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What is Charoen Sirivadhanabhakdi’s Net Worth?
Charoen Sirivadhanabhakdi, a prominent Thai business magnate, has an estimated net worth of $17.9 billion. This substantial wealth is primarily derived from his extensive holdings in the beverage and real estate industries.
Sirivadhanabhakdi is the founder of Thai Beverage, the largest beverage company in Southeast Asia, known for producing the popular Chang beer. His business empire extends beyond beverages; he is also the chairman of TCC Group and Fraser and Neave, Ltd (F&N), a Singapore-based beverage and property conglomerate.
His strategic acquisitions and investments have significantly boosted his net worth over the years. For instance, his acquisition of a controlling stake in Big C Supercenter, Thailand’s second-largest hypermarket operator, for approximately $4 billion in 2016, expanded his retail presence in the country.
In addition to his beverage and retail ventures, Sirivadhanabhakdi has made substantial investments in real estate. His company, TCC Land, is one of the largest property developers in Thailand, controlling 630,000 rai (about 250,000 acres) of land. This includes numerous commercial and retail buildings in Singapore and 50 hotels across Asia, the US, UK, and Australia. His real estate portfolio also features high-profile properties such as the Plaza Athénée in Manhattan and The Okura Prestige Bangkok.
Here’s the breakdown of Charoen Sirivadhanabhakdi’s net worth:
Name: | Charoen Sirivadhanabhakdi |
Net Worth: | $17.9 Billion |
Date of Birth: | May 2, 1944 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Charoen Sirivadhanabhakdi was born on May 2, 1944, in Bangkok, Thailand, to a Thai Chinese family. He was the sixth of eleven children in a family that struggled financially.
His parents were street vendors who had migrated from Shantou, China, to Bangkok. Growing up in a poor household, Charoen had to leave school at the age of nine to help support his family.
Despite his limited formal education, he was determined to improve his circumstances. Charoen speaks Teochew, his native Chinese dialect, as well as Thai, reflecting his cultural heritage and adaptability.
Business Career
Charoen Sirivadhanabhakdi’s business career began modestly, supplying distilleries that produced Thai whiskey, which were state-run monopolies at the time. Leveraging the contacts he made in this industry, he acquired a license to produce his own alcoholic beverages.
By 1985, when the Thai government opened up the remaining state licenses to bids, Charoen secured a $200 million loan using his large stocks of alcohol as collateral and won 100% of the concessions. This move allowed his beverage companies to return significant royalties to Thailand’s excise department, contributing five percent of the national budget in 1987.
Charoen’s business acumen led him to establish Thai Beverage, which became the largest beverage company in Thailand, known for its flagship product, Chang beer. His business empire expanded further with the founding of TCC Group, a conglomerate with interests in beverages, real estate, and trading.
In 2013, he acquired Fraser and Neave, Ltd (F&N), a Singapore-based food and beverage company, further solidifying his presence in the industry. His strategic acquisitions, such as the purchase of a controlling stake in Big C Supercenter in 2016, have significantly boosted his retail presence in Thailand.
In addition to his beverage and retail ventures, Charoen has made substantial investments in real estate through TCC Land, making him one of the largest property developers in Thailand.
His real estate portfolio includes luxury hotels, shopping malls, and residential complexes across Asia, the US, UK, and Australia. Notable properties include the Plaza Athénée in Manhattan and The Okura Prestige Bangkok.
Personal Life
Charoen Sirivadhanabhakdi is married to Khunying Wanna Sirivadhanabhakdi, who passed away in March 2023 at the age of 80. Together, they had five children who are now actively involved in the family business empire.
His son Thapana Sirivadhanabhakdi serves as the CEO of Thai Beverage, while his daughter Wallapa Traisorat is the CEO and President of Asset World Corporation. Charoen’s youngest son, Panote Sirivadhanabhakdi, is a member of the board executive committee of Fraser and Neave (F&N).
Despite his immense wealth, Charoen is known to be a follower of Buddhism. His rise from poverty to becoming one of Thailand’s wealthiest individuals is often cited as an inspiring tale of perseverance and hard work.
Honours and Awards
Throughout his career, Charoen Sirivadhanabhakdi has received numerous honors and awards in recognition of his business acumen and contributions to society. Some of his notable accolades include:
1. Thai royal decorations:
- The Knight Grand Cordon (Special Class) of the Most Exalted Order of the White Elephant
- The Knight Grand Cordon (First Class) of the Most Noble Order of the Crown of Thailand
- The Knight Commander (Second Class Lower Grade) of the Most Illustrious Order of Chula Chom Klao
- The Knight Grand Cross (First Class) of the Most Admirable Order of the Direkgunabhorn
2. Honorary doctorates from several Thai universities, including:
- Maejo University
- Huachiew Chalermprakiet University
- Eastern Asia University
- Mae Fah Luang University
- Chandrakasem Rajabhat University
3. Foreign honours:
- Honorary Commander of the Order of Loyalty to the Crown of Malaysia (P.S.M.) in 2017, which confers the title of Tan Sri
These honors reflect Charoen’s significant impact on Thailand’s business landscape and his contributions to various sectors of the economy.
Allegations of Abuse of Political Connections
During the 1997 Asian financial crisis, Charoen was accused of leveraging political ties to expand his market share in the alcohol industry. He reportedly rescued hundreds of struggling companies with political connections, using the crisis as an opportunity to purchase land and assets at discounted prices.
There were also allegations involving former military general and prime minister of Thailand, Prem Tinsulanonda, who allegedly helped Charoen’s company gain a monopoly over the liquor industry by restructuring contracts to reduce the “burdens” Charoen had to pay.
Moreover, when the remaining alcohol production licenses were opened for bidding, Charoen’s ability to secure a $200 million loan using his large stocks of alcohol as collateral, which allowed him to win all the concessions, raised eyebrows.
It’s important to note that while these allegations exist, they have not been legally proven, and Charoen’s business acumen and strategic investments have been widely recognized as key factors in his success.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
