BANGKOK, Thailand — Thai Prime Minister Paetongtarn Shinawatra declared assets totaling over $400 million on Friday, revealing a portfolio that includes hundreds of designer handbags and luxury watches worth millions of dollars.
Extensive Asset Declaration
As required by the National Anti-Corruption Commission (NACC), Paetongtarn declared 13.8 billion baht ($400 million) in assets. According to the document, her investments are worth 11 billion baht, with an additional billion baht held in deposits and cash.
Among her other notable assets:
- 217 handbags valued at 76 million baht ($2.1 million)
- 75 luxury watches worth 162 million baht ($4.6 million), along with 39 other timepieces
- Property holdings in London and Japan
She also reported liabilities of nearly 5 billion baht, leaving her with a net worth of 8.9 billion baht ($258 million).
Political and Financial Legacy
Paetongtarn, the youngest daughter of billionaire and former Prime Minister Thaksin Shinawatra, became Thailand’s fourth Shinawatra family member to lead the government in two decades. She took office in September after her party secured victory in the national elections.
Her father, Thaksin, who was ousted in a military coup and lived in exile for years, is a telecom tycoon with a net worth of $2.1 billion, according to Forbes. His wealth and influence have long shaped Thailand’s political landscape.
Wealth and Politics in Thailand
Observers note a strong link between wealth and political power in the country.
“In a nation without a fully functioning democracy, money plays a crucial role in political activities,” said Yuttaporn Issarachai, a political analyst at Sukhothai Thammathirat University. “This has often been the justification for military interventions, with claims of a lack of transparency.”
Paetongtarn’s predecessor, Srettha Thavisin, declared assets of 985 million baht when he assumed office, down from 1.02 billion baht when his term ended in August following his dismissal by Thailand’s constitutional court.
While her wealth showcases the deep connection between Thailand’s elite families and political power, Paetongtarn’s leadership faces scrutiny from those wary of the intersection of wealth and governance.