The magic circle of money and monarchy in Thailand — a thread. 1/15
King Vajiralongkorn is the wealthiest monarch in the world with a personal fortune of more than $60 billion.
One thing he does not need is more money. 2/15
But on Vajiralongkorn's 67th birthday today, Thailand's richest families lined up to kneel to the monarch and give him even more cash. 3/15
CP Group patriarch Dhanin Chearavanont. The Chearavavanont clan is the
second richest family in Thailand, after the Mahidol family, with net
worth of more than$35 billion4/15
ThaiBev founder Charoen Sirivadhanabhakdi. His family is the third
richest in Thailand, with net worth of at least $14.5 billion5/15
Aimon Srivaddhanaprabha, widow of King Power duty free monopoly founder
Vichai, whose family is the fourth richest in the country with net worth
of at least $5.9 billion. 6/15
It is a great investment for Thailand's richest families to give money
to the monarch. The founders of all three of Thailand's top business
clans were born in relative poverty and gained immense wealth with the
help of powerful political political patrons. 7/15
In return, they pay a share of their profits to their patrons and to the
palace. Donating to the king and showing ostentatious deference to the
palace established them as members of Thailand's top elite. 8/15
Dhanin was born in 1939 as Chia Kok Min, youngest son of a Teochew
immigrant who ran a small seed shop in Chinatown. Dhanin initially
supported Thaksin Shinawatra as prime minister but turned against him
and became a major funder of the Yellow movement. 9/15
Charoen was born Su Xuming in 1944, one of 11 children of a Teochew
immigrant. He adopted the name Charoen Srisomboorananontand was given
the royally-bestowed surname Sirivadhanabhakdi in 1987. He has also been
a major funder of the ani-democracy Yellow and PDRC movements. 10/15
Vichai Raksriaksornwas born in 1958. Like other top Sino-Thai tycoons he
had humble beginnings. He accumulated vast wealth in the 21st century
thanks to the patronage of notorious political godfather Newin Chidchob,
and in 2012 was given the surname Srivaddhanaprabha 11/15
It's important for Thailand's wealthiest families to show deference to
the monarchy, to make large donations to royal charities, and to support
Yellow organisations. This signals to the palace that they are not a
threat. They have to play the game. 12/15
Thaksin Shinawatra didn't play the game. The royals believed he was a
threat because he didn't show enough deference, he believed he had more
power than the palace, so they declared war on him and tried to destroy
him. It was a warning to the rest of the Sino-Thai tycoons. 13/15
So that's the reason for this strange ritual today, with billionaire
business leaders kneeling at the feet of the billionaire king and
pledging to give him more money. 14/15
It shows they know their place, and they won't do anything to challenge
the mutually-profitable system of royal crony capitalism in Thailand.
They all gain from it. It's the Thai people who lose. 15/15
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