Chalerm Yoovidhya and his family, the co-owners of Red Bull, have been named the wealthiest individuals in Thailand, as per Forbes’ latest rankings released on Wednesday. Their net worth surged by $2.6 billion to reach an unprecedented $36 billion, driven by the stellar performance of Red Bull. The energy drink company generated over $11 billion in revenue, selling more than 12 billion cans worldwide in 2023.
This leap in wealth positions the Yoovidhya family at the top of Forbes’ list of Thailand’s 50 richest individuals, dethroning the long-dominant Chearavanont brothers. The Chearavanont siblings, associated with the Charoen Pokphand Group, experienced a significant decline in their net worth, which fell from $34 billion to $29 billion, relegating them to the second spot. The primary reason for this downturn was the poor performance of Ping An Insurance, a major holding of theirs, which reported a substantial $2.7 billion loss in 2023.
In third place is Charoen Sirivadhanabhakdi of Thai Beverage. Despite retaining his position, his net worth decreased from $13.6 billion to $10 billion. Following closely is the Chirathivat family, proprietors of the Central Group, whose wealth dropped from $12.4 billion to $9.9 billion. Their recent acquisition of London’s Selfridges has solidified their influence in the global retail sector.
Sarath Ratanavadi, who holds the fifth position, saw his fortune decrease to $9.2 billion from $11.3 billion. This marks his first significant dip since he entered the rankings six years ago. Meanwhile, the beverage industry bolstered the fortunes of several newcomers. Notable among them are Sathien Sathientham, co-founder of Carabao, with a net worth of $1.75 billion, and Tan Passakornnatee of the Ichitan Group, worth $620 million.
The list also reflected the impacts of generational wealth transfer. The passing of industry patriarchs Petch Osathanugrah and Chaivat Taepaisitphongse led to their heirs inheriting substantial fortunes, ensuring their places within the top 50.
Despite an overall economic downturn, the Forbes ranking underscores the dynamic shifts among Thailand’s wealthiest individuals. Global and local market fluctuations have significantly influenced these changes. The minimum net worth required to make it onto this year’s list was $550 million, slightly lower than last year’s threshold of $590 million.
Forbes calculated public fortunes using stock prices and exchange rates as of June 14, providing a snapshot of the financial landscape amid challenging economic conditions. The release of these rankings highlights the resilience and adaptability of Thailand’s richest families in navigating an unpredictable market.
