Thai Companies' Average Assets Per Firm: 2007 to 2025
In short
Average assets per filing Thai company reached about 144 million baht in 2025, up from roughly 91 million baht in 2007. That is a 57.7 percent rise in typical firm size across eighteen years. Over the same span the number of companies filing a statement grew from 315,278 to 713,946, more than doubling. Total assets on file climbed 257 percent, so more of that growth came from new filers joining the registry than from existing firms swelling in size.
Are Thai companies actually getting bigger?
Yes, but slower than the headline suggests. The average filing company held about 91.3 million baht in assets for the 2007 statement year, known locally as BE2550. By the 2025 statement year, BE2568, that average had climbed to 144.0 million baht. That is a 57.7 percent gain in typical firm size over eighteen years. Over the same period the count of companies filing a financial statement rose from 315,278 to 713,946, a 126.4 percent increase and more than double. Total assets on file across the whole filing population grew even faster, up 257.1 percent. When total assets grow faster than average assets per firm, the extra growth has to come from somewhere, and in this case it comes mostly from volume. Thailand's corporate asset base swelled more because more companies started filing than because each one got dramatically richer.
Average assets per filing company, 2007 to 2025
Figures in million baht per company.
The 2018 statement year is left out of this line. That year the registry's reported asset total jumped 3.73 times in a single year while the company count grew only 7.35 percent, a coverage change in the data rather than a real jump in company size, so the trend here runs on the years before and after it.
Total assets, filing companies and average assets by statement year
| Statement year | Calendar year | Total assets, trillion baht | Filing companies | Average assets per company, million baht |
|---|---|---|---|---|
| BE2550 | 2,007 | 29 | 315,278 | 91 |
| BE2551 | 2,008 | 31 | 324,317 | 97 |
| BE2552 | 2,009 | 31 | 329,666 | 93 |
| BE2553 | 2,010 | 36 | 352,153 | 102 |
| BE2554 | 2,011 | 40 | 376,479 | 107 |
| BE2555 | 2,012 | 46 | 403,035 | 113 |
| BE2556 | 2,013 | 50 | 433,201 | 116 |
| BE2557 | 2,014 | 55 | 457,933 | 120 |
| BE2558 | 2,015 | 58 | 479,697 | 121 |
| BE2559 | 2,016 | 71 | 500,613 | 143 |
| BE2560 | 2,017 | 66 | 531,249 | 125 |
| BE2561 | 2,018 | 248 | 570,309 | 435 |
| BE2562 | 2,019 | 81 | 594,825 | 136 |
| BE2563 | 2,020 | 83 | 617,289 | 135 |
| BE2564 | 2,021 | 91 | 648,532 | 140 |
| BE2565 | 2,022 | 96 | 675,248 | 142 |
| BE2566 | 2,023 | 99 | 704,503 | 140 |
| BE2567 | 2,024 | 104 | 730,001 | 142 |
| BE2568 | 2,025 | 103 | 713,946 | 144 |
Figures cover statement years BE2550 to BE2568, 2007 to 2025 in the Gregorian calendar, as of 7 Jul 2026. The BE2561, 2018, row carries a registry coverage jump and should not be read as organic growth. The BE2569, 2026, year is still open and is excluded entirely.
Breadth beat depth
Split the growth into its two parts and volume wins. The compound annual growth rate of the filing company count from 2007 to 2025 runs at 4.65 percent a year. The compound annual growth rate of average assets per company over the same eighteen years runs at only 2.56 percent a year. Multiply the two together and you recover the 7.33 percent compound annual growth rate of total filed assets, which is the arithmetic check that the split is real. Thailand's registry has been adding companies faster than existing companies have been getting richer. One more wrinkle sits in the most recent year. Filing companies actually fell from 730,001 in 2024 to 713,946 in 2025, a 2.2 percent drop, even as average assets per firm kept rising. Fewer filers with slightly bigger balance sheets each is a different story than more filers alone, and it is worth watching whether that dip continues in the next release.
Why this matters
A rising average asset figure sounds like a story about companies getting stronger. Here it is mostly a story about the registry getting wider. Since 2019, the years after the coverage jump, average assets per firm rose a modest 6.28 percent while the filer count still climbed 20.0 percent, so the more recent pattern still favors breadth over depth. For lenders, suppliers and policymakers sizing up the typical Thai company, that distinction changes the read. A market adding filers faster than it adds asset value per filer is a market of many small and mid sized balance sheets, not one where the typical firm is quietly becoming a heavyweight. Anyone benchmarking a single company against the average should use the mean with care, since a batch of very large filers can lift it well above what a typical small firm actually holds.
Definitions
- Statement year
- The fiscal year a company's financial statement covers, recorded in the source registry using the Buddhist calendar, which runs 543 years ahead of the Gregorian calendar.
- Average assets per company
- Total reported assets across all filing companies in a statement year divided by the count of those companies, a mean rather than a typical or median company figure.
- Filing company
- A registered company that submitted a financial statement for a given statement year, as opposed to the wider pool of all registered companies, some of which never file.
- Compound annual growth rate
- The steady yearly growth rate that, applied every year over a period, would turn a starting value into an ending value.
- Registry coverage anomaly
- A sudden change in a reported total that reflects more companies or better data being captured by the registry that year, rather than a genuine change in the underlying companies.
Assumptions
- Only companies with a filed financial statement for a given year are counted, so companies that registered but never filed are excluded from every year in this analysis.
- The BE2569, 2026, statement year is excluded because it holds only a small partial set of early filers and would understate the year if included.
- The BE2561, 2018, statement year is treated as a coverage anomaly based on its asset jump far outrunning its filer growth, and is left out of the trend chart and compound growth math, though it remains visible and flagged in the full table.
- Average assets per company is a mean, not a median, so it can be lifted by a relatively small number of very large filers in any given year.
Methodology
Average assets per company is total reported assets divided by the count of companies that filed a financial statement for that statement year, drawn from the Department of Business Development registry as of 7 July 2026. Statement years are recorded in the Buddhist calendar in the source table, so BE2550 equals 2007 and BE2568 equals 2025. The BE2569, 2026, statement year is still open with a small partial filer count and is excluded. The BE2561, 2018, statement year shows a sudden multi fold jump in total assets against a much smaller rise in filer count, consistent with a registry coverage change rather than organic growth, so it is flagged in the table and left out of the trend chart and the compound growth calculations.
How we verified this
- Recomputed average assets for BE2550 as 28,793,006,371,622.99 divided by 315,278 companies, giving 91,325,770.82 baht, about 91.33 million.
- Recomputed average assets for BE2568 as 102,827,430,901,099.07 divided by 713,946 companies, giving 144,026,902.46 baht, about 144.03 million.
- Recomputed the growth in average assets as 144,026,902.46 divided by 91,325,770.82 minus 1, giving 57.71 percent.
- Recomputed the filer growth as 713,946 divided by 315,278, giving a 2.264 times multiple, a 126.45 percent increase and confirming more than double.
- Recomputed total asset growth as 102,827,430,901,099.07 divided by 28,793,006,371,622.99 minus 1, giving 257.13 percent.
- Recomputed compound annual growth rates over 18 years: filer count 4.65 percent, average assets per firm 2.56 percent, total assets 7.33 percent, and confirmed that 1.0465 times 1.0256 minus 1 equals 7.33 percent, matching the total assets rate and validating the volume versus size split.
- Recomputed the BE2561 anomaly as 247,926,504,902,167.28 divided by 66,458,430,224,816.66 from the prior year, a 3.73 times jump, against only a 7.35 percent rise in company count that same year.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2025). Thailand Economic Monitor, February 2025: Unleashing growth, innovation, SMEs and startups. World Bank Group. https://www.worldbank.org/en/country/thailand/publication/thailand-economic-monitor-february-2025-unleashing-growth-innovation-smes-and-startups
Frequently asked questions
Are Thai companies getting bigger on average?
Yes. Average assets per filing company rose from about 91.3 million baht in 2007 to about 144.0 million baht in 2025, a 57.7 percent increase, though most of the growth in total assets came from a larger number of filers rather than existing firms getting much bigger.
Why does the average assets figure jump so high in 2018?
The BE2561, 2018, statement year shows total assets jumping 3.73 times in one year while company count rose only 7.35 percent, which points to a registry coverage change rather than a real one-year surge in company size, so this analysis excludes that year from its trend calculations.
Did the number of Thai filing companies really double?
Close to it. Filing companies rose from 315,278 in 2007 to 713,946 in 2025, a 126.4 percent increase, a 2.26 times multiple.
Is average assets per company the same as a typical company's assets?
Not exactly. It is total assets divided by filer count, a mean, so a relatively small number of very large companies can pull the figure above what most small and mid sized firms actually hold.
Cite this page
Chatpong L. (2026). Thai Companies' Average Assets Per Firm: 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/are-thai-companies-getting-bigger-assets-per-firm-2007-2025
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.