Thailand’s King Bhumibol remains the world’s richest royal for the third year in a row, despite his country’s riots and turmoil.
Royal assets are held under Thailand’s Crown Property Bureau, which benefited from stock market and real estate gains in 2009. As a result, his fortune remains stable at $30 billion, at least for now.
The rioting that broke out in March, led by protesters demanding new elections, may irreparably damage the country’s tourism and investment markets.
Collectively the group’s fortune is down 9 per cent, or $10 billion, to $99 billion. (That is $32 billion below their 2008 sum).
No. 1 on Forbes’ list, for the second year in a row, is Thailand’s King Bhumibol Adulyadej.
He is worth $30 billion, $5 billion less than last year, as a result of double-digit declines in real estate and stocks owned via the Crown Property Bureau, the state investment vehicle of which he is a trustee.
Rising political tensions have also destabilized the country, dampening even the important tourism sector.
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Thailand’s revered King Bhumibol Adulyadej is the world’s richest royal, with a fortune estimated at $US35 billion, according to a Forbes magazine list dominated by Middle Eastern monarchs riding high on surging oil prices.
King Bhumibol, 80 years old and the world’s longest-reigning monarch after six decades on the throne, is regarded as semi-divine by many Thais.
Forbes called it a good year for monarchies, investment-wise. “As a group, the world’s 15 richest royals have increased their total wealth to 131 billion dollars, up from 95 billion last year”. With oil prices soaring, the monarchs of the petro-kingdoms of the Middle East and Asia dominate the list.
