News Forum - Wealth decreasing among top 50 richest in Thailand

[Thaiger]

While the wealth of the 50 richest people in Thailand has fallen nearly 6% to a collective US $151 billion, Forbes Asia has announced at the top 10 richest people in the country remain in mostly the same ranking. Charoen Pokphand Group’s Chiaravanont brothers saw their wealth decrease by nearly US $3.7 billion this year but still remain the richest in Thailand with a net worth of US $26.5 billion. Son of the co-founder of Red Bull, co-owner Chalerm Yoovidhya, has seen worldwide growth of his energy drink empire and has inched very close to the number one spot with […]

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[Donald]

Maybe they should start a go fund me page. Sarcasm ? Maybe, but I find it offensive that a topic like this is deemed worthwhile reporting on in the times we are living in where poverty and hunger are increasing exponentially.

[Shade_Wilder]

 

Surprisingly for such a bland article (who gives a Rat's Ass about the wealth of High-So's, right?), there are many little and quite varied nuggets of interest here.

First, I echo the sentiment of @Donald (above), but disagree that it isn't newsworthy. Thailand has one of the worst Gini Coefficients (wealth inequality) in the world, and it is good to be reminded of that; I have nothing against people getting rich (I'd like to try it), but it is a good reminder that too much wealth in the hands of a few is NOT a good thing. Moreover, while it is a bit of a Thai 'bragging rights' thing, it also paints a target on their backs, so... pluses and minus'. Finally, it should give pause to anyone thinking of investing here as it clearly is a place where there is limited access, and some publicity might help change that a tad.

Secondly, it is a good indicator of how Thailand is doing; I can't speak for others, but I take any Thai Government information with a GIANT grain of salt. Seeing a decrease of total wealth by the richest of the rich in Thailand tells me more about the current economy here than any Ministry of Finance press conference ever could.

"One notable return to the list is Gunkul Dhumrongpiyawut of Gunkul Engineering, a renewable energy company that has branched into the recently decriminalised cannabis field, moving him back up to the 44th position on Thailand wealth list."

The inclusion of Gunkul Engineering speaks volumes. I remain convinced, even despite the current 'Bush-League', pathetic, roll-out of Weed Legalization, that Ganja is a massive growth industry in Asia. Thailand will soon, even if by mistake, grow out of this ridiculous notion that you can decriminalize weed while not having a recreational component. I believe that it is inevitable that both recreational and medicinal weed products will be sold widely throughout Asia by the end of the decade, and whomever capitalizes on that fact will add a couple of billion dollars to their net worth. Perhaps it'll be Mr Gunkul; I'll be looking at his companies to see if there are investment opportunities.

Finally, coming back to point one, this article is a reminder that Thailand needs to change; if the Kingdom ever wants to be anything other than a third-world oligopoly, and I do believe that many want to see that change, wealth must be more equitably distributed and opportunities for all must be enhanced. And, of course, corruption must be cleaned up, the Justice System reformed, Coups actually banned, Police Reform, etc, etc, etc. 

Sigh.

This innocent little article is a reminder of what is wrong in the Kingdom, and perhaps a wee signpost of the changes needed to make it a better place.

I haven't lost faith yet that it is possible, but... Thailand has away of bruising one's idealism.

 

 

[KaptainRob]

A excellent write up by Khun Wilder. 

Makes me wonder if Anutin, the construction billionaire, happens to be a good friend or business partner of engineer Gunkul.  After all, the former began his massive ganja plantation in MHS long before the party legalised it.  

[dmacarelli]

1. The overall economy here is decimated. Major sabotage, by empty suits, has taken place. 

2. You know how bad the economy is, when the filthy rich are not getting richer. 

3. Who cares? Not me. My heart does not bleed for these creeps, who do next to nothing for Thai society, except degarde it. 

[ThaiEyes]

All I can say is, “Poor babies”

[MattOwensRees]

I disagree that Thailand is run by empty suits.

These guys are powerful, rich, and know exactly what they are doing. They are not stupid or naive. Creating a country for their own self interest. Even under Thaksin, the country was seen as being only for the Thais. It's no coincidence that his party was called ThaiRakThai, Thais love Thais. All feudal and authoritarian governments worldwide are xenophobic.

.

[Stefan]

Somehow I think that the reporting is missing one important aspect. During the last year, the Thai Bhat has lost dramatically against the US Dollar. I assume that most assets are held in Thai Bhat, so it is quite normal that the USD net worth went down. I think that their Thai Bhat's Net worth actually went up. 

[Marc26]

On 7/8/2022 at 11:28 PM, dmacarelli said:

1. The overall economy here is decimated. Major sabotage, by empty suits, has taken place. 

 

Is it???

That was not my impression in the slightest when I was there..............

I went to almost Thai local places exclusively and they were packed, everywhere...........that doesn't happen when the economy is decimated

 

My BIL's are in the building trade and have been non-stop working on good paying jobs...........again that doesn't happen when the economy is decimated

 

 

[MattOwensRees]

You say, "when you were there". But what you say is not true of all of Thailand. With respect, you are commenting only from your limited experience.

That is not a criticism but you are wrong to imply that what you saw is anything like typical of what is happening in the country. The photos seem to have been taken before the pandemic and possibly before the coup

[KaptainRob]

38 minutes ago, MattOwensRees said:

You say, "when you were there". But what you say is not true of all of Thailand. With respect, you are commenting only from your limited experience.

That is not a criticism but you are wrong to imply that what you saw is anything like typical of what is happening in the country. The photos seem to have been taken before the pandemic and possibly before the coup

You are mistaken.  M26 travelled all over Thailand, South to north, with Thai family and friends and he observes everything, soaking up data like a sponge.  He was here 2 months ago, photos are genuine.

[MattOwensRees]

The photos are old. They are of foreigners only. No Thais in them. They were all clearly taken pre-pandemic and maybe pre-coup. I challenge you to provide a date. It's disingenuous to link them to the current situation.

How many years experience of Thailand does he have? You are very short on actual facts. Your cliche, "Soaking up facts like a sponge" ignores the current data on unemployment levels. Sorry, you're out of touch.  Question what ypu read and hear and check facts out.

He quoted his builder brother-in-law and I don't dispute he is busy. But that's not the point. He obviously doesn't know how many businesses in the building trade have gone bust. Turning a blind eye to reality and then posting only what you want to believe does not cut it.

Edited July 12, 2022 by Faz
off topic comments removed.

[Marc26]

4 hours ago, MattOwensRees said:

The photos are old. They are of foreigners only. No Thais in them. They were all clearly taken pre-pandemic and maybe pre-coup. I challenge you to provide a date. It's disingenuous to link them to the current situation.

How many years experience of Thailand does he have? You are very short on actual facts. Your cliche, "Soaking up facts like a sponge" ignores the current data on unemployment levels. Sorry, you're out of touch.  Question what ypu read and hear and check facts out.

He quoted his builder brother-in-law and I don't dispute he is busy. But that's not the point. He obviously doesn't know how many businesses in the building trade have gone bust. Turning a blind eye to reality and then posting only what you want to believe does not cut it.

No Thais in them???

 

Do you have vision issues?

It's literally nothing but Thais

 

Oh and both of those were taken in Chiang Mai in June

 

The Good View Restaurant on the river

And then a Thai pub in Nimmanhaemin

 

But there wasn't anywhere in CM that wasn't busy

 

My wife's villge home....Singburi, busy everywhere 

 

My wife's old neighborhood in Samut Prakan....packed

 

Her neighborhood in Nonthabiri.....jammed packed

 

Those are all local Thai areas

 

Now there were some tourist areas that were dead

 

Khao Lak and Kanchanaburi 

 

But to say the economy is decimated it just not something I saw

 

Also, I acknowledge people have obviously lost jobs and businesses 

But we personally don't know anyone who lost their job, over a vastly group of people in all different fields 

 

And since you asked

I've been coming to Thailand for 20 years and been with my wife for 18 years