The Duke of Cambridge said he was "lucky" to have known the businessman for several years and revealed he was "dedicated" to his family.
He also praised the Leicester owner for their "magical" season in 2016 when they won the Premier League.
The statement – released by Kensington Palace – said: "I was lucky to have known Vichai for several years.
"He was a businessman of strong values who was dedicated to his family and who supported a number of important charitable causes.
"He made such a big contribution to football, not least through Leicester City's magical 2016 season that captured the imagination of the world.
"He will be missed by all fans of the sport and everyone lucky enough to have known him."
Srivaddhanaprabha's helicopter came down in a car park behind the King Power Stadium following a Premier League game between Leicester and West Ham on Saturday.
He died alongside beauty queen Nusara Suknamai and right-hand man Kaveporn Punpare.
Hero pilot Eric Swaffer died alongside his co-pilot girlfriend Izabela Roza Lechowicz.
The helicopter took off at around 8.45pm and nosedived in a ball of flames less than 200 yards away just seconds later.
BT Sport pundit Jake Humphrey pointed to the aircraft from the studio during a live broadcast at the stadium and said: “As you can see the owners are now heading off.”
A loud explosion could be heard on post-match analysis show Premier League tonight just moments later.
The crash was then confirmed by the host live on air and the programme brought to an early end as the crew was evacuated from the stadium.
Leicester had just played West Ham in a 1-1 draw in the Premier League. The 5.30pm kick-off finished at around 7.30pm.
Leicestershire Police has said the Air Accident Investigation Branch (AAIB) will now be leading the investigation into the circumstances of the helicopter crash.
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