Thailand’s prime minister has declared more than $400 million in assets, including hundreds of luxury handbags and watches

Prime Minister of Thailand Paetongtarn Shinawatra declared more than $400 million in assets Friday, her party said, including more than 200 designer handbags worth more than $2 million and at least 75 luxury watches valued at nearly $5 million.

Paetongtarn, the youngest daughter of telecom 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, also became Thailand’s youngest leader at 37 when she took office.

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

She identified 13.8 billion baht ($400 million) in assets, a document published on media websites showed.

Her investments were worth 11 billion baht, and she had another billion baht in deposits and cash, her statement said.

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

It also reported liabilities of nearly five billion baht, according to a NACC document published by local media, giving it a net worth of 8.9 billion baht ($258 million).

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

Her father and predecessor Thaksin — who once owned Manchester City soccer club — has a net worth of $2.1 billion, according to Forbes, making him Thailand’s tenth-richest person.

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

The telecommunications billionaire was the first prime minister in Thailand’s history to lead an elected government for a full term, according to BBC.

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

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

“This has often been a justification for military interventions, along with claims of a lack of transparency.”

Paetongtarn’s immediate predecessor as prime minister, Srettha Thavisin, declared assets of 985 million baht when he was ousted by Thailand’s constitutional court in August — down from 1.02 billion baht at the start of his tenure. The The BBC reported that the court ruled that Srettha violated the “rules of ethics” by “showing defiant behavior”.