Chearavanonts head list of 50 richest
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Chearavanonts head list of 50 richest

Chearavanonts head list of 50 richest

The Chearavanont brothers led by Dhanin Chearavanont, chairman and chief executive of Charoen Pokphand Group, remain the wealthiest family in Thailand this year, according to Forbes magazine.

According to Forbes' list of Thailand's 50 Richest in 2016, the group's net worth includes shares owned by Mr Dhanin and his three brothers, Jaran, Montri and Sumet.

The brothers saw their wealth rise by US$4.1 million to $18.5 billion.

CP Group has operations in Thailand and overseas with core businesses involving agribusiness, retail and telecommunications. Its telecom arm, True Corporation, last year won two licences to provide 4G services at combined bidding prices of about $3.2 billion.

Second on the wealth list is TCC Group chairman Charoen Sirivadhanabhakdi, who grew richer by another $700 million for net worth of $13.7 billion, while the Chirathivat family, which operates retail business under the Central Department Store brand, hotels and property, were third on $13 billion, also up $700 million.

TCC Group and Central Group this year battled to acquire stakes in Big C hypermarket chains in both Thailand and Vietnam.

TCC via subsidiary Berli Jucker finally won a deal costing €3.1 billion (124 billion baht) to get a majority stake in Big C Supercenter Plc in Thailand.

Central Group under chief executive Tos Chirathivat and its Vietnamese partner Nguyen Kim bought French retailer Groupe Casino's stake in Big C Supercenter Vietnam for $1.1 billion.

Central also recently bought the Thai operations of Rocket Internet-backed fashion site Zalora.

A notable gainer on this year's list is Thailand's duty-free tycoon Vichai Srivaddhanaprabha (No.7, $3.25 billion), who saw his net worth get a 30% boost as Thailand's tourist traffic rose to 30 million in 2015.

Mr Vichai's football club, Leicester City, made sporting history recently by winning the English Premier League.

For most, however, the falling stock market, down 8% in the past 12 months, and a weaker baht took their toll. More than half of the 45 returnees to the list were poorer.

Media tycoons suffered from a fall in advertising revenue. Krit Ratanarak saw $1.4 billion of his wealth erased, while Surang Prempree, former managing director of Mr Krit's Bangkok Broadcasting & TV, lost her billionaire status, based on stock prices and exchange rates as of May 20, according to Forbes.

Former prime minister Thaksin Shinawatra's wealth dropped from $1.7 billion last year to $1.65 billion.

The list was compiled using share and financial information obtained from families and individuals, stock exchanges and analysts, and regulatory agencies.

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