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Published on August 19, 2007

As vice-chairman of True Corp and senior executive at the CP Group, Chaleo Souvannakitti, in his 70s, has long associated with wealthy people, but only a few qualify as millionaires in his view. To truly be a millionaire, Chaleo explains, you need extra assets and savings worth at least Bt20 million, excluding your own house and the land on which it sits.

"These extra assets can be anything, but not the house that you're living in," says Chaleo, who's just released a get-rich-quick manual, "Soodlap Setthi" ("The Millionaire Code"), through Organic Books.

"It could be a condo unit, a plot of land or another kind of building that you own but don't actually live in as your main house. If these assets are worth Bt20 million, then you can call yourself a millionaire."

An avid reader of biographies of wealthy people, such as American property tycoon Donald Trump and Microsoft chairman Bill Gates, Chaleo calls his book a must-read for anyone aspiring to riches.

The already rich, meanwhile, he says, will take interest in the path to wealth that he's plotted.

But it's definitely not for those who scorn the rich, he warns, or those who "don't have the guts and passion to take on different challenges in life".

"If you are one of these people, please give the book to someone else," he laughs.

 "Soodlap Setthi" outlines techniques for both salarymen and small-scale entrepreneurs - unlikely qualifiers for Forbes magazine's list of the mega-rich but with the potential nevertheless to attain financial security. All they need is the proper guidance and some business, Chaleo insists.

Millionaires, he says, have smart business plans to match their unique personalities. This is "the millionaire code".

Chaleo does caution that money can't buy everything, especially happiness, but it certainly comes in handy. And, he says, wealth begets wealth, right across society.

"History tells us that if a government introduces a policy to eradicate poverty, the result is more poverty. But if governments focus on making their people rich, most people tend to become richer.

"Take Taiwan, Singapore and Japan, for example," he says. "I visited Singapore a long time ago when it was the region's backwater and its airport had corrugated tin roofs. Look at Singapore now and you'll see how it has evolved financially."

Thailand, he believes, needs a policy that promotes "sufficient" wealth, in line with His Majesty the King's philosophy.

There are, Chaleo says, 12 principles for becoming rich: versatility, capitalising on opportunities, the wise use of intuition, good learning skills, leadership skills, a good mentor, networking, an ability to turn crisis into opportunity, being a good thinker and player, knowing the value of money, luck - and "thick face black heart".

Chaleo cites Thaksin Shinawatra as an example someone who met with disaster because he failed to balance these principles.

"Obviously he's a man of capability and very good at the job, but you he's not good with people. Despite having millions of members in his party, not a single one can save him."

"Thick face black heart" has its negative connotations, but Chaleo insists that this theory - made famous by disgruntled Chinese politician Lee Zhong Wu in 1911 - is a necessary tool for success.

"When you conceal your will from others, that is 'thick'," Wu wrote. "When you impose your will on others, that is 'black'." Ruthless and even hypocritical means are needed to obtain and hold onto power, he advised.

"Most businessmen and politicians possess this skill," says Chaleo, "but the people who have it aren't necessarily evil.

"People who have thick face are able to conceal their emotions. It means you don't express feelings of anger, hatred or love. Black heart means the readiness to make unpopular decisions, but you need to use this skill very ethically."

While acknowledging the importance of being a thinker and player, Chaleo says that the real challenge is finding your own mentor, whatever your career.

"It's a fact. Having more than one mentor will get you a shortcut to a successful career."

Chaleo's first mentor was his supervisor, an accountant, whom he regarded as his teacher. Finding a mentor doesn't involve asking someone directly. First you must study the candidate's behaviour and ascertain his needs, then use that knowledge to offer help and get close to him.

If the 12 principles seem a difficult path, Chaleo suggests you start by adopting "simple life-planning techniques".

Set a goal with an iron timeframe. The target must be practical, not too lofty. Then you need a strategy to get there, and in this you might need help from your mentor.

Planning each move in turn is crucial, as is assessing your progress and making adjustments where there is room for improvement.

What else can salaried people do? Start saving up, Chaleo says. Fill your spare hours with a part-time job for extra income. Set aside a budget for investment, and then start a business and become an entrepreneur.

"To start with, though," he says, "you need to ask yourself if you really want to be rich."

Manote Tripathi

The Nation