Thailand’s Chearavanonts, the clan behind agribusiness giant Charoen Pokphand (CP) Group, hold USD 53.3 billion in wealth and are the only Southeast Asian name among the world’s 25 richest families this year.
The family stands out on the 2025 ranking, published by Bloomberg recently, which is mostly dominated by fortunes from the US, the Middle East and Europe.
CP Group is among Thailand’s largest conglomerates and ranks as one of the world’s leading producers of animal feed and livestock.
According to the group’s website, its operations span eight business lines, including e-commerce, finance, and telecommunications, with a presence across 23 countries and economies.
From a small shop to the sprawling conglomerate
The group traces its roots to the 1920s, when Chia Ek Chor and his brother opened a small shop in Bangkok to sell seeds imported from their family’s China-based business to local farmers. The company adopted its current name, which translates to ‘prosperity to consumers’, in 1946.
Dhanin Chearavanont, the youngest of Chia’s four sons and the current head of the family, took over the helm in 1970 and led the business to expand into the sprawling conglomerate it is today.
He stepped down in 2017 after nearly five decades in charge but continues to serve as senior chairman. His eldest son, Soopakij, now chairs the conglomerate while the youngest, Suphachai, serves as CEO.
The fourth generation has also stepped into the fold. One of Dhanin’s grandsons, Korawad Chearavanont, has set up a generative artificial intelligence startup called Amity, according to The Business Times.
Another grandson, Tanit Chearavanont, oversees international expansion at the group’s retail arm, CP Axtra, which generated about USD 15 billion in revenue last year from the sales of groceries and other products across nine countries.
Digital growth and regional expansion
CP Group has been increasingly focused on digital growth and expanding its regional presence. Its telecommunications unit, True, merged with rival Total Access Communications in 2023 and has since become Thailand’s largest mobile operator with close to 49 million subscribers, according to Forbes.
This June, its fintech arm Ascend Money received approval to set up a virtual bank, a move that bolsters its ability to scale its TrueMoney digital payments platform. Ascend Money currently serves more than 50 million customers in Southeast Asia.
Looking ahead, CP Group plans to establish a USD 1 billion private equity fund with Philippine sovereign wealth fund Maharlika Investment Corporation, targeting investments in agriculture, digital innovation and renewable energy in that country.
The Chearavanonts first made Bloomberg’s list last year with an estimated wealth of USD 44.1 billion. Since then, their fortune has risen by nearly 21%.