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# 139 Sarath Ratanavadi $13.1B

Random fact: Built first Thai solar power plant in joint venture with Japanese investors.


Ratanavadi is the major shareholder and chief executive officer of Gulf Energy Development, a Thai energy producer. The Bangkok-based business operates gas-fired and solar electricity generation projects across Thailand and has more than 14,000 megawatts of capacity. It became publicly traded in 2017.

As of :
Last change -$45.1M ( -0.3%)
YTD change +$451M ( +3.6%)
Biggest asset GULF TB Equity
Country / Region Thailand
Age 57
Industry Energy
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Sarath Ratanavadi's net worth of $13.1B 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

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Ratanavadi's wealth is derived from his majority stake in Gulf Energy Development, a publicly traded energy producer in Thailand. The Bangkok-based company has gross installed power capacity of more than 14,000 megawatts, according to its website.

The billionaire controls 58% of the company, according to the Thailand stock exchange website. He holds the shares directly as well as through his spouse Nalinee Ratanavadi and holding companies, including Gulf Holding (Thailand) Company and Gulf Capital Holdings.

His cash and other investable assets are calculated based on an analysis of dividends, insider transactions, taxation and market performance.

A company spokesman declined to comment on his net worth.


Family: Unknown, No children

Sarath Ratanavadi studied civil engineering at the Chulalongkorn University in Bangkok before completing a masters degree at the University of Southern California.

His involvement in the coal industry led to a proposal to build coal power plants in southern Thailand. Protests followed and the government put the deal on hold. Sarath responded by switching his fuel source. Instead of building coal stations near white sandy coasts that were the original summer palace of the Thai royal family, Sarath turned to light natural gas.

It was that move in 2002 that paved the way for his company's transformation into a light natural gas enterprise. His holding company Gulf Energy Development PCL went public in November 2017 as an economic boom that had spread throughout southeast Asia in the 2010s finally made its way to Thailand.

Sarath earned a master’s in engineering from University of Southern California after studying at Bangkok’s Chulalongkorn University.

He's also been a board member at the Amata Spring Country Club near Bangkok, which holds one of Asia’s high-profile golf championships, and has chaired the NIST International School.

  • 1994 Gulf Electric established in Thailand as a holding company.
  • 2002 Joint venture with J-Power faced protests for coal plant.
  • 2002 Gulf Electric acquired two gas co-generation companies.
  • 2006 Built first Thai solar-powered plant.
  • 2007 Gulf Electric's Kaeng Koi 2 project begins commercial operations.
  • 2014 SPCG sold 10 percent stake to Gulf Energy
  • 2016 Gulf Energy, Hemaraj Energy and Mitsui agree to develop five power plants.
  • 2017 Gulf Energy Development initial public offering.