Sarath Ratanavadi Tops Thai Rich List for Seventh Consecutive Year
GULF Energy CEO holds firm as Thailand's Stock Market Champion despite wealth drop; rival tycoons also see net worth shrink
- Sarath Ratanavadi, CEO of Gulf Energy Development, has been named Thailand's wealthiest stock market tycoon for the seventh consecutive year.
- He holds the top position with total stock holdings valued at 189.99 billion Thai baht, primarily from his stake in GULF.
- Ratanavadi retained his number one spot despite his net worth falling by 50.35 billion baht (20.95%) over the past year.
- The drop in his wealth was attributed to a fall in GULF's share price, a trend that also affected other top tycoons on the list who saw their net worth shrink.
GULF Energy CEO holds firm as Thailand's Stock Market Champion despite wealth drop; rival tycoons also see net worth shrink.
Sarath Ratanavadi, the Chief Executive Officer of Gulf Energy Development (GULF), has been crowned Thailand's wealthiest stock market tycoon for an unprecedented seventh year running in 2025, according to the annual ranking compiled by Money & Banking journal.
Sarath’s total stock holdings are valued at 189.99 billion Thai baht. However, the record shows that his net worth experienced a significant year-on-year drop, falling by 50.35 billion baht, or 20.95%.
The decline is primarily attributed to a sharp fall in the share price of GULF, his flagship company. As of the register closing date on 30 September 2025, GULF shares were trading at 43.50 baht, down from 57.00 baht in 2024.
Sarath’s wealth is concentrated in his 29.19% stake in GULF, valued at 189.68 billion baht, complemented by a 0.65% stake in i-Tail Corporation (ITC), a pet food subsidiary of Thai Union.
The Ranking Methodology
The authoritative ranking, which is now in its 32nd year, is conducted by Money & Banking in collaboration with professors from Chulalongkorn University’s Faculty of Commerce and Accountancy.
It assesses individuals who are domestic natural persons holding a major stake of 0.5% or more in companies listed on the Stock Exchange of Thailand (SET) and the mai market.
Top Ten Sees Widespread Losses
The 2025 list highlights a period of general decline across Thailand's top investor portfolios.
Second Place: Niti Osathanugrah, a major investor and heir to the Osotspa empire, maintained his second-place position despite a 20.45% decrease in his total stock value, which now stands at 47.31 billion baht.
Third Place: Dr Prasert Prasarttong-Osoth (Dr Sert), owner of the Bangkok Hospital Group and Bangkok Airways, remained third. His portfolio experienced the largest percentage drop among the top three, falling by 34.74% to 33.06 billion baht.
Fourth & Fifth Place: The owners of Muangthai Capital (MTC), Daonapa Petampai and Chuchat Petampai, retained their respective spots. Daonapa holds 33.96% of MTC, valued at 29.16 billion baht (down 18.18%), while Chuchat's total stock value is 28.88 billion baht (down 18.52%).
Sixth Place: Poramaporn Prasarttong-Osoth, CEO of Bangkok Dusit Medical Services (BDMS), and heir to Dr Sert, remained in sixth place with a stock value of 20.73 billion baht, suffering a 33% decline.
Seventh Place: Prateep Tangmatitham, Chairman of Supalai, moved into the top ten for the first time. His wealth of 18.09 billion baht saw the smallest percentage drop among the top ten, slipping by just 0.74%.
Eighth Place: Sura Khanittaweekul, CEO of IT retailer Com7, re-entered the top ten, up from Rank 13 last year. His total stock value is 17.21 billion baht, a decrease of 1.78%.
Ninth Place: Keeree Kanjanapas, Chairman of BTS Group Holdings, dropped from eighth place. His stock value totals 16.06 billion baht, down 17.45%.
Tenth Place: Dr Pongsak Thammathataree, founder of the Pongsak Clinic, rounds out the list. His investment portfolio is valued at 15.40 billion baht, a decrease of 10.45%.
