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Chearavanont takes second spot in Forbes Asia’s 50 Richest Families

Forbes Asia released their latest list of the for 2016 : the first spot still belong to Lee’s family (Samsung), but two Thai families, Chearavanont and Chirathivat, are among them.

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Forbes Asia released their latest list of the richest families in Asia for 2016 : the first spot still belongs to Lee’s family (Samsung), but two Thai families, Chearavanont and Chirathivat, now rank 2nd and 14th.

This year the net-worth cutoff to make the list was $3.4 billion–$500 million more than last year.

Among the four families dropping off the list is the Hamied clan from India. Its generics maker, Cipla, took a hit, partly reflecting a cut in drug prices by the government, which caused shares to fall.

The owners of Charoen Pokphand Group (CP Group), the Chearavanont family, boast a bank balance of THB976.15 billion, or $27.7 billion according to Forbes estimation.

This is “only” $2 billion short from stealing the first place from South-Korean tycoons Lee’s. The Chearavanont family was in fourth place last year with a fortune of THB701.28 billion.

Among the top five families, business interests span technology, livestock producers, real estate and oil and gas. While the top 50 are rooted in Asia, their conglomerates have worldwide footprints. Collectively, they are worth $519 billion.

Dhanin Chearavanont is CEO of the CP Group, the largest private company in Thailand and one of the world’s largest conglomerate company in the world. It operates the 7-Eleven stores in Thailand as well running large chicken and telecom companies.

The second richest Thai family, namely Chirathivat, can still boast a decent 14th spot on Forbes top 50 list. The Chirathivat family owns Central Group, owner of most of Thailand’s large malls, with a fortune of THB486.26 billion or $13.8 billion according to Forbes.

Forbes top 10 richest among Asia’s 50 Richest Families 2016

Rank Name Net Worth Country of Origin Origin of Wealth
1 Lee family $29.6 billion South Korea Samsung
2 Chearavanont family $27.7 billion Thailand Charoen Pokphand (CP) Group
3 Ambani family $25.8 billion India Reliance Group
4 Kwok family $25.2 billion Hong Kong Sun Hung Kai & Co
5 Lee family $24.7 billion Hong Kong Henderson Development
6 Hartono family $18.6 billion Indonesia Djarum
7 Kwek / Quek family $18.5 billion Singapore, Malaysia Hong Leong group
8 Cheng family $17.3 billion Hong Kong Chow Tai Fook Enterprises
9 Tsai family $15.3 billion Taiwan Cathay Financial
10 Hinduja family $14.9 billion India, U.K. Hinduja Group
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Investment

Thailand’s H1 Investment Applications rise 158% in combined value, BOI says

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In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.

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Business

Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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