Thailand’s prime minister has declared a fortune of more than $400 million, including hundreds of luxury bags and watches

Prime Minister of Thailand Paetongtarn Shinawatra He declared a fortune of more than $400 million on Friday, his party said, including more than 200 designer bags worth more than $2 million and at least 75 luxury watches worth about $5 million.

Paetongtarn, the youngest daughter of telecommunications billionaire and former prime minister Thaksin Shinawatra, took office in September as the fourth member of the clan to lead Thailand’s government in 20 years. Paetongtarn, now 38, became Thailand’s youngest leader at 37 when he took office.

Paetongtarn was required to declare its assets and liabilities to the National Anti-Corruption Commission (NACC).

He is worth 13.8 billion baht ($400 million), according to a document posted on media sites.

His investments were worth 11 billion baht and he had another billion baht in savings and cash, his declaration said.

Her other assets include 75 watches and another 39 watches worth 162 million baht, plus 217 handbags worth 76 million baht, as well as properties in London and Japan.

He also declared nearly five billion baht in liabilities, giving him a net worth of 8.9 billion baht ($258 million), according to an NACC document published by local media.

A representative of the Pheu Thai Party confirmed to AFP that the figures reported by the Thai media were correct.

His father, Thaksin, who once owned Manchester City Football Club, is worth $2.1 billion, according to Forbes, making him the 10th richest man in Thailand.

Thaksin used the wealth created by his Shin Corp telecommunications empire to propel him into politics and remained influential even during his years in exile after his family was overthrown in a coup. Last year, Thaksin was released from a police hospital where he served a year in prison on charges of corruption and abuse of power. The BBC reported on this.

The telecommunications billionaire became the first prime minister in Thailand’s history to head an elected government for a full term. BBC.

Analysts say there is a long-standing relationship between wealth and power in the kingdom.

“In a nation without a fully functioning democracy, money plays a crucial role in political activities,” Yuttaporn Issarachai of Sukhothai Thammathirat University told AFP.

“This has often justified military interventions with claims of a lack of transparency.”

Paetongtar’s immediate predecessor as prime minister, Srettha Thavis, was declared worth 985 million baht when he was dismissed by Thailand’s constitutional court in August – down from 1.02 billion baht at the start of his term. The The BBC reported on this said the court had ruled that Srettha had violated the “rules of conduct” by “showing acceptable conduct”.