Red Bull Dynasty: The Rise of Thailand’s Billionaire Family

The Yoovidhya family, creators of Red Bull, are now the richest family in Thailand. They have a combined fortune of $36 billion, according to Forbes’ 2024 Thailand rich list. Their story is one of starting small and reaching great success through smart ideas and hard work.

Chaleo Yoovidhya, the founder of Red Bull, came from a poor background. He was born to Chinese immigrants in northern Thailand and did various jobs like farming ducks and working as a bus conductor. In 1962, he started a company called TC Pharmaceutical Industries, which made medicines and cosmetics.

One of Chaleo’s products was a drink called Krating Daeng, meaning “red bull” in Thai. It was popular among workers and truck drivers who needed energy to keep going. In 1982, Dietrich Mateschitz, an Austrian businessman, discovered the drink while visiting Thailand. He believed it could become popular worldwide. Together, Chaleo and Dietrich decided to improve the drink and its packaging. They each invested $500,000 and launched Red Bull internationally in 1987.

Instead of using regular advertisements, they promoted Red Bull at student parties and sports events. This unique approach helped the drink become popular with young, active people.

Chaleo believed in standing out from the competition. He focused on building a strong brand, especially in smaller towns. His son, Saravudh, said this strategy helped Red Bull grow quickly. By 2011, Red Bull had sold 4.2 billion cans, made $5.1 billion, and controlled 70% of the energy drink market.

Chaleo passed away in 2012, but his company kept growing. Last year, Red Bull sold over 12 billion cans and earned $11 billion. Today, Chaleo’s eldest son, Chalerm, leads the family, whose wealth grew by $2.6 billion this year alone.

However, the family has faced problems. In 2012, Chalerm’s youngest son, Vorayuth, was involved in a car accident that killed a police officer. Vorayuth fled the country to avoid being charged, which caused public outrage in Thailand. In 2017, the Panama Papers revealed that the family used hidden companies to buy luxury items. Although they didn’t break any laws, the news added to criticism of the family’s wealth and power.

Despite these controversies, Red Bull and the Yoovidhya family continue to thrive. In 2022, their fortune grew by $7.8 billion, the biggest increase for any Asian family that year. Red Bull remains a global leader in the energy drink market.