BANGKOK – In a move that marks the closing of one chapter and the thoughtful beginning of another, Thailand’s second-richest man, 81-year-old Charoen Sirivadhanabhakdi, has taken a deeply personal step: he has officially handed over the reins of his business empire to his five children.
Charoen, the quiet force behind one of Southeast Asia’s largest business conglomerates, has gradually been stepping back from active leadership. But this week, the transition became more tangible. Through a restructuring, he transferred ownership of Sutthasup 9 Company, which holds indirect stakes in two publicly listed giants — Asset World Corp. and Berli Jucker — to his children.
For many, this is more than a business move. It’s a moment of legacy. A father, a visionary, a self-made billionaire – now preparing the next generation not just to manage wealth, but to carry forward values, stability, and vision.
While the companies reassured investors that this change will not disrupt their current leadership or strategic direction, market reactions were swift — shares of Berli Jucker dipped 3.3% and Asset World dropped by 3%. However, the essence of this transition lies not in the stock tickers, but in the human story behind them.
Charoen’s journey from modest beginnings to a net worth of over US$11.6 billion is legendary. From the founding of Thai Beverage, Thailand’s top whiskey and spirits producer, to major stakes in Frasers Property and Singapore’s Fraser and Neave, his empire has shaped industries across the region.
His decision to retire as chairman from key roles earlier this year was a clear sign: he’s making way for the next generation. His children are already well-positioned to lead — his daughter, Wallapa, serves as CEO of Asset World; his son, Thapana, heads Thai Beverage; and others helm Frasers Property and Berli Jucker.
Still grieving the passing of his wife, Wanna, in 2023, Charoen is focusing now on family and legacy. Appearing recently in a wheelchair at the grand unveiling of ‘One Bangkok’, a US$3.6 billion flagship real estate project, he smiled — perhaps with pride, perhaps with quiet relief — as his children took center stage.
In a recent conversation with the Thai Chamber of Commerce, Charoen shared a guiding principle that speaks volumes about his character:
“I would like my business to have sustainable growth by avoiding any excessive spending and borrowing beyond its capacity.”
It’s this humility, this long-view thinking, that makes his decision resonate so deeply. In a region where succession conflicts have fractured powerful families, Charoen’s steady hand is building not just a family dynasty — but a legacy of grace, wisdom, and care.
This is more than a business story. It’s a story about a father preparing his family — and his country — for a future shaped by continuity, stability, and quiet strength.
