Stories tagged with wealth
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Thailand insists king not richest monarch
Thailand’s King Bhumibol Adulyadej was named the world’s wealthiest reigning monarch by Forbes magazine, topping the list with a fortune of US$35 billion. Thailand’s government was quick to dismiss the ranking, however, because it included property belonging to the crown that is not part of the king’s net worth.
The Thai Ministry of Foreign Affairs stated that the Forbes report was “inaccurate and inconsistent” since it included the vast land holdings and other assets “belonging to the Crown Property Bureau that are not part of the king’s net worth.”
The Nation newspaper reported that the foreign affairs ministry said the Crown Property Bureau is an institution “which essentially belongs to all Thais.” It owns and manages the assets of the monarchy, but the assets are not the personal wealth of the king. The ministry did not, however, offer its own estimate of King Bhumibol Adulyadej’s personal net wealth.
The Crown Property Bureau owns vast amounts of land across Thailand, and is one of the largest landholders in Bangkok. It also has big stakes in Siam Commercial Bank and Siam Cement two of the kingdom’s largest companies. Coming in second place on the Forbes list was the Sultan of Brunei.
Posted by: Andrew on 27 Aug 2008, 13:37