Dhanin tops Forbes's Thailand Rich List

Former PM Thaksin Shinawatra ranks no 19.

Dhanin Chearavanont, 72, the head of agribusiness conglomerate Charoen Pokphand Group (CP Group), remains the wealthiest with a net worth at US$7.4 billion, according to Forbes Asia's 2011 Thailand Rich List.

Released today, Forbes' list showed that as food demandrises across Asia, the CP Group has seen double-digit growth in some of its business in the last 12 months.

The top 10 richest in Thailand are:

1) Dhanin Chearavanont; US$7.4 billion

2) Chaleo Yoovidhya; $5 billion

3) Charoen Sirivadhanabhakdi; $4.8 billion

4) Chirathivat family; $4.3 billion

5) Krit Ratanarak & family; $2.5 billion

6) Aloke Lohia; $2.1 billion

7) Chamnong Bhirombhakdi; $2 billion

8) Vichai Maleenont; $1.5 billion

9) Isara Vongkusolkit & family; $1.4 billion

10) Praneetsilpa Vacharaphol & family; $1.05 billion

The net worth of Thailand's 40 richest tycoons are up 25 per cent to US$45 billion as relative calm returned to the country's political scene and economy, and share prices rebounded, according to the list.

Yingluck Shinawatra's victory in the July's general election following the violent upheaval the year before helped the SET index reach levels not seen in 15 years, up 21.7 per cent. In the same period, the Thai baht rose 6.1 per cent against the dollar.

The Shinawatra family has benefited from the development as well.

Coming at No. 19 is former premier Thaksin Shinawatra and family, up four spots from last year. The Shinawatra's fortune is up 53 per cent to $600 million, thanks to a stock split and doubling of share price of his family's real estate development firm, SC Asset. Thaksin who advised younger sister, Yingluck, on her election campaign, has $2 billion in assets frozen by Thai authorities following the family's 2006 sale of Shin Corp., the telecom group he founded.

The second richest person on the list is Chaleo Yoovidhya, 79, who co-founded theenergy drink giant Red Bull with an Austrian marketing whiz. Yoovidhya's net worth of $5 billion is higher than the $4.2 billion chalked up the year before. He owns 49 per cent of the company while his son, Chalerm, ranked No. 37 on the list, owns 2 per cent, and has a net worth of million.

The wealth of three-quarters of those on the 2011 Thailand Rich List increased. The top two gainers are Prasert Prasarttong-Osoth (No. 17) at $620 million and Pongsak

Viddayakorn (No. 28) with a net worth of $310 million. The two co-founders of hospital group, Bangkok Dusit Medical Service, saw their net worths skyrocket 138 per cent and 121 per cent respectively, as shares in their company reached a five-year high.

The third richest man in Thailand, Charoen Sirivadhanabhakdi, 67, amassed a fortune worth $4.8 billion from selling beer and whiskey and real estate investments. Thai Beverage, the country's largest brewer and distiller was listed in Singapore in 2006 and its stock has been flat over the past year.

The Chirathivat family takes up the No. 4 position with $4.3 billion. Descendants of Central Group's late founder, Tiang Chirathivat, share the fortune largely derived from their ownership of Central Retail and Central Pattana.

There are two newcomers to this year's list: Prachai Leophairatana, at No. 29 with $300 million, whose shares in his cement maker, TPI Polene, hit a 3-year high in August; and Pete Bodharanik at No. 34 with $245 million, whose telecoms stock, Jasmine International, quintupled in the past 15 months since the company won an infrastructure bid for an internet project and tied up with AIS to launch nation-wide Wi-Fi.

Pete Bodharanik and Niti Osathanugrah, both 38 years old, are among the youngest on the top 40 list. Niti Osathanugrah, with a net worth of $255 million, holds a 25 per cent stake in Osotspa, maker of energy drinks and personal-care products. The avid investor has a stake in William E. Heinecke's (No. 23) Minor International and other companies. Nishita Shah Federbush, 31, with a fortune of $340 million, is the youngest on the list. Ranked no. 27, she is a director and shareholder of Precious Shipping founded by her father.

This year, a minimum of $195 million was needed to qualify for the list, up from $140 million last year. The billionaires' fortune is based on share prices and exchange rates as of August 9.

The full list of Thailand's 40 richest can be found in the September 2011 issue ofForbes Asia, which is available on newsstands now.