Thailand’s PM Shinawatra reveals over $400M in assets, including $2M in designer handbags and $5M in luxury watches

THAILAND: Prime Minister Paetongtarn Shinawatra of Thailand has officially declared a staggering fortune exceeding US$400 million, a move that sheds light on the wealth of the youngest member of the influential Shinawatra family.

Announced by her party on Friday, the declaration that was reported by the South China Morning Post includes collection of assets, such as more than 200 designer handbags valued at over US$2 million and 75 luxury watches worth nearly US$5 million.

Paetongtarn, the daughter of telecoms mogul and former Prime Minister Thaksin Shinawatra, assumed office in September, marking the fourth time in two decades that a member of the Shinawatra family has led the Thai government.

Under the country’s laws, she was required to disclose her assets and liabilities to the National Anti-Corruption Commission (NACC).

According to a document posted on local media outlets, Paetongtarn revealed a total of 13.8 billion baht (approximately US$400 million) in assets.

Among these holdings were 11 billion baht worth of investments and another billion baht in cash and deposits.

In addition to her financial assets, she reported an extensive collection of luxury goods, including 75 timepieces valued at 162 million baht, 39 other watches, and 217 handbags, which together total 76 million baht.

She also owns properties in London and Japan.

After accounting for liabilities amounting to nearly five billion baht, Paetongtarn’s net worth is calculated at 8.9 billion baht (around US$258 million).

A representative from the Pheu Thai Party confirmed the accuracy of the figures reported by Thai media. Paetongtarn’s father, Thaksin Shinawatra, is one of Thailand’s wealthiest individuals, with a net worth of US$2.1 billion, according to Forbes.

Thaksin, who once owned the Manchester City football club, amassed his fortune through his telecommunications empire and has remained a key political figure despite being exiled after a military coup.

The Shinawatra family has long been associated with a blend of wealth and political influence; a connection analysts argue has played a crucial role in Thailand’s political landscape.

Yuttaporn Issarachai, a political analyst at Sukhothai Thammathirat University, commented, “In a nation without a fully functioning democracy, money plays a crucial role in political activities.”

Paetongtarn’s declaration also comes at a time when transparency in Thai politics remains a contentious issue.

Her predecessor, Srettha Thavisin, was ousted by the Thai constitutional court in August after declaring assets of 985 million baht, a decrease from 1.02 billion baht at the start of his term.

With the Shinawatra family’s legacy continuing to shape the political scene, Paetongtarn’s asset declaration highlights the ever-present intersection of wealth and power in Thailand’s political sphere.