is now pullulated with a myriad of prospering Chinese-owned businesses. Thai investors of Chinese ancestry dominate the Stock Exchange of Thailand as they are estimated to control more than four-fifths of the publicly listed companies by market capitalization. The Thai Chinese community has played a major role in the development of Thailand's economy and national private sector. The early-21st century saw Thais of Chinese ancestry
dominate Thai commerce at every level of society. With their powerful economic presence, the Chinese continue to remain a major impetus underpinning the Thailand's commercial undertakings and economic activities and virtually make up the country's entire wealthy elite. Thailand's lack of an indigenous Thai commercial culture led to the private sector being dominated entirely by Thais of Chinese ancestry themselves. Development policies imposed by the Thai government provided business opportunities for the Chinese community, where a distinct Thai Chinese business community has emerged as the country's most dominant economic force, controlling the entirety of the country's major industry sectors across the Thai economy. The Chinese community has remained active in every sector of Thailand's economy such as agriculture (sugar, maize, vegetables, rubber), industrial manufacturing, financial services, real estate, and the retail and whole trading sector. More than 80 percent of the top 40 richest people in Thailand are of pure or partial Chinese ancestry. Of the five billionaires in Thailand in the late-20th century, all of them were of full or at least had partial Han Chinese ancestry. Amounting to 10 percent of Thailand's population, the Thai Chinese control approximately 85 percent of the nation's entire economy. Thai investors of Chinese ancestry control more than 80 percent of public companies listed on the
Thai stock exchange. With 80% of Thailand's market capital under Chinese hands, many Thai entrepreneurs and investors of Chinese ancestry have been at the forefront of the establishing the country's most prominent wholesale trading cooperatives owned by traders, merchants, and brokers flush with private equity and venture capital bearing connections to some of Thailand's wealthiest business families. 50 Thai business families of Chinese ancestry dominate the Thai corporate landscape, controlling over approximately 81–90% of the total market capitalization in the country's economy. British
East India Company agent
John Crawfurd used detailed company records kept on
Prince of Wales's Island (present-day
Penang) from 1815 to 1824 to report specifically on the economic aptitude of the 8,595 Chinese there as compared to others. He used the data to estimate the Chinese — about five-sixths of whom were unmarried men in the prime of life — "as equivalent to an ordinary population of above 37,000, and...to a numerical Malay population of more than 80,000!". He surmised this and other differences noted as providing, "a very just estimate of the comparative state of civilization among nations, or, which is the same thing, of the respective merits of their different social institutions." In 1890, despite British shipping domination in Bangkok, Thais of Chinese ancestry conducted 62 percent of the Thai shipping sector, operating as agents for Western shipping lines as well as their own. By 1899 in Bangkok, the Chinese owned 18 of the 23 rice mills in the city that produced a capacity of over 100 tons of rice paddies and controlled 56 out of the 66 by 1919. Thai Chinese
moneylenders also wielded considerable economic power over the poorer indigenous Thai peasants, prompting accusations of Chinese bribery of government officials, wars between the
Chinese secret societies, and the use of violent tactics to collect taxes. Chinese success served to foster Thai resentment against the Chinese at a time when their community was expanding rapidly. Waves of Han Chinese immigration swept into Siam in the 19th and early-20th centuries, peaking in the 1920s. Whereas Thai Chinese bankers were accused of plunging the Thai peasant into poverty by charging high-interest rates, the reality was that the Thai banking business was highly competitive. Chinese millers and rice traders were blamed for the economic recession that gripped Siam for nearly a decade after 1905. In addition, Chinese millers and rice traders were blamed for an economic recession that gripped Siam for nearly a decade after 1905. continues to serve as Thailand's major financial district and central business networking nucleus for Thai businessmen and investors of Chinese ancestry. By the early 20th century, the resident Chinese community in Bangkok was sizable, amounting to a third of the capital's population. Anti-Chinese sentiment was rife. He described them as "avaricious barbarians who were 'entirely devoid of morals and mercy'." King Vajiravudh's views were influential among elite Thais and were quickly adopted by ordinary Thais, fueling their suspicion of and hostility against the Chinese minority. The
Siamese revolution of 1932 only coagulated the grip of
Thai nationalism, culminating in World War II when Thailand's
Japanese ally was at war with China. Thais of Chinese ancestry provided the impetus for Thailand's industrialization, transforming the Thai economy into an export-oriented, trade-based economy with a global reach. Virtually all the industrial manufacturing and import-export shipping firms establishments including the
auto manufacturing behemoth Siam Motors are Chinese controlled. Ninety percent of Thailand's industrial and commercial capital are also held by the Chinese.
Family firms are extremely common in the Thai business sector as they are passed down from one generation to the next. 90 percent of Thailand's industrial manufacturing sector and 50 percent of Thailand's service sector are controlled by the Chinese. According to a
Financial Statistics of the 500 Largest Public Companies in Asia Controlled by Overseas Chinese in 1994 chart released by Singaporean geographer Dr. Henry Yeung of the
National University of Singapore, 39 companies were concentrated in Thailand with a market capitalization of US$35 billion and total assets of US$95 billion. Due to the relaxation of emigration restrictions influenced by economic reform and the implementation of open-border policies by China and Southeast Asian countries, there has been a significant transformation in Chinese out-migration patterns as a result of noticeable decrease in barriers to emigration. This shift has resulted in a notable increase in mainland Chinese migrants relocating to developing nations in Southeast Asia, particularly to Thailand during the 1990s and 2000s. Many of these Chinese immigrants include petty traders, financial middlemen, investors, owners of small to medium-sized enterprises in the formal business sector, shipping agents (some of which have Thai partners), smaller import-export agents, as well as independent traders and intermediaries associated with Chinese enterprises. For a select few Chinese entrepreneurs, a number of them have ventured into Thailand to explore potential investment prospects in a market that remains largely untapped amidst the intensifying commercial competition back in China. Certain Chinese real estate investors opt to acquire properties, particularly modern townhouses and structures located along the riverside and in market areas. The rationale behind these property investments has varied, as some investors seek to utilize them for personal residential use, while others strive to establish a lasting commercial real estate foothold in the Chiang Saen area for overseas investment purposes. Petty Chinese merchants operating within the town's premises also engage in the sale of imported Chinese fruits and everyday items to both local residents and tourists exploring Chiang Saen. The high saturation of Chinese merchants operating within this sector has fostered a fiercely competitive atmosphere, albeit they are overshadowed by stiff competition from petty Chinese traders offering Chinese goods in the border markets of northern Laos and northern Vietnam, as well as in urban Cambodia. The influx of Thai Chinese investment capital into mainland China has led to a resurgence of Han Chinese cultural pride among the Thai Chinese community while concurrently pursuing new business and investment opportunities while bringing their influx of foreign capital to create new jobs and economic niches on the mainland. Many Thais of Chinese ancestry have begun to rekindle with their long-lost Han ancestral roots, have sent their children to newly established Chinese language schools, visited China in record numbers, invested money in the mainland Chinese economy, and assumed Chinese surnames alongside their Thai names. The
Charoen Pokphand (CP Group), a prominent Chinese-owned Thai conglomerate claiming $9 billion in assets with US$25 billion in annual sales founded by the
Chearavanonts, a prominent Thai business family of Chinese ancestry which is one of the most powerful conglomerate companies investing in mainland China today. The conglomerate company is currently the single largest foreign investor in China with over US$1 billion invested with hundreds of businesses across a multivarieted range of industries traversing from agricultural food products, aquaculture, retail, hospitality, and industrial manufacturing while employing more than 150,000 people in mainland China.
Anand's Saha-Union, Thailand's leading industrial group, have so far invested over US$1.5 billion in China, and is operating more than 11 power plants in three of China's provinces. With over other 30 businesses in China, the company employs approximately 7000 Chinese workers. == Religion ==