Thailand Breaking news
The new Prime Minister of Thailand, Paetongtarn Shinawatra, recently shocked the political circle with the declaration of over $400 million worth of assets. The declaration that was filed with the National Anti-Corruption Commission (NACC) detailed that her assets run from designer handbags to expensive watches to property across the globe.
But what does this statement mean for Thailand's political panorama, and how does that wealth compare with the wealth of the country's other political leaders? Let's plunge in.
A Snapshot of the Wealth of Paetongtarn Shinawatra
According to reports, Paetongtarn Shinawatra has declared total assets of 13.8 billion baht or approximately $400 million. Here is the breakdown:
- Investments: 11 billion baht
Cash and Deposits: 1 billion baht
Luxury Watches: 75 pieces worth 162 million baht, along with 39 more timepieces
Designer Handbags: 217 pieces valued at 76 million baht
Real Estate: London, Japan
On the other hand, the declaration reveals liabilities of almost 5 billion baht and thus leads to a net worth of 8.9 billion baht ($258 million).
This level of wealth is nothing new to the Shinawatra family. Paetongtarn is the daughter of Thaksin Shinawatra, a billionaire businessman-turned-politician whose legacy still casts its shadow on Thailand's political stage. ہ
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Shinawatra: Family, Business and Politics
Thaksin Shinawatra, Paetongtarn's father, is listed as one of Thailand's richest individuals, with an estimated net worth of $2.1 billion. His fortune, largely from his Shin Corp telecommunications empire, was used to fuel his rise in politics.
Despite being ousted in a coup and living in exile, Thaksin's influence is strong. He once owned the Manchester City Football Club, furthering the family as a powerhouse in both business and politics.
Comparing Leaders: Wealth in Thai Politics
The former prime minister, Srettha Thavisin, declared 985 million baht worth of assets when he stepped down from the post in August, compared to the 1.02 billion baht at the beginning of his tenure.
This huge contrast in the financial situations between Srettha and Paetongtarn serves to highlight how Thailand's leadership can be so contrasting in terms of economic status. This again reminds us of how seriously money means in Thailand's politics.
Wealth and Democracy: The Analyst Take
Yuttaporn Issarachai, a political analyst from the Sukhothai Thammathirat University, cited the symbiotic relationship that exists between money and politics in Thailand. "In a country where proper democracy has yet to be a reality, money is the backbone of political exercises. This has mostly been used as an excuse for coups on claims of lack of transparency," noted Issarachai.
This viewpoint has profound implications on the relationship of wealth with the governing aspect of governance. Does enormous personal wealth enable a leader to become a better administrator, or is it at risk from day-to-day aliens?
The Road Ahead
As Paetongtarn Shinawatra enters office to become Thailand's fourth prime minister from the Shinawatra family, the question of how much she is worth is never too far away. This political star has risen together with a long legacy, providing great opportunities and huge challenges for her leadership.
While her declaration of assets is in line with the transparency regulations, it also underlines more the broader issue of money in Thai politics-a dynamic that continues to shape the nation's political trajectory.
Conclusion
That declaration from Paetongtarn Shinawatra was more than just a statement of her being a wealthy woman but rather an embodiment of the convoluted three-way relationship among money, power, and politics in Thailand. And as Thailand watches her tenure unfold, one thing is sure: her leadership would be put under the spotlight-if not for the policies she had put forward, at least for the wealth underpinning her political journey.