King Maha Vajiralongkorn of Thailand has formally taken control of the royal family's vast assets, worth more than $30bn (£24bn), after the death of his father in 2016. The Crown Property Bureau, which previously managed the wealth, announced that its assets will now be treated as the monarch's personal property and managed at his discretion.
Forbes magazine had estimated the fortune of the late King Bhumibol Adulyadej at over $30bn, including holdings of the Crown Property Bureau. This dwarfs the estimated wealth of King Charles III, which is around $2bn (£1.6bn). King Vajiralongkorn had already asserted personal control over the bureau last year, and some holdings in two major companies had been transferred earlier.
The announcement, titled 'Explanatory Notes', stated that while the Crown Property Bureau had been exempt from taxes, the new 'Crown Property Assets' will be subject to the same duties and taxation as any other citizen's assets. The king can direct the Office of the Crown Property Bureau or any other designated person or agency to manage the assets.
King Vajiralongkorn has replaced palace officials with his own appointees, including Air Chief Marshal Satitpong Sukvimol, who replaced Chirayu Israngkun Na Ayuthaya as director general of the Crown Property Bureau in March. The bureau's most notable assets include real estate in Bangkok, Siam Commercial Bank, and Siam Cement Group.
