Thai King receives $30 billion royal fortune

King Maha Vajiralongkorn of Thailand. Photo: BBC.

The Crown Property Bureau (CPB) said on June 16 that it had transferred all ownership of Thailand's royal assets to King Maha Vajiralongkorn, meaning that for the first time all royal assets will be subject to tax, according toBBC.

"The King requested the return of the assets because he believed that these assets should also be subject to duties and taxes like those of any Thai citizen," CPB said.Notification.

Maha Vajiralongkorn, 64, ascended the throne in December 2016, after his father, King Bhumibol Adulyadej, passed away in October 2016. Since its establishment in 1938, the CPB has managed assets and investments worth an estimated $30-60 billion on behalf of the Thai royal family in a "transparent and open manner for monitoring".

Before ascending the throne, Maha Vajiralongkorn spent much time abroad and his lifestyle occasionally made headlines in foreign media.

Observers say he has made efforts to improve his image in recent years, which is important because the king is traditionally seen as the leader of Thai politics.