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Wealth Portfolio Transferred To The King Of Thailand

The royal family of Thailand has a trust that contains assets amounting to billions of dollars. It was recently transferred to King Maha Vajiralongkorn who assumed the ownership of the portfolio according to rights. Due to the wealth portfolio added to his name, he is now one of the richest monarchs all over the globe. With that money, one will be able to stay at the best hotel suites in Rayong and not consider how much the price of each nightly accommodation.

According to an announcement made by the Crown Property Bureau, they have already transferred the assets from their name and registered it under His Majesty’s name. This is a big change which was decided by the new king of Thailand when it comes to handling the huge corporate as well as real estate properties of the royal house.

In addition, the bureau said that the assets transferred will now be subjected to the same tax laws that govern the assets of regular citizens in Thailand therefore the monarch’s status which is used to be exempted from tax will no longer apply. Their statement explained that it was the intention of His Majesty to eliminate the exempted from tax status of the royal family.

The portfolio handled by the Crown Property Bureau covers Siam Commercial Bank’s stakes, Siam Cement Group, a number of lands located in Bangkok’s downtown area, leading lender and the number one conglomerate in the industrial sector.

The bureau refused to publicize the total value of the wealth portfolio but according to the 2012 publication of Forbes Magazine, the bureau has a total holdings amounting to over $30 billion. Looking at this figure, one can assume that the late King Bhumibol is the richest monarch all over the world.

After the death of King BhumibolAdulyadej in 2016, King Vajiralongkorn who is 65 years old took over the crown. After sitting at the throne, he made a number of amendments when it comes to the wealth holdings of the monarch and how it is managed. This brought good news to many including owners of hotel suites in Rayong because they believe the country’s economy will benefit from these changes.