Building a business that thrives across generations is challenging, but sustaining it through continuous economic, technological, and societal changes over a century is even more difficult.
Many of Thailand's major business families originated from small shops run by Chinese immigrants, such as drugstores, rice mills, coffee shops, seed stores, or riverside businesses, before gradually growing into influential economic empires spanning multiple industries.
Interestingly, despite their different paths, these families share a crucial trait: the ability to adapt to the changing world—from handing down businesses through generations, expanding from traditional to new ventures, to transforming "family partnerships" into modern corporate organizations.
This article by Thairath Money reviews 10 of Thailand's oldest business families that have built not only billion-baht empires but also become integral parts of the country's economic framework, lifestyle, and collective memory over many decades.
Osotspa began as a miscellaneous goods store named "Tek Heng Yu" in Sampeng in 1891 (2434 BE). It developed the herbal medicine "Kalun Resin Medicine," becoming a household product in Thailand. Transitioning from medicine to energy drinks like M-150 and entering the modern stock market reflects their willingness to move beyond tradition and evolve from a "family business" into a "modern organization" without abandoning their roots.
This is an old business family worth studying, starting with rice trading, milling, and shipping during King Rama V's reign under the name "Huay Chung Long," symbolizing an era when waterway trade was central to Thailand's economy. Notably, the Wang Lee family is not often in the headlines but has maintained wealth through asset management and clear division of roles among heirs. The large family expanded from rice trading to vegetable oil, insurance, and riverside real estate such as "Long 1919," with lease values exceeding one billion baht.
This family's origins lie in the timber business before moving into finance by founding Kasikornbank in 1945 (2488 BE). The Lamsams' strength lies not only in creating banks and insurance companies but also in building a "trustworthy brand," turning their surname into social capital with many partners. Each generation has passed leadership with different styles but maintained a consistent focus on stability and professional image.
The "Chia Tai" shop of the Chearavanont family, led by billionaire Dhanin Chearavanont (ranked 135th richest globally), started by selling seeds to farmers in Yaowarat and Song Wat areas. It expanded into animal feed, integrated agriculture, retail, telecommunications, and digital sectors.
What distinguishes the CP Group from traditional family businesses is its rapid expansion and regional vision at a time when many Thai businesses were still domestic. CP was among the pioneers in seriously entering China. This empire grew by diversifying beyond a single business and recognizing that "size" alone is insufficient without adapting to global changes.
Another longstanding family, Pornprapha began by purchasing scrap metal and old machinery before entering the automotive business through Siam Motors, becoming the first Nissan dealer outside Japan. The Siam Motors group also deals in various everyday products for Thais, including elevators, escalators, air conditioners, musical instruments, and car parts.
From the Japanese car era to the EV era, this family remains active, with the new generation steering the business into the BYD era and electric vehicle technologies. This exemplifies a family not bound by past successes, understanding that once-thriving businesses can become outdated within a few years.
Boon Rawd Brewery was established in 1933 (2476 BE) by Phraya Piromphakdi, a pioneer of Thailand's beer industry when there were few major players in the modern beverage market. From the first "Singha" bottle, the business gradually grew into one of the most influential Thai brands domestically and internationally.
Today, this family's empire extends beyond beverages into real estate, logistics, packaging, and global investments through subsidiaries like Singha Estate and joint ventures across various industries.
Their near-century longevity stems from maintaining brand strength while continually passing leadership through generations—from the founder to heirs who have expanded "Singha" beyond beer into a form of Thai soft power on the global stage.
Few realize that the Sahapat Group started as a small shop in Sampeng before creating products like "Mama" instant noodles and "Pao" steamed buns, staples in almost every Thai household. Chokwatana's strength lies in long-term industry vision—not just selling products but building their own factories, supply chains, and industrial estates. Their business survives because it understands "modest profits but sustainable growth" rather than chasing short-term trends.
Bangkok Bank's story began during World War II, at a time when Thailand's economy was opening to new capital. Sophonpanich's endurance is not just about bank size but about relationships with Thai businesses across eras—from factories in the industrial age to Thai capital investing abroad. This family chose a "stable" approach over flashy moves, which proved a strength amid volatile global finance.
This family's prominence started from a small suburban shop, growing into "Central," which transformed Thai consumer habits nationwide. Notably, their strength is not just building malls but managing "family members"—with over 200 relatives, lacking a system could easily disrupt business more than competitors. The family constitution and council became key mechanisms for managing the large Central conglomerate, which today operates over 50 companies across six pillars including retail, shopping center development, real estate, hotels, and restaurants.
This billionaire family has clearly assigned heirs to manage distinct businesses with non-overlapping authority. Their rapid growth strategy involves acquiring established companies with solid foundations—from BJC to Sermsuk. Their model is not just "building new" but "revitalizing existing assets" to generate revenue in the modern era.
Dividing business roles among heirs reflects clearer power design than traditional family partnerships. Today, Charoen Sirivadhanabhakdi's empire covers ThaiBev, producer of Chang beverages; TCC Group, focusing on real estate; AWC and BJC groups, involved in real estate and retail (Big C), among others.
Ultimately, the lesson from these 10 influential families is not merely who has the most assets but who adapts best to a changing world. Surviving across centuries requires not only financial acumen and wealth transfer but also the ability to maintain social trust and acceptance.
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