Government dismisses Credit Suisse Wealth Report about Thailand’s wealth gap as unreliable

[jabis]

The hub of wealth gaps - bring in big fortune, take out a small fortune - fat cats' play a different ball game, "one for me, also one for me" 

[billd766]

3 hours ago, webfact said:

Thailand World’s Most Unequal Nation? Govt Says Not

By Teeranai Charuvastra, Staff Reporter

 

Shoppers and tourists at IconSiam shopping mall on Nov. 9.

 

BANGKOK — A government spokesman on Friday hit back at a Swiss bank report claiming Thailand has the world’s most unequal distribution of wealth.

 

Puttipong Punnakan said the claim, which was based on a report released by global investment firm Credit Suisse, is misleading because it only examined 40 countries – most of them wealthy members of the OECD – and relied on outdated data.

 

Full story: http://www.khaosodenglish.com/news/business/2018/12/07/thailand-worlds-most-unequal-nation-govt-says-not/

 

-- © Copyright Khaosod English 2018-12-07

 

 

3 hours ago, missoura said:

From my time spent in Bangkok, I thought it was a given...

 

 

I wonder where these people are on the scale compared to the top picture?

[billd766]

2 hours ago, Bill Miller said:

Interesting.
All those saying "No way!" appear to be members of the top 1%.
"Its the same the whole world over..."

https://www.youtube.com/watch?v=KSk-VKOTgQY

 

[otherstuff1957]

To borrow a quote from someone who knew politicians well:  "Well, they would say that, wouldn't they."

[JAG]

1 hour ago, Artisi said:

Careful, seems most of those who loaned watches are now dead. 

Yes, that occurred to me after I posted!

[Cadbury]

Credit Suisse bank are just pissed because most of the 1% use the Cayman National Bank. 

[mark131v]

Blimey just shows that Thailand being number 1 for dangerous road deaths wasn't just a flook! wonder what they will top the list with next maybe corruption, blatant lying, hypocrisy...…….

[SmartyMarty]

Thailand 4.0

[bowerboy]

I find it impossible to believe any statements from the current powers in charge especially around financial figures.

 

I think that right now the whole Thai economy is one giant Ponzi scheme built on lies and manipulated numbers.

 

It is all well and good until the truth is forced to out.

[DrTuner]

No can't be, every TVF economist knows Thailand has a huge middle class being paid better than in farangland, at least 120% of the population.

[Brigand]

Obviously they will freak out with this one, the truth outs and seems like some doth protest too much here on this one...fairly predictably strong response from the elite regarding this one...haha.

[mok199]

Like watching a man drown....this country has so many lies ,I don't kow how they keep track...

[billd766]

59 minutes ago, mok199 said:

Like watching a man drown....this country has so many lies ,I don't know how they keep track...

Telling the truth is easy, you only have to remember one thing.

 

Telling lies is much harder, as you have to remember what and how many lies you told to who.

[LivinLOS]

15 hours ago, Eric Loh said:

Thailand must reform the tax laws. Tax avoidance by the rich and multi-national companies is a major reason for the increasing wealth gap and inequality. I hope the next elected government will reform the tax structure and stop kicking the property tax law down the road like this junta government. 

Little anecdote.. 

 

A lady I know, who has never paid income tax of any kind, in fact has never paid taxes except consumption taxes (house purchase, VAT, import etc) has started selling products (cosmetics) online and has started to do well at it. She was recently told she had to charge VAT on this and remit it. She was then ranting on facebook about 'lazy poor buffalo' and the like. Shes a clever, multi lingual, well travelled, modern young woman. When I gently questioned and debated her, that 'who paid for her roads, schools, etc etc' and what taxes she ever paid previously in her life, she just couldnt process it. She felt taxes were 'for business' but her selling products somehow wasnt business !! 

The total disconnect and refusal to even consider that income was liable for taxation, that selling products was a business, or that her own life or her childs had benefited from expenditure that it was time to make some tiny payback to, revealed a lot. 

[bowerboy]

1 hour ago, LivinLOS said:

Little anecdote.. 

 

A lady I know, who has never paid income tax of any kind, in fact has never paid taxes except consumption taxes (house purchase, VAT, import etc) has started selling products (cosmetics) online and has started to do well at it. She was recently told she had to charge VAT on this and remit it. She was then ranting on facebook about 'lazy poor buffalo' and the like. Shes a clever, multi lingual, well travelled, modern young woman. When I gently questioned and debated her, that 'who paid for her roads, schools, etc etc' and what taxes she ever paid previously in her life, she just couldnt process it. She felt taxes were 'for business' but her selling products somehow wasnt business !! 

The total disconnect and refusal to even consider that income was liable for taxation, that selling products was a business, or that her own life or her childs had benefited from expenditure that it was time to make some tiny payback to, revealed a lot. 

 I completely agree in principle with the point you are making but unfortunately here in a Thailand a huge chunk of that money is stolen to line the elites and military pockets.

 

i definitely agree with you but in Thailand I would have no issue with anyone not wanting to pay taxes under the circumstances 

[alfalfa19]

He may be right, he may be wrong, but I'm sure the US is a very close contender. 

[HAKAPALITA]

Sadley the Millennial Snowflakes Schools pump out these days believe making rich poor is the only way to an even keel.The expression Bone Idle is not PC to the entitled generation..

[inThailand]

The Hub domination continues

[Kinnock]

I'm surprised and impressed that a Suisse investment bank, that presumably benefits from income inequality around the world, should publish such a report.

 

Talk about biting the hands that feed them!

 

I guess several 1 percenters are now voting with their feet (and their billions).

[thaistocks]

Yet, the clear facts show that in the Thai stock market at least all, but the biggest companies, have been much lagging and secondary indexes like the MAI or sSET index are at many multiyear lows.  Thai retail investors are also at just about all time lows. This shows the core of the Thai economy is fading, as some 2/3 of GDP in Thailand is made up by these secondary companies.  Yet nobody writes about this, not even CS.

[meinphuket]

Yawn......as ever, deny, deny, deny, lie, lie, lie.....

[wvavin]

Thailand will deny any report that make them loss face!

[Guderian]

18 hours ago, Phuketserene said:

They no the data is incorrect because the top 1% actual own 82% of the wealth. 

Yes, and with the top person (no names mentioned!) owning around 25% of it.

[thaistocks]

Again, what's interesting -or say amazing- is how nobody reports (not the CS not the WSJ or others) that while the big cap SET50 has held up and so had the Thai Baht currency, all other secondary Thai stock indexes have dropped during the past 3-4 years and by more then just a little.  Most all quality and otherwise Thai secondary shares have lost half or more of their previous mkt. value.  Does this fact alone not say/confirm something?  Further, Thai retail investor participation is now at barely 40% of SET trading, volume vs. 65 to 75% in years past. In nearly 30 years of partaking here, I have never seen this low number.  So why is nobody writing about this?

[klauskunkel]

19 hours ago, webfact said:

The government has dismissed Credit Suisse Wealth Report 2018 which put Thailand as the world’s Number One country with the highest wealth gap between the rich and the poor as “inaccurate, incomplete and unreliable”.

Hey, you're Number One. Stop bitchin' about it!

[pmh2009]

what's there to be ashamed off??? it is like all the countries in the world, Democratic or Socialist or Dictatorships or whatever.... and wether the markets are open or closed --- it is all the same greed is greed and humans are humans right???????

[outsider]

Hahaha... living in ignorance, are we? Come on Thailand, you're no. 1 in something finally. That is sure worth a lot of face.

 

By the way, you're right to dismiss this wealth report. The Swiss know nothing. Your own NIDA surveys with a sample size of 50 representing the whole world will be infinitely more accurate.

[Farang99]

18 hours ago, Eric Loh said:

Thailand must reform the tax laws. Tax avoidance by the rich and multi-national companies is a major reason for the increasing wealth gap and inequality. I hope the next elected government will reform the tax structure and stop kicking the property tax law down the road like this junta government. 

Dream on!

[Lupatria]

18 hours ago, overherebc said:

Who in their right mind would believe the Swiss know anything about banking and financial matters.

????????????

Another case of lack of education?

Political parties attend economics seminar, no junta members present.
They probably attended another more popular while useful for their purpose seminar instead:
“Propaganda for dummies- what to learn from Joseph Goebbels and bedtime stories” 

[bert bloggs]

No 1 At last, Thailand ,the hub of inequality .????