Thailand’s Chearavanont family: Southeast Asia’s only entrant on world’s 25 richest families list

The family stands out on the 2025 ranking, published by Bloomberg on Monday, which is mostly dominated by fortunes from the U.S., 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 firm’s website, its operations span eight business lines, including e-commerce, finance, and telecommunications, with a presence across 23 countries and economies.

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 $15 billion in revenue last year from the sales of groceries and other products across nine countries.

CP 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 plans to establish a $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 $44.1 billion. Since then, their fortune has risen by nearly 21%.

Last year’s list also featured another Southeast Asian family, the Hartonos from Indonesia, but they have since fallen off the ranking.