Thailand tycoons see wealth rise 46%

DESPITE A storm of political protest that played havoc with normal economic life in Bangkok this year, the combined wealth of Thailand's 40 richest people increased by 46 per cent from 2009, according to Forbesmagazine.

Thailand has 11 dollar billionaires, which is six more than last year, and the news of a sharp rise in the incomes of Thailand’s richest comes at the end of a week where data showed the best economic growth rate in about 15 years.

Thai gross domestic product is expected to have grown by 10 per cent in the first half of the year, despite the worst political violence in recent Thai history, with 91 people killed in clashes between troops and anti-government demonstrators.

Dhanin Chearavanont, owner of Thailand’s agribusiness conglomerate, Charoen Pokphand, is the country’s richest man with net worth of €5.5 billion, according to the US magazine, which assessed the value of the country’s top 40 richest at €28.5 billion.

The 71-year-old Mr Dhanin overtook Chaleo Yoovidhya (78), co-owner of energy drink company Red Bull, who was worth €3.28 billion last year. Charoen Sirivadhanabhakdi (66), founder of Thai Beverage, was ranked number three with €3.24 billion.

Most of the tycoons saw their wealth boosted by the strong performance of the Thai stock exchange that has proven immune to the wider social woes, and the strength of the country’s baht currency.

Many of these woes are blamed by the government of Prime Minister Vejjajiva Abhisit on the residual influence of ousted prime minister Thaksin Shinawatra, who lives in exile after being convicted on graft charges in Thailand. Mr Shinawatra ranked 23rd on the list, unchanged from last year, with a net worth of €310 million. The figure does not include his frozen assets.

World Bank data shows that the richest 20 per cent of Thailand’s people earn 55 per cent of the country’s overall income, while the poorest 20 per cent earn just 4 per cent. This huge disparity was one of the complaints made by the “red shirt” protesters in the troubles of earlier this year.