Royal Wealth (continued)

The history of the land owned by the Thai monarchy, and thus the Crown Property Bureau, can be traced as far back as the Buddhist kingdom of Sukothai in the 13th century, as traditionally in Thailand the king owns all the land. In the 1800s, the monarchy set up the Privy Purse to use the profits from royal trading to pay the royal household, and it was later used to finance overseas education for royals. At least five percent of government revenues were transferred into the Privy Purse each year. In 1890, it became the Privy Purse Bureau (PPB), acting as the monarchy’s investment arm, according to “A History of Thailand” by Chris Baker and Pasuk Phongpaichit.

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