Thread by @zenjournalist

The magic circle of money and monarchy in Thailand — a thread. 1/15

King Vajiralongkorn is the wealthiest monarch in the world with a personal fortune of more than $60 billion.

One thing he does not need is more money. 2/15

But on Vajiralongkorn's 67th birthday today, Thailand's richest families lined up to kneel to the monarch and give him even more cash. 3/15

Among them were:

CP Group patriarch Dhanin Chearavanont. The Chearavavanont clan is the second richest family in Thailand, after the Mahidol family, with net worth of more than $35 billion. 4/15

ThaiBev founder Charoen Sirivadhanabhakdi. His family is the third richest in Thailand, with net worth of at least $14.5 billion. 5/15

Aimon Srivaddhanaprabha, widow of King Power duty free monopoly founder Vichai, whose family is the fourth richest in the country with net worth of at least $5.9 billion. 6/15

It is a great investment for Thailand's richest families to give money to the monarch. The founders of all three of Thailand's top business clans were born in relative poverty and gained immense wealth with the help of powerful political political patrons. 7/15

In return, they pay a share of their profits to their patrons and to the palace. Donating to the king and showing ostentatious deference to the palace established them as members of Thailand's top elite. 8/15

Dhanin was born in 1939 as Chia Kok Min, youngest son of a Teochew immigrant who ran a small seed shop in Chinatown. Dhanin initially supported Thaksin Shinawatra as prime minister but turned against him and became a major funder of the Yellow movement. 9/15

Charoen was born Su Xuming in 1944, one of 11 children of a Teochew immigrant. He adopted the name Charoen Srisomboorananontand was given the royally-bestowed surname Sirivadhanabhakdi in 1987. He has also been a major funder of the ani-democracy Yellow and PDRC movements. 10/15

Vichai Raksriaksornwas born in 1958. Like other top Sino-Thai tycoons he had humble beginnings. He accumulated vast wealth in the 21st century thanks to the patronage of notorious political godfather Newin Chidchob, and in 2012 was given the surname Srivaddhanaprabha 11/15

It's important for Thailand's wealthiest families to show deference to the monarchy, to make large donations to royal charities, and to support Yellow organisations. This signals to the palace that they are not a threat. They have to play the game. 12/15

Thaksin Shinawatra didn't play the game. The royals believed he was a threat because he didn't show enough deference, he believed he had more power than the palace, so they declared war on him and tried to destroy him. It was a warning to the rest of the Sino-Thai tycoons. 13/15

So that's the reason for this strange ritual today, with billionaire business leaders kneeling at the feet of the billionaire king and pledging to give him more money. 14/15

It shows they know their place, and they won't do anything to challenge the mutually-profitable system of royal crony capitalism in Thailand.

They all gain from it. It's the Thai people who lose. 15/15