Valued at $35 billion, the King and the Crown Property Bureau is placed at Forbes richest monarch.
World’s longest-reigning monarch. His Crown Property
Bureau, through which he holds wealth, granted
unprecedented access this year, revealing vast
landholdings, including 3,493 acres in Bangkok. More…
Some say it’s not an accurate report.
2 responses to “Crown Property Bureau holds 3,493 acres in Bangkok”
Please see more detailed Article by Forbes (“The Crowning Fortune”) on King’s wealth here:
http://www.forbes.com/magazines/global/2008/0901/032.html
The $35 billion figure is misleading, since, as stated clearly in the new Forbes Article, the real estate holdings in Bangkok are worth $31 billion.
Research for 2005, shows the total income of Crown Property Bureau (CPB) at $280 million (adjusted for current exchange rate). In that total, $200 million was from company dividends, and only $80 million from the real estate. This is consistent with the recent Bangkokpost citation that most of CPB’s land is leased at low-priced, below market rate to state agencies, NGOs, and low-income tenants. It was also stated that only 7% of the land is leased at commercial rates. Paul Handley makes the same comment in the new Forbes Article that the CPB is not charging market rates, and that “raising them would cause serious repercussions, especially for its thousands of low-income tenants.”
How much of the annual income generated by the CPB goes to charity is unknown, but I am sure a good share of it does go to charity.
So, don’t treat the $35 billion figure as if it was the King’s disposable income. It is not. The greater bulk, ie. $31 billion, is real estate leased out cheaply to state agencies and low-income citizens, and most of the rest is in share holdings which are invested in the long-term.
The new Forbes Article makes the point that the CPB’s goal is: “to aid the country’s development by investing in key industries and providing below-market-rate housing for low-income citizens.”
I thank you for the post and very well said. I hope I was careful not so imply that was his cash in the bank.
But on the flip side, let’s not be so afraid of The King being wealthy. There is nothing wrong with that. Some how we think that this is a negative that he ends up on the top of Forbes list, when we all know he’s clearly using it as a power for good.