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# 139 Charoen Sirivadhanabhakdi $12.8B

Random fact: Chang beer's logo on jerseys of English soccer club Everton.


Charoen is the founder and chairman of TCC Group, a Thai beverage and real estate conglomerate. The group has more than 60,000 employees and its flagship subsidiary, Thai Beverage, is the largest beverage company in Thailand. He's also the chairman of food and beverage company Fraser & Neave in Singapore.

As of :
Last change -$17.7M ( -0.1%)
YTD change -$6.83B ( -34.9%)
Industry Food & Beverage
Biggest asset THBEV SP Equity
Citizenship Thailand
Age 76
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Charoen Sirivadhanabhakdi's net worth of $12.8B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Charoen's wealth comes from his 65% stake in Thai Beverage, the largest beverage company in Thailand, which he controls through two Bangkok-based holding companies, according to the company's 2018 annual report.

His net worth rose more than $3 billion on Oct 10, 2019 after property developer Asset World Corp went public. Charoen owns 75% of the company directly and through holding company TCC Group International Limited and his wife after the IPO, according to its filings.

He also owns more than 59% of Fraser & Neave, a Singapore-based property and beverage business, through Thai holding company TCC Assets, according to the company's 2018 annual report.

The billionaire controls 59% of Frasers Centrepoint, the property business that Fraser & Neave spun off and sold in a public offering in Singapore in 2014, according to the company's 2018 annual report. Through an investment company, he also owns about 37% of publicly traded Frasers Hospitality Trust, according to its 2018 annual report, and 67 percent of consumer goods distributor Berli Jucker as of May 2019, according to the Thai stock exchange website.

The valuation of TCC Land, Charoen's closely held real estate development company, is based on the average price-to-book value and price-to-earnings multiples of three publicly traded peer companies: MBK, Quality Houses and Land & Houses.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes, market performance and charitable giving. A liability is included to account for the financing of his stake in F&N.

Ariya Silakorn, a spokeswoman for Thai Beverage in Bangkok, declined to comment on Charoen's net worth.


Birthdate: 5/2/1944
Family: Married, 5 children

Charoen was born and raised in Bangkok’s Chinatown district after his parents moved from Shantau in China. He bid for the rights to operate distilleries during the liberalization of the nation’s liquor industry, and entered the Thai beer market in 1995 by setting up a joint venture with Carlsberg to produce Chang. He later formed Beer Thai to manage marketing and distribution.

He later expanded into real estate and other businesses. His closely held property company, TCC Land, owns shopping malls and hotels, including the Hotel Plaza Athenee in New York and InterContinental Hotels & Resorts in Singapore. The Asian financial crisis of 1997 and 1998 led to the closure of financial institutions owned by his family.

Charoen has battled adversaries at home and overseas. Thai Beverage had to sell shares in Singapore in 2006, after anti-alcohol protesters blocked an offering in its home market. Buddhist monks and other protesters argued that a share sale by the maker of Chang beer and Mekhong whiskey would encourage alcoholism. In 2005, Charoen forced Carlsberg to pay $120 million to settle a legal dispute with a brewer he controlled. His family’s purchase of a stake in Asia Pacific Breweries pushed Heineken to make a bid -- and ultimately buy -- the maker of Tiger beer.

Charoen invested in Fraser & Neave, a Singapore-based property and beverage company, in July 2012, setting off a fight for its assets that led to the biggest acquisition of a Singapore-based company. He won control of F&N in January 2013, after beating a proposal from Overseas Union Enterprise, linked to the billionaire Riady family of Indonesia. The deal gave Charoen control over a company that has assets such as soft drinks and services apartments across Southeast Asia.

  • 1995 Officially markets Chang beer for the first time.
  • 2005 Anti-alcohol protesters block Thai Beverage's IPO in Thailand.
  • 2005 Forces Carlsberg to pay $120 million to settle legal dispute.
  • 2006 Singapore IPO for Thai Beverage raises $865 million.
  • 2011 Thai Beverage buys almost 65 percent of Pepsi bottler Serm Suk.
  • 2012 Agrees to buy 22 percent of F&N, sparking fight for its assets.
  • 2013 Wins control of F&N after shareholders accept $11.2 billion offer.
  • 2014 Begins talks to buy OCBC's stake in Singapore-listed United Engineers.