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Thailand's Wealthiest

07 Sep 10 , Forbes.com

Despite violence and unrest in Thailand, it was a good year for most on our list. Dhanin Chearavanont replaces Chaleo Yoovidhya as the new No. 1, with net worth of $7 billion.

A turbulent May looked like it would send business reeling in Thailand--in response to protester encampments, the military took over parts of the capital and more than 80 civilians were killed as fires rocked the stock market building and partly gutted the country's largest mall, Central World, owned by the Chirathivat family (No. 4). But Thailand's SET 50 Index barely budged and is up 20% since we published our last list of the nation's wealthiest. The Thai baht has appreciated 7% against the U.S. dollar, and GDP should grow 7% in 2010.

Three-quarters of the richest added to their fortunes, including the biggest gainer, Aloke Lohia, whose net worth nearly tripled when he took his integrated polyester company, Indorama Ventures, public earlier this year. The son of an Indian entrepreneur is a newly minted billionaire and jumps 13 notches to No. 6, with a net worth of $1.25 billion. Also joining the country's billionaire ranks for the first time this year are Pruksa Real Estate's Thongma Vijitpongpun and Mitr Phol Sugar's Isara Vongkusolkit.

Shifting sands displaced the three-time No. 1 monied master, Red Bull cofounder Chaleo Yoovidhya; his wealth is up from last year, but he slips to No. 2 with a net worth of $4.2 billion. Topping him is agribusiness owner Dhanin Chearavanont, whose conglomerate Charoen Pokphand Group has seen the value of its stock assets more than double over the past year; his sum, which he shares with his three brothers, is estimated at $7 billion.

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Mr Aloke Lohia, Indorama Ventures PLC.

New information on private shareholdings boosted the fortunes of Prapa & Wit Viriyaprapaikit (No. 22), whose Sahaviriya Steel Industries is considering a bid for a plant in England owned by India's Tata Group. They are worth $400 million this year.

Three names are new to the list. No. 13 Keeree Kanjanapas' property and construction firm, Tanayong, took over Bangkok's Skytrain operator in May; the renamed BTS Group Holdings is extending routes, buying new trains and developing real estate near stations. Fellow developer Prateep Tangmatitham (No. 33) saw his firm, Supalai, announce record sales and profits last year. And Roongroj Saengsastra (No. 31) is also making money from building, in his case by selling tiles to mostly rural customers.

Khon Kaen Sugar matriarch Nintha Chinthammit died this summer. Her son Chamroon Chinthammit takes the No. 26 slot. He's been running Khon Kaen Sugar since 2005 but has his work cut out for him this year. The company is the lone loser on the list; its stock is down 11% over the past year; profits took a hit from lower sales volumes and poorer-quality crops.

Drop-offs from last year included Anek Sithiprasasana, who retired from the board of Central Pattana (the Chirathivat family's real estate firm) last year and distributed his stake in mass-market retailer Big C. Phornthep Phornprapha, who runs Siam Motors, shares his bounty with several extended family members, none of whom individually made the cut.

Methodology

Wealth was calculated using share prices and exchange rates as of Aug. 20. For privately held assets we estimated what they would be worth if public, using information from the Thailand Ministry of Commerce and other sources. This ranking, unlike the Forbes billionaires list, includes numerous family fortunes. Dhanin Chearavanont, for instance, is valued by himself in the billionaire ranks but counted here with his three brothers.

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