Thailand’s Prime Minister Paetongtarn Shinawatra on Friday declared over $400 million in assets, which include more than 200 designer handbags, 75 luxury watches, and more. Her political party confirmed the declaration, which was filed with the National Anti-Corruption Commission (NACC).
The declaration shows Paetongtarn possesses assets totaling 13.8 billion baht (approximately $400 million), according to an AFP report. This includes investments worth 11 billion baht, and an additional one billion baht in cash and deposits. Her assets also include 75 watches valued at 162 million baht, another 39 timepieces, and 217 handbags worth 76 million baht. She also owns property in London and Japan.
According to a document from the NACC shared by local media, she also reported liabilities of nearly five billion baht, resulting in a net worth of 8.9 billion baht ($258 million).
Paetongtarn, the daughter of former prime minister Thaksin Shinawatra, assumed office in September. She is the fourth member of her family to lead the Thai government in the past two decades.
Paetongtarn’s father’s wealth
Paetongtarn’s father, Thaksin, has an estimated net worth of $2.1 billion, making him the 10th-richest person in Thailand, according to Forbes. Thaksin once owned Manchester City football club.
Thaksin leveraged the wealth from his Shin Corp telecommunications empire to enter politics, and his family has continued to hold significant influence, even during his years in exile after being overthrown in a coup.
Former PM’s assets
Paetongtarn’s predecessor, Srettha Thavisin, had declared assets of 985 million baht when dismissed from office in August. This was a decrease from his initial declaration of 1.02 billion baht at the start of his term.
‘Money plays a crucial role in political activities’
Yuttaporn Issarachai, an analyst from Sukhothai Thammathirat University, said that there is a vital relationship between wealth and politics in Thailand.
“In a nation without a fully functioning democracy, money plays a crucial role in political activities. This has often been the justification for military interventions, with claims of a lack of transparency,” Issarachai said.
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