Does the Average 50 Yr Old Thai hv 800k

[JimmyTheMook]

I'm guessing it's a very small % of the population here with a liquid net worth of 800,000 baht.

 

Or am I way off the mark?

 

I'll say this as your average American may not even have that much in liquid assets.

 

 

 

[Sanjay Jaybhay]

I think you are way off mark. You see the number of condos in Bangkok. Even a studio is not less than Baht 3000000. 

[tifino]

 a moot point, all this...    thais themselves have not been shanghaid into this evil plan...

 

[RJRS1301]

well considering that is the minimum to get your first visa, then as a single person required for extension of stay, hopefully all have that amount. Then of course most would have other investments to draw on 

[CGW]

6 minutes ago, Sanjay Jaybhay said:

I think you are way off mark. You see the number of condos in Bangkok. Even a studio is not less than Baht 3000000. 

Using Bangkok as a base is not going to be very accurate, ~20% of the population live there, of those how many are just working there? a lot. The price of property where the "average" Thai lives would be less than 10% of Bangkok prices - if that!

[BritManToo]

My gf has a Thai pal with 100M baht in the bank and property all over the country.

Nice lady, seems entirely normal, always turns up with a McDonalds for me and the kids.

Everyone else we know is up to their eyes in debt.

Edited August 6, 2019 by BritManToo

[kokesaat]

Everyone won't agree, but if you don't have 800k in assets, you probably shouldn't be considering retiring in a different country.....any country.

As for Thais having or not......they have family to fall back on and some semblance of a social system (public health).  Expats don't.

 

[roo860]

My gf has a Thai pal with 100M baht in the bank and property all over the country.
Nice lady, seems entirely normal, always turns up with a McDonalds for me and the kids.
Everyone else we know is up to their eyes in debt.

Is she single?[emoji7]

Sent from my SM-G920F using Thailand Forum - Thaivisa mobile app

[JimmyTheMook]

16 hours ago, kokesaat said:

Everyone won't agree, but if you don't have 800k in assets, you probably shouldn't be considering retiring in a different country.....any country.

As for Thais having or not......they have family to fall back on and some semblance of a social system (public health).  Expats don't.

 

 

Talking 800k liquid.

Such as being able to dump into a bank account and leave it there.

 

 

[HampiK]

What is an average 50 years?

 

I think with 50 years (if you not working) you should have the 800K and even more, because how else you would survive. If you working, then mean you have a work VISA and you don't care about that.

Maybe it would be more accurate to ask how many of the person receiving a pension have the 800K as a spare (Not mean already in a Thai bank, but could)!

 

Average is always a strange word, when you ask around in a Forum. As most people spend time with people from a similar background. Therefore it would be better to make a survey to ask like you have to 800K in a Thai bank, you have the 800K but not in Thai, you not have the 800K.

Actually this even could go further when asking about how you stay in Thai. And a lot of Readers and Posters here not even living in Thailand, there come here only for holidays or as It seems have stayed in Thailand before but now they choose in their opinion an easier country to stay.

[thaicurious]

https://en.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult

Country........Median Wealth (in US$)

Iceland.........203,847

Australia......191,453

France..........106,827

Canada.........106,342

UK.................97,169

USA..............61,667

China...........16,333

Russia.........2,739

Vietnam......1,806

Thailand......1,085

Myanmar.......739

Ukraine...........40

 

[PatOngo]

As I have said before, any expat that doesn't have as a minimum 800k is not ready for retirement! Even 800k is nowhere near enough for a comfortable retirement.

[wgdanson]

22 hours ago, Sanjay Jaybhay said:

I think you are way off mark. You see the number of condos in Bangkok. Even a studio is not less than Baht 3000000. 

The OP asked for LIQUID assets. A condo is not.

[marcusarelus]

Why would you care? Is there a point to the question?  Or just another senseless anti Thai rant?

[totally thaied up]

One of my wife's friends is very rich - owns sets of Condo blocks in a expensive area in Chiang Mai. She is the only one I know with big money. Just about everyone else we know has debt or they are married to a farang. Those we know married to a farang don't have much more than a house or after a few years, taken home to the respective country the husband came from.

 

Most my wife's friends do own a house outright or had a house handed on to them via inheritance but most have loans out for a car. Other younger friends she went to Uni with are mostly teachers and have loans out to the bank for a house and a car.

 

It is a mixed bag. Still, I believe, plenty of wealthy people here. For all my wife's friends, the house is the show stopper they all want and a bit of land.

Edited August 7, 2019 by totally thaied up

[Almer]

On 8/6/2019 at 6:14 PM, Sanjay Jaybhay said:

I think you are way off mark. You see the number of condos in Bangkok. Even a studio is not less than Baht 3000000. 

But we are talking LIQUID money

[JimmyTheMook]

Point is the assessment that a foreigner should have 800k liquid to sit in a bank account for a retirement visa when I feel the average Thai would seldom meet this requirement.

 

 

 

     

Edited August 10, 2019 by JimmyTheMook

[NoshowJones]

On 8/7/2019 at 5:00 PM, PatOngo said:

As I have said before, any expat that doesn't have as a minimum 800k is not ready for retirement! Even 800k is nowhere near enough for a comfortable retirement.

It really all depends on what expenditure a person requires, say a guy retires and comes to stay in Thailand, he does not drink, lives in an apartment in Pattaya at 4000 Bt per month, has 25.000 Bt coming into the country every month.

 

How does he need to have 800.000 Bt in his bank?

Don't mention potential health problems in the future, even someone with  at least 800Bt in his bank could not guarantee to be able to afford health care.

[RoadWarrior371]

They do not want the average American in Thailand.  Just the Rish and Hansum ones......  ????

[JimmyTheMook]

8 minutes ago, RoadWarrior371 said:

They do not want the average American in Thailand.  Just the Rish and Hansum ones......  ????

 800k is $27k US dolla

 

not a ton of chiss - but seems more than many have stashed.

 

 

[amykat]

On 8/6/2019 at 6:35 AM, BritManToo said:

My gf has a Thai pal with 100M baht in the bank and property all over the country.

Nice lady, seems entirely normal, always turns up with a McDonalds for me and the kids.

Everyone else we know is up to their eyes in debt.

Why don’t you change to dating her??  Upgrade things???

[Traubert]

On 8/10/2019 at 10:01 AM, JimmyTheMook said:

Point is the assessment that a foreigner should have 800k liquid to sit in a bank account for a retirement visa when I feel the average Thai would seldom meet this requirement.

 

 

 

     

The average Thai doesn't have to qualify to live in Thailand.

 

I would have thought that was obvious.

[Airalee]

On 8/7/2019 at 4:48 PM, thaicurious said:

https://en.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult

Country........Median Wealth (in US$)

Iceland.........203,847

Australia......191,453

France..........106,827

Canada.........106,342

UK.................97,169

USA..............61,667

China...........16,333

Russia.........2,739

Vietnam......1,806

Thailand......1,085

Myanmar.......739

Ukraine...........40

 

Interesting.  Thanks.  It would be nice if for all stats like that (wealth, income, debt) that we could see both median and mean.  

 

I also wonder if it could be adjusted for population size.  People above the median in China is double the population of the US.  I wonder what the median of the top 25% (350 million people) in China would be.

Edited August 11, 2019 by Airalee
Added

[brokenbone]

41 minutes ago, Airalee said:

Interesting.  Thanks.  It would be nice if for all stats like that (wealth, income, debt) that we could see both median and mean.  

 

I also wonder if it could be adjusted for population size.  People above the median in China is double the population of the US.  I wonder what the median of the top 25% (350 million people) in China would be.

click on the link and read

[NCC1701A]

On 8/10/2019 at 11:37 PM, JimmyTheMook said:

 800k is $27k US dolla

 

not a ton of chiss - but seems more than many have stashed.

 

 

I'm an American and all my friends have hundreds of thousands in cash and some have a million or more dollars in net wealth. 

we all made six figures for decades.

 

Americans have been told for decades starting in the 70's you would need 2 million dollars to retire at 65. So that is what a lot of people have done.

 

the Thai requirement of 400k or 800k is to prove you have money and are not a poor person, and to have something to use in a emergency and to live on until they kick you out because you spent the money. come back when you have some more.

 

I strongly suggest anyone retiring in Thailand to put 800,000 in a Thai bank. It makes everything so much easier and think how much money you would have made hedging your bet in the Baht, the strongest currency in SEA.  

 

     

[Airalee]

1 hour ago, brokenbone said:

click on the link and read

I did.  That’s why I commented that I wish all stats showed median and mean.  Most don’t, and that is what I was referring to.  “Wealth, income, debt” was just referring to the kinds of financial stats that usually just use one or the other metric.

 

I still think that China, being 4x the size of the US for example, couple be broken down into quartiles and then report on the median and mean for each respective group.

[RichardColeman]

On 8/6/2019 at 12:14 PM, Sanjay Jaybhay said:

I think you are way off mark. You see the number of condos in Bangkok. Even a studio is not less than Baht 3000000. 

You do realise that a 3m condo that is mortgaged to the hilt by the bank is not a liquid asset you could cash in and walk away with money from ?

 

 

 

[RichardColeman]

1 hour ago, NCC1701A said:

I'm an American and all my friends have hundreds of thousands in cash and some have a million or more dollars in net wealth. 

we all made six figures for decades.

Dear Walter White, those days are over now.

[RoadWarrior371]

21 minutes ago, RichardColeman said:

Dear Walter White, those days are over now.

Over, if you are a busboy at pizza hut.  Otherwise, spot on. 

Edited August 11, 2019 by RoadWarrior371

[Fex Bluse]

On 8/6/2019 at 6:38 PM, kokesaat said:

Everyone won't agree, but if you don't have 800k in assets, you probably shouldn't be considering retiring in a different country.....any country.

As for Thais having or not......they have family to fall back on and some semblance of a social system (public health).  Expats don't.

With respect to fellow expats who life may have treated roughly, often through medical expenses or divorces, if a 50 year old man doesn't have the equivalent of 800,000 Baht in liquid or semi-liquid assets, then it's time to sit down with a financial planner to hear the bitter reality. It is very difficult place to be and deserves serious attention.

 

Truth is at that age, a westerner should have AT LEAST 10x that much in liquid assets.

 

As for Thais, as you said, the main differentiation is that they tend to share assets throughout the family, so even if they do hit hard times, they have backup.