In the past, during the previous reign, several governments and palace propagandists have sought to “explain” that the Crown Property Bureau’s wealth is not the king’s personal property to do with as he sees fit. Some have even suggested that the CPB is some kind of fund for the nation. Ambassadors have frequently made this point when defending one of the world’s wealthiest monarchies.
Yet this ruse used by royal and royalist propagandists is no longer possible.
An AFP report at The Japan Times states that the CPB has issued an “explanatory note” that makes it crystal clear that King Vajiralongkorn “has been granted full ownership of the palace’s billions of dollars of assets under a law passed last year…”.
This was a point made in earlier accounts, and some argue that in practice this has been the case for decades, but now it is official.
The assets of the CPB are probably now about $60 billion, “although the monarchy does not publicly declare its wealth and is shielded from scrutiny by a draconian lese majeste law.” The CPB has “a vast portfolio that includes massive property ownership and investments in major companies.”
Last July’s amended a royal property law means “all ‘Crown Property Assets’ are to be transferred and revert to the ownership of His Majesty, so that they may be administered and managed at His Majesty’s discretion…”.
The “explanation” is not dated but is widely available, including at the CPB’s website.
It states that “all of the CPB’s shareholdings will also ‘be held in the name of His Majesty’.”
It also states that “previously tax exempt CPB assets will now be liable to taxation ‘in line with His Majesty’s wishes’.” We wait to see how this develops.