Thailand’s wealthy families, who have long emphasized investing in real estate, will start focusing on more risky sectors as a younger generation takes over their family offices.
“Patriarchs [first-generation wealth creators] were good at traditional investments, but the younger generation is willing to take more risks,” Shiraz Poonevala, head of investments at the single-family office GP Group, told Asian Investor. “So I do foresee a huge change in the direction of where the investments will go.”
Among those new sectors is digital assets, with more family offices in Thailand investing in cryptocurrencies and nonfungible tokens.
The younger generation is also focusing on corporate social responsibility, ESG and impact investing, Poonevala said.
Since many wealthy young Thais have studied abroad, they are pushing to expand their family offices overseas. Recently, the Chearavanont family, one of the country’s wealthiest clans and owner of the CP Group, announced that it plans to move to Hong Kong.