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December 18, 2024 | 08:07 pm
TEMPO.CO, Jakarta - Since ascending the throne in 2016, Thailand's King Maha Vajiralongkorn has garnered international attention, even though his official coronation will not take place until 2019. While some have closely observed the monarch's numerous controversies, including his relationships with multiple concubines and his time in Germany, others are baffled by his considerable wealth.
The 10th king of Thailand's Chakri dynasty will reportedly be worth more than US$40 billion in 2024, making him the world's current richest monarch. This eye-popping figure stems from multiple sources of revenue streams, notably properties.
Let's find out Thailand’s King Maha Vajiralongkorn’s net worth and find out how his immense wealth can surpass that of Middle Eastern monarchs.
King Maha Vajiralongkorn’s Net Worth and Sources of Wealth
As reported by Visual Capitalist, King Maha Vajiralongkorn is currently worth an estimated US$43 billion, which further solidifies his legacy as the world’s richest monarch. This figure is almost double that of Brunei’s Sultan Hassanal Bolkiah, whose fortune is estimated at around US$28 billion.
Further, Vajiralongkorn’s net worth easily beats that of Saudi Arabia’s King Salman. The Thai king’s wealth is nearly three times that of the Saudi king, who is worth US$18 billion.
This vast wealth enables him to have an impressive fleet of vehicles and aircraft. According to CEO World Magazine, he owns 38 aircraft, 21 helicopters, 52 carved golden boats, and over 300 vehicles.
So how did King Maha Vajiralongkorn accumulate such hefty wealth? Citing Reuters, Business Insider, South China Morning Post, Economic Times, and other sources, a brief look at his net worth and sources of wealth is as follows:
1. Property
The Economic Times reported that most of Vajiralongkorn's wealth is attributable to his investments in real estate, particularly the Crown Property Bureau, which is responsible for managing the king’s property.
Reuters reports that the Crown Property Bureau holds title to 6,560 hectares of land in Thailand and 40,000 leases across the country. In Bangkok alone, the bureau owns 1,328 hectares of land and 17,000 leases. Financial Express also added that the bureau’s portfolio includes hotels, government buildings, and shopping centers.
Vajiralongkorn took control of the Crown Property Bureau in 2017. His net worth in the sector, particularly related to properties in the capital, is estimated at US$33 billion.
2. Jewels
Gems and jewels are also part of King Maha Vajiralongkorn’s massive wealth. The 545.67-carat Brown Golden Jubilee Diamond is one of Vajiralongkorn's assets.
The world’s largest faceted diamond, the Golden Jubilee Diamond originally belonged to the late King Bhumibol Adulyadej, Vajiralongkorn's father. He received the gem in 1996 to mark 50 years of his rule.
Furthermore, the golden Great Crown of Victory, weighing around 7.3 kg, which he received on his coronation day, adds to the king’s jewel possession. It is adorned with gems and features a large diamond from Kolkata.
3. Shopping Malls
As mentioned earlier, shopping centers are among the Crown Property Bureau’s portfolios. However, it's worth noting that the Bureau does not operate the malls, but collects a certain amount of rent from the operator, Siam Piwat.
Several Siam Paragon shopping centers, including Siam Discovery and Siam Center, are reportedly built on land owned by the Crown Property Bureau.
4. Company Stocks
King Maha Vajiralongkorn also amasses a fortune from his holdings in a number of companies. A Reuters report revealed that he owns a 23 percent stake in Siam Commercial Bank and a 33.3 percent stake in Siam Cement Group. Both shares are valued at around US$9 billion.
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