8.
Media magnate Krit Ratanarak, 68, got a boost to his wealth after Japan’s Mitsubishi UFJ Financial Group acquired a controlling stake in the Bank of Ayudhya, in which Krit holds 16%, to keep the 5th spot in the Forbes list. Background: Krit Ratanark’s father was Chuan Ratanarak, who was born in 1920 as Bak Chuang Sai Lee in the Teowcheow district of southern China. After arriving in Bangkok in 1926, Chuan worked as child laborer at the river port in Chinatown and later on small barges (lighters) on the Chao Phraya River. He founded Bangkok Lighters Co. in 1959, and his fortunes flourished in part because of a friendship with the politically powerful Field Marshal Praphas Charusathien, who served as chairman of the company. In mid-1950’s Chuan began a profitable association with the Bank of Ayudhya.
6.
VANICH CHAIYAWAN
DR PRASERT PRASARTTONG-OSOTH
• Net worth: US$ 2.3 billion (75.21 billion baht) • Source of wealth: Hospitals, airline Dr Prasert Prasarttong-Osoth, 81, moved up from the 9th spot in 2013. The former surgeon is the founder of Bangkok Dusit Medical Services, Thailand’s largest private healthcare group. He is also founder & CEO of Bangkok Airways, Thailand’s largest privately owned airline. Background: Prasarttong-Osoth Co. was set up in 1927 to produce and distribute traditional herbal medicines. Prasert inherited this enterprise and, while maintaining his status as a resident and instructor in surgery at Bangkok’s Siriraj Hospital, he concentrated on three main lines of business – hospitals, pharmaceuticals and aviation.
9.
• Net worth: US$ 3.9 billion (127.53 billion baht) • Source of wealth: Insurance, beverages Vanich Chaiyawan, 82, is chairman of Thai Life, the country’s second-largest life insurer. His net worth increased dramatically after he sold a 15% stake to Japan’s Meiji Yasuda in 2013. Background: Vanich Chaiyana began his entrepreneurial career at age 14 by selling cigarettes in Nakhon Pathom province, which he left six years later for Bangkok’s Chinatown. His first job in the city was for a commodities company where he worked until 1958 before setting up the New Vanich Partnership, whose main activity was trading rice. At about the same time he became an agent for Thai Pattaya Bank (later renamed and now merged with Krung Thai Bank), which provided financing for traders. His dealings with insurance companies led him to realize the potential of that sector and to buy Paiboon Insurance in the 1960s. In 1970, Vanich and close friend Kamron Tejapaibul acquired control of Thai Life Insurance Co.
7.
SANTI BHIROMBHAKDI & FAMILY
• Net worth: US$ 2.8 billion (91.56 billion baht) • Source of wealth: Beverages Santi Bhirombhakdi, 68, is the head of the family that made its fortune off the popular Singha and Leo beer brands. The family dropped one place from the 2013 list, and there are those who say this was due to a boycott of the beers in the Northeast of Thailand during the anti-government demonstrations. Santi’s niece, Chitpas, was a strong supporter of the anti-government faction, and it’s alleged that she made remarks that offended rural people loyal to the now deposed former government. Very little is known of Santi’s background. *Source Forbes. All ages correct as of July 2014 Exchange rate at time of writing: US$1 = B32.70
VICHAI MALEENONT & FAMILY
• Net worth: US$ 1.7 billion (55.59 billion baht) • Source of wealth: Media Ranked at No. 8 in 2013, media magnate Vichai Maleenont, 94, saw his fortune decline somewhat as shares of his BEC World took a hit amid a floundering advertising market. Background: Vichai Maleenont was born in Chachoengsao Province east of Bangkok. At the age of 17 he launched a mini-bus service to provincial destinations out of Bangkok’s Hualamphong railway station. The business grew rapidly, as did Vichai’s reputation. He began expanding his interests with a small 2-star hotel known as the Tong Hua, a grocery store and a gold shop, all in the Hualamphong area of Chinatown. However, these businesses were all completely destroyed during World War II. Undeterred, he briefly entered into the money changing business and operated a service station. In the early 1950s he became an agent for Thailand’s state lottery. Taking the proceeds from this lucrative business, Vichai entered the property development sector and capitalized on military connections to win contracts for residential housing.
10.
THAKSIN SHINAWATRA & FAMILY
• Net worth: US$1.7 billion (55.59 billion baht) • Source of wealth: Investments Former Prime Minister Thaksin Shinawatra, 65, ousted in 2006 coup remains in the 10th slot with his fortune valued approximately the same as in 2013. While Thaksin now lives in Dubai, the family owns a controlling stake of SC Asset, a property developer formerly owned by Shin Corporation. Background: The roots of the family in Thailand reportedly date back more than 100 years to when Chinese migrant Ku-Cheng settled in Chantaburi Province in eastern Thailand. The family later moved to Chiang Mai, where the second generation established trade links with Burma and later entered the silk business. With Thaksin at the helm, the family expanded into other enterprises, most notably telecommunications. TheBigChilli
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