsomboonkij (No. 35, $750 million), who founded Thaifoods Group in 1987 with a farm of 20,000 chickens. Itthipat Peeradechapan (No. 44), founder of Thai-exchange listed Taokaenoi Food & Marketing, a maker of seaweed snacks, made his debut with a net worth of $610 million. His company’s shares have jumped fivefold since its IPO in 2015. 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.

Source: Forbes