Prime Minister of Thailand Paetongtarn Shinawatra declared Friday more than $400 million in assets, his party said, including more than 200 designer handbags worth more than $2 million and at least 75 luxury watches worth nearly $5 million.
Paetongtarn, the youngest daughter of telecommunications billionaire and former Prime Minister Thaksin Shinawatra, took office in September as the fourth member of the clan to lead a Thai government in 20 years. Paetongtarn, now 38, also became Thailand’s youngest leader at 37 when she took office.
Paetongtarn was forced to report its assets and liabilities to the National Anti-Corruption Commission (NACC).
It identified 13.8 billion baht ($400 million) in assets, according to a document published on media websites.
Her investments were worth 11 billion baht and she had another billion baht in deposits and cash, her statement said.
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Her other assets included 75 watches worth 162 million baht and 39 other watches, as well as 217 handbags worth 76 million baht, as well as property in London and Japan, among other assets.
She also declared liabilities of nearly five billion baht, according to the NACC document published by local media, giving her a net worth of 8.9 billion baht ($258 million).
A representative of the Pheu Thai party confirmed to AFP that the figures reported by Thai media were accurate.
His father and predecessor Thaksin – who once owned Manchester City football club – has a net worth of $2.1 billion, according to Forbes, making him the 10th richest person in Thailand.
Thaksin used the wealth generated by his Shin Corp telecommunications empire to propel him into politics, and his family remained influential even during his years in exile after his ouster in a coup. Last year, Thaksin was released from a police hospital, where he had been serving a one-year prison sentence for corruption and abuse of power. The BBC reported.
The telecommunications billionaire was the first prime minister in Thai history to lead an elected government for a full term, according to the BBC.
Analysts say there is a long-standing link between wealth and power in the kingdom.
“In a nation without a fully functioning democracy, money plays a crucial role in political activities,” Yuttaporn Issarachai of Sukhothai Thammathirat University told AFP.
“This has often been the justification for military interventions, citing a lack of transparency. »
Paetongtarn’s immediate predecessor as prime minister, Srettha Thavisin, declared assets of 985 million baht when he was removed from office by the Thai Constitutional Court in August – up from 1.02 billion baht at the start of his mandate. THE The BBC reported that the court ruled that Srettha had violated “ethics rules” by “exhibiting provocative behavior.”