Thai PM Declares $400 Million in Assets, Including Luxury Watches and Handbags

Thailand’s Prime Minister, Paetongtarn Shinawatra, disclosed over $400 million in assets on Friday, according to her party. Her declaration includes more than 200 designer handbags valued at over $2 million and at least 75 luxury watches worth nearly $5 million.

Paetongtarn, the youngest daughter of billionaire and former Prime Minister Thaksin Shinawatra, assumed office in September, becoming the fourth member of her family to lead Thailand in the past two decades.

The National Anti-Corruption Commission (NACC) requires public officials to declare their assets and liabilities. Paetongtarn reported a total of 13.8 billion baht ($400 million) in assets, according to a document shared by local media.

Her declaration listed investments worth 11 billion baht, alongside 1 billion baht in deposits and cash. Other notable assets included 217 designer handbags, 75 high-value watches, 39 additional timepieces, and real estate holdings in London and Japan. Her liabilities amounted to nearly 5 billion baht, leaving her with a net worth of 8.9 billion baht ($258 million).

A representative from the Pheu Thai Party confirmed the accuracy of these figures as reported by Thai media.

Paetongtarn’s father, Thaksin Shinawatra, is one of Thailand’s wealthiest individuals, with an estimated net worth of $2.1 billion, according to Forbes. Once the owner of Manchester City Football Club, Thaksin used the fortune generated by his Shin Corp telecommunications empire to enter politics. Despite his exile following a coup, the Shinawatra family remains a dominant political force.

Experts note a strong correlation between wealth and power in Thailand. Yuttaporn Issarachai, a political analyst from Sukhothai Thammathirat University, remarked: “In a nation without a fully functioning democracy, money plays a crucial role in political activities. This has often justified military interventions, citing transparency issues.”

Paetongtarn’s predecessor, Srettha Thavisin, declared assets of 985 million baht when removed by Thailand’s constitutional court in August, a slight reduction from the 1.02 billion baht he declared at the start of his term.