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The clearest sign that a family group is outstandingly wealthy is when it no longer knows itself how much its holdings are worth. Outsiders have estimated the net worth of Thailand's Sophonpanich family at $1.5 billion to $2.5 billion. What does Chatri Sophonpanich, chairman of Bangkok Bank and the senior member of the family, reckon? "Group assets are $70 billion," he declares. Aides flurry around, evidently unhappy with that estimate. Balance sheets and computer printouts are produced. After a long discussion in a mixture of Thai, Chinese and English, they reach a conclusion. "Including private holdings, our two insurance companies and two real estate companies, total assets are $50 billion," says Chatri.
Chin Sophonpanich, Chatri's father and the founder of the group, was by all accounts a remarkable man. Born in Thailand in 1910 of a Chinese family (with the surname Tan) from Swatow province, Chin was educated mostly in China but returned to Bangkok to set up a series of small businesses. His first success was in the timber trade, but he moved successively into rice trading, gold and foreign exchange. In 1952, by which time Chin was running a successful foreign exchange dealer, Asia Trust, the government asked him to take over the ailing Bangkok Bank, founded eight years earlier.
Chin's greatest strength was his ability with people. "Because he was a famous foreign exchange dealer, he know most business people in Thailand," his son Chatri recalls. "He also knew a lot of people from his business exporting rice and agricultural goods. When anyone came to the bank, Chin could say 'yes' or 'no' straight away because he knew them well." Chin was also renowned for his speed at mental arithmetic. This was acquired during his days in the timber business, when he won an edge over rivals by being able to calculate the volume of a load of timber very quickly...