Money & Banking Magazine, in collaboration with the Faculty of Commerce and Accountancy, Chulalongkorn University, has conducted the Thai Stock Billionaires Ranking for the 32nd consecutive year. The ranking is measured based on major individual domestic shareholders holding at least 0.5% of shares in listed companies on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai), as per the latest closing shareholder register as of September 30, 2025.
According to the 2025 Thai Stock Billionaires Ranking published in the December 2025 issue of the Money & Banking Magazine, the champion of 2025 remains Sarath Ratanavadi, Executive Director, Vice Chairman of the Board, and Chief Executive Officer of Gulf Development Public Company Limited (SET: GULF), who retains the top position for the seventh consecutive year.
Sarath holds shares with a total value of THB 189,992.47 million, a decrease of THB 50,349.43 million or 20.95%. This includes a 29.19% stake in GULF, valued at THB 189,684.32 million, and a 0.65% stake in i-Tail Corporation Public Company Limited (SET: ITC), a pet food manufacturer and a subsidiary of Thai Union, valued at THB 308.15 million.
Sarath’s wealth this year fell by as much as THB 50,349.43 million due to the share price of GULF as of September 30, 2025—the calculation date for the 2025 stock billionaires ranking—which stood at THB 43.50 per share, down from THB 57.00 in 2024, a decrease of THB 13.50 or 23.68%. However, although the value of Sarath’s shareholding has decreased this year, over the seven years of holding the top Thai Stock Billionaire title from 2019 to 2025, his shareholding value has never dropped below THB 100 billion in any year.
The second place stock billionaire is Niti Osathanugrah, a major investor and heir to the Osotspa business empire, who maintains the same position as last year, holding shares valued at THB 47,313.08 million—a decline of THB 12,159.34 million or 20.45%. His investment portfolio remains spread across the same 10 companies as last year: Osotspa Public Company Limited (SET: OSP), Minor International Public Company Limited (SET: MINT), Home Product Center Public Company Limited (SET: HMPRO) and others.
The third wealthiest shareholder is Dr. Prasert Prasarttong-Osoth, also known as “Mor Sert,” owner of Bangkok Hospital Group and Bangkok Airways. He maintains his third place ranking, with total shareholdings of THB 33,062.33 million, down by THB 17,602.89 million or 34.74%. His portfolio includes a 9.18% stake in Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) and an 11.38% stake in Bangkok Airways Public Company Limited (SET: BA).
The fourth and fifth richest shareholders are the owners of Muangthai Capital Public Company Limited (SET: MTC), retaining their positions from last year. Daonapa Petampai is ranked fourth, holding a 33.96% stake in MTC valued at THB 29,160 million, a decrease of THB 6,480 million or 18.18%. Chuchat Petampai ranks fifth, holding shares valued at THB 28,878.71 million, a decline of THB 6,561.89 million or 18.52%, with a 33.49% stake in MTC and a 2.32% stake in XSpring Capital Public Company Limited (SET: XPG).
