Wealth
Estimates of the post-devaluation (circa 1997–1998) wealth of the royal household range from 10 billion to 20 billion USD. In August 2008, Forbes came out with its 2008 version of The World's Richest Royals. King Bhumibol took first place on the list with an estimated wealth of $35 billion. A few days later the Ministry of Foreign Affairs of Thailand issued a statement that the Forbes report erred in attributing wealth owned by the Crown Property Bureau (CPB) solely to Bhumibol. In the 2009 version of its list, Forbes acknowledged the government's objections, but justified the continued inclusion of the CPB's assets on the ground that Bhumibol was its trustee. The 2009 estimate was down to $30 billion due to declines in real estate and stocks.
The wealth and properties of Bhumibol and the royal family are managed by the Crown Property Bureau and the Privy Purse. The CPB was established by law but is managed independently of the Thai Government and reports only to Bhumibol.
Through the CPB, Bhumibol and the royal family own land and equity in many companies and massive amounts of land, including 3,493 acres in Bangkok. The CPB is the majority shareholder of Siam Cement (the largest Thai industrial conglomerate), Christiani & Nielsen (one of the largest Thai construction firms), Deves Insurance (which holds a monopoly on government property insurance and contract insurance), Siam Commercial Bank (one of the largest Thai banks), and Shin Corporation (a major Thai telecommunications firm, through the CPB's holdings in Siam Commercial Bank). The CPB also rents or leases about 36,000 properties to third parties, including the sites of the Four Seasons Hotel Bangkok, the Suan Lum Night Bazaar, Siam Paragon and the Central World Tower. The CPB spearheaded a plan to turn Bangkok’s historical Rajadamnoen Avenue into a shopping street known as the “Champs-Élysées of Asia” and in 2007, shocked longtime residents of traditional marketplace districts by serving them with eviction notices. Bhumibol's substantial income from the CPB, estimated to be at least five billion baht in 2004 alone, is exempt from taxes. The CPB receives many state privileges. Although the Ministry of Finance technically runs the CPB, decisions are made solely by Bhumibol. The CPB's annual report is for the eye of Bhumibol alone; the annual report is not released to the public.
In addition, Bhumibol has numerous personal investments independent of the CPB. He is personally the majority shareholder of the Thai Insurance Company and Sammakorn, as well as many other companies. He currently holds 30% in Siam Cement, and 20% in the Siam Commercial Bank.
The CPB has a fleet of three aircraft for the use of the royal family, including a Boeing 737-800 and an Airbus A319. The newer Airbus had been purchased by the Thaksin Shinawatra government for government use, but after the 2006 coup, the junta offered it to the king. The other planes are used by members of the royal family.
Among other vehicles, Bhumibol owns two custom-built stretch limousines from LCW Automotive Corp. The Golden Jubilee Diamond, the largest faceted diamond in the world, was given to him by businessman Henry Ho.
Read more about this topic: Bhumibol Adulyadej
Famous quotes containing the word wealth:
“Great Wits are sure to Madness near alli’d
And thin Partitions do their Bounds divide;
Else, why should he, with Wealth and Honour blest,
Refuse his Age the needful hours of Rest?”
—John Dryden (1631–1700)
“No man, however benevolent, liberal, and wise, can use a large fortune so that it will do half as much good in the world as it would if it were divided into moderate sums and in the hands of workmen who had earned it by industry and frugality. The piling up of estates often does great and conspicuous good.... But no man does with accumulated wealth so much good as the same amount would do in many hands.”
—Rutherford Birchard Hayes (1822–1893)
“I see an America whose rivers and valleys and lakes, hills and streams and plains; the mountains over our land and nature’s wealth deep under the earth, are protected as the rightful heritage of all the people.”
—Franklin D. Roosevelt (1882–1945)