CP All's Dhanin tops list of rich Thais

Atop the list of the Kingdom’s richest for the fourth year in a row is Dhanin Chearavanont. The head of agribusiness Charoen Pokphand led the group on an acquisition spree. His CP All, the world’s third-biggest operator of 7-Eleven stores, won approval to acquire discount retailer Siam Makro. He also bought a 15-per-cent controlling stake in Ping An Insurance in the biggest-ever foreign acquisition of a Chinese company.

His wealth jumped US$3.6 billion to $12.6 billion (Bt392 billion) this year.

Meanwhile, Vichai Srivaddhanaprabha’s duty-free airport stores and retail shops are bustling. At his biggest travel hub, Suvarnabhumi Airport, 52 million passengers came through last year versus 48 million the previous year.

Based on a 35-per-cent increase in group sales in 2012 and expected double-digit gains again in 2013, plus new information on his shareholdings, he is the year’s top gainer, up fivefold and jumping to No 11 from No 37.

He is also one of 10 who moved into the billionaires club, bringing the number of 10-figure fortunes to 20, up from 12. (Two fell below.)

Previously listed under Raksriaksorn, Vichai changed his last name when the Royal Family bestowed on him the honorific Srivaddhanaprabha, which means "light of progressive glory".

This is an apt description given his past year, but many others also are basking in the glow. The nation’s hoteliers, retailers and anyone affected by tourists are thriving.

Tourism is Thailand’s No 1 source of foreign exchange and a growing part of the nation’s gross domestic product. In 2012, 22.3 million tourists visited Thailand, up 16 per cent from 2011 and a record. Expectations for 2013 are even higher. MasterCard’s 2013 Global Destinations Cities Index posits that Bangkok will surpass London, Paris and New York as the most visited city this year.

Other tycoons who are benefiting include siblings Nijaporn Charanachitta and Premchai Karnasuta, who have a stake in Onyx Hospitality; William Heinecke, the nation’s biggest hotel operator, who became a billionaire in May; and the Chirathivat family and Charoen Sirivadhanabhakdi, both of whom own notable hotel properties.

Thailand’s richest also got a boost from the robust stock market, which reached a 19-year high in May before sliding a bit. It is up 14 per cent from August 20, 2012, when Forbes last measured fortunes.

No surprise, then, that all but six on the list have added to their fortunes. Thai share sales, whether initial public offerings or secondary offerings, hit an all-time record in 2012. One big beneficiary was transport tycoon Keeree Kanjanapas, whose BTS Group Holdings led Asia’s largest IPO of the year through April. He too moved into the billionaire ranks.

Among the seven newcomers were Somphote Ahunai, whose solar- and wind-farm operator Energy Absolute went public, and Wandee Khunchornyakong, whose firm builds solar farms; she is one of eight women in the ranks. The richest newcomer is Witoon Suriyawanakul, whose building-supplies retailer is thriving in the country’s poorest region.

Four got poorer, led by now former billionaire Aloke Lohia, whose Indorama Ventures was hit by falling plastic prices. He fell 14 rungs and lost nearly half his fortune. Altogether the group is worth a combined $84 billion, one-fourth of the nation’s GDP.