Amid news of war, geopolitical conflicts, and global economic uncertainty, many see only business risks. However, Phum Chirathivat, the fourth-generation heir of Central Group, sees opportunity—not from the stock market or large-scale investments, but from the movement of "wealthy individuals."
Thairath Money interviewed Phum Chirathivat, Co-Founder of CG Capital, a Thai Private Equity firm managing funds worth tens of billions, who shared insights on the Global Wealth Migration phenomenon reshaping the world’s wealth map.
He cited data from Henley & Partners showing the number of High-Net-Worth Individuals (HNWI) relocating worldwide increased from 51,000 in 2013 to 142,000 in 2025, a 178% rise within just 12 years.
This trend leads him to believe Thailand is among the key beneficiaries, as reflected in the LTR Visa program which has approved over 6,000 Wealthy Global Citizens, signaling Thailand's shift from a "Tourist Destination" to a significant "Wealth Destination."
This also explains why CG Capital, an investment arm of the Chirathivat family distinct from Central Group's core businesses, is focusing on high-end real estate, especially Branded Residences—ultra-luxury properties developed in partnership with world-class brands like five-star hotel chains—viewed as assets catering to wealthy individuals seeking a "second home" rather than speculative condominiums.
Looking at the bigger picture, Phum Chirathivat’s bet is no coincidence. Data clearly shows Thailand now holds the largest Branded Residences market share in Asia at 23.3%, surpassing the Philippines and South Korea.
This concept is clearly reflected in the ultra-luxury condominium project InterContinental Residences Bangkok Asoke, a 5.5 billion baht development in central Asoke (Sukhumvit 13), with an average price of 390,000 baht per square meter and units starting from 44 to 219 million baht. It is the first high-rise project to launch sales post-earthquake and before the full recovery of Thailand's real estate market. Yet VIP sales have exceeded 60% of 88 units, nearly half purchased by foreign clients, especially Japanese buyers who view Bangkok as a long-term residence and investment asset.
Interestingly, most buyers prefer larger units, indicating this group seeks a "home" for long-term living rather than temporary accommodation.
Observing CG Capital's investment DNA reveals a clear approach: not starting from "What to build?" but from "Who will live here?" and "How does this development increase the customer's asset value?"
They focus on choosing brands and locations, then designing products aligned with customer needs, which Phum calls
It is no accident they chose InterContinental, a world-renowned hotel brand, to build in Asoke—a critical Bangkok transit hub and a timeless prime location.
"CG Capital places utmost importance on every detail to create a truly World-Class Product. We start with selecting a destination location and partnering with a globally top-of-mind brand like InterContinental, as well as designing spaces that suit the lifestyle of the modern Global Citizen, to elevate Thailand into a World-Class Destination," Phum said.
Looking ahead, Phum said CG Capital remains committed to seeking new investment opportunities in the hospitality segment to set new standards in Thailand's real estate industry. The success of this project will serve as a springboard proving the company's sharp asset management capabilities.
In conclusion, despite global volatility, from a Private Equity investor's perspective, such fluctuations often create opportunities. It appears CG Capital is betting that Thailand’s next phase of growth will not come solely from tourism numbers,
but from attracting "wealth" to reside within the country. After Asoke, the next moves include new projects in Phuket’s Layan Beach area, building on the strong response to The Standard Residences Phuket Bang Tao, and another project in Bangkok’s Langsuan area.
This reflects confidence that, in the eyes of global investors, Thailand is not a slowing market but a key destination for future capital and wealth.
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