The pandemic has brought mighty losses to Thailand鈥檚 retail royalty, while an even bigger monopolistic dynasty managed to hold onto most of its obscene wealth this year.
After years trading the top spot among Thailand鈥檚 wealthiest families, the Chearavanonts, owners of one of the world鈥檚 largest corporate conglomerates, opened a wide lead over the Chirathivat family, which fell 11 places to No. 20 on of Asia鈥檚 wealthiest families.
The Chearavanonts, who own Thai uber-monopoly CP, came in third place overall again this year in Asia with wealth of US$31.7 billion, down by about $6.2 billion from 2019. But the COVID-19 fallout on real estate and retail left its marks on Central Group鈥檚 Chirathivat family, owners of major malls, resorts, supermarkets and more. They fell from No. 9 to No. 20 with $12.9 billion after sustaining losses of $7.4 billion since last year.聽
While they鈥檙e far from needing anyone鈥檚 charity, it鈥檚 a huge step down for a family that as recently as 2014 was ranked Thailand鈥檚 wealthiest family and No. 3 in all of Asia.
Before losing sleep over anyone鈥檚 diminished fortunes, it鈥檚 worth noting that Thailand鈥檚 top 1% continue to hold 56% of all property nationwide.
Indeed, the fortunes of other families were relatively unchanged. The Yoovidhya family, creators of the original Red Bull and other energy drinks, saw their fortune shaved by $300 million to $24.2 billion. They remained Thailand鈥檚 third wealthiest and sixth in Asia overall.
Regionally, none can hold a ivory-handled candle to India鈥檚 Ambani family, which was Asia鈥檚 richest family for yet another year in a row with massive holdings of $76 billion from its Reliance Industries conglomerate. Owning everything from petrochemicals and energy to textiles and telecommunications, the Ambanis got $25 billion richer.
Bloomberg鈥檚 data was compiled Nov. 13. It excludes first-generation wealth and single-heir families.
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