BANGKOK – In a heartfelt and strategic move that blends family values with business foresight, Thailand’s second-richest man, Charoen Sirivadhanabhakdi, 81, is handing over the reins of his vast business empire to the next generation.
In recent regulatory filings, it was revealed that Charoen has transferred full ownership of Sutthasup 9 Company — the key entity holding indirect control over two of Thailand’s publicly listed giants, Asset World Corp. and Berli Jucker — to his five children. While the filings were short on numbers, the message was clear: Charoen is preparing for a future where his family carries forward the legacy he spent a lifetime building.
The move comes as no surprise to those who’ve followed the soft-spoken billionaire’s journey. Known for his long-term vision and low-profile demeanor, Charoen has been gradually stepping back from executive roles. Earlier this year, he retired as chairman of Frasers Property and Frasers and Neave, assuming emeritus roles and allowing younger leaders — including his own children — to rise.
Among them are his daughter, Wallapa Traisorat, the dynamic CEO of Asset World Corp., and his sons, Thapana and Panote, who lead Thai Beverage and Frasers Property respectively. Each has quietly taken on increasing responsibility, reflecting a well-planned generational transition. His daughter-in-law, Thapanee, also heads Berli Jucker as CEO.
This shift, while significant, won’t affect how the businesses are run day-to-day. Company filings emphasized that operations, strategy, and leadership structures remain unchanged.
Charoen’s approach is both calculated and deeply personal. In an era where family feuds often taint legacy handovers, Charoen is avoiding the drama that has unraveled other Asian dynasties. His recent appearance at the grand launch of “One Bangkok” — the family’s US$3.6 billion flagship real estate venture — saw him in a wheelchair, but smiling proudly, surrounded by family.
The passing of his beloved wife, Wanna, in 2023 marked a personal turning point. Since then, Charoen has spoken more openly about his desire for sustainable growth, not through aggressive expansion but through steady, responsible stewardship.
“I want the business to grow sustainably, without excessive spending or borrowing beyond its capacity,” he said recently in a rare interview with the Thai Chamber of Commerce.
With an estimated net worth of US$11.6 billion, Charoen has built an empire that spans beverages, retail, hospitality, and property development. But his greatest investment may very well be in his children — not just entrusting them with wealth, but with a vision rooted in humility, resilience, and long-term thinking.
In handing over the baton, Charoen isn’t stepping away from his empire — he’s stepping into a new role as mentor, guardian, and family elder.
