Prime Minister of Thailand Petongtarn Shinawat Her party said she declared more than $400 million in assets on Friday, including more than 200 designer handbags worth more than $2 million and at least 75 luxury watches worth nearly $5 million.
Paethongtarn, the youngest daughter of telecommunications billionaire and ex-prime minister Thaksin Shinawatra, took office in September as the fourth member of the clan to lead Thailand's government in 20 years. Patongthorn, now 38, also became Thailand's youngest leader at 37 when she took office.
Paetongtarn was required to declare its assets and liabilities to the National Anti-Corruption Commission (NACC).
She identified 13.8 billion baht ($400 million) in assets, according to a document posted on media websites.
Her investments were worth 11 billion baht and she had another billion baht in deposits and cash, her declaration said.
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Her other assets included 75 watches worth 162 million baht and another 39 watches, as well as 217 handbags worth 76 million baht, as well as properties in London and Japan among other holdings.
It also declared liabilities of nearly five billion baht, according to a NACC document published by local media, giving it a net worth of 8.9 billion baht ($258 million).
A spokesman for the Pheu Thai party confirmed to AFP that the figures reported by Thai media were accurate.
Her father and predecessor Thaksin, who once owned Manchester City Football Club, has a net worth of $2.1 billion, according to Forbes, making him the 10th richest person in Thailand.
Thaksin used the wealth amassed by his telecommunications empire, Shin Corp, to propel him into politics, and his family remained influential even during his exile following his ouster in a coup. Last year, Thaksin was released from a police hospital, where he served a one-year sentence for corruption and abuse of power. This was reported by the BBC.
The telecommunications billionaire has become the first prime minister in Thai history to lead an elected government for a full term in office, reports BBC.
Analysts say there is a long-standing link between wealth and power in the kingdom.
“In a country without a full-fledged democracy, money plays a crucial role in political activity,” Yuttaporn Isarachai of Sukhothai Thammathirat University told AFP.
“This has often been a justification for military interventions with claims of a lack of transparency.”
Patongtarn's immediate predecessor as prime minister, Sretta Thawisin, declared assets of 985 million baht when he was dismissed by Thailand's constitutional court in August – up from 1.02 billion baht at the start of his term. The This was reported by the BBC that the court ruled that Sretta had violated “rules of ethics” by “displaying demonstrative behavior.”