88% of Thailand bank accounts have less than 50,000 THB

[userabcd]

But then again if people were not spending their money as govt wants them to, who would be buying all that shiny stuff from several brands with several shops around so the money can end up in business pockets and govt coffers, several shops would not exist and people would not be employed.

 

Also surprised they say it is people bank accounts, it all belongs to banks and the govt, even the money in the accounts belongs to govt and the banks who can freeze or seize it for whatever reason they could determine.

[KhunLA]

15 minutes ago, bob smith said:

The Thai economy is on the verge of collapse.

Almost EVERY economy is on the verge of collapse, actually well past it, and already bankrupt.   If they said it out loud, the Central Banking system would collapse, and the puppeteers would lose all that interest income.

 

USA as a simple example.   Keep raising the debt ceiling.  Try that with your CC and see what they say ????

 

"I can't make my bills, can I borrow some more ?" ????

... nuff said

[mania]

Many of the country Thai folks I know keep most of their saving in Gold or at home.

Many do not really trust banks actually

 

[Kaopad999]

6 hours ago, ezzra said:

Interesting bit of information, i thought that Thai people would have more in their accounts seeing the high standards of living and spending i witnessed for many years.

all borrowed money

[rwill]

3 hours ago, VinnieK said:

Money burns a hole in Thai pockets.

Only the very few can manage it correctly.

On another tack...

These spendthrift dumba$$es will take down the banking system one day.

I hope I'm not around when it happens????

 

There are lots of people in other countries that have the same problem.

[Mad mick]

Thai politicians???? As are most World wide politicians have all loot ???? cleaned out by legal Mafia Politicians ???????? into there off shore bank accounts , WEF???????? DAVOS Covid lockdowns Bankrupting people 

Edited March 8, 2023 by Mad mick

[csmith]

Amazed they have this information.

 

But I shouldn't be as apparently Thailand pushing for a CBDC …. Central Bank Digital Currency

[Guderian]

The picture's probably not much different in the UK. 50K Baht is about £1,200, and judging by all the stories of large numbers of Brits being just one pay cheque away from serious financial difficulties the situation sounds much the same, maybe 60% instead of 88%, but if you looked at the poorer parts of the UK you'd probably be right up there with the Thais. Also, 50K Baht will keep an ordinary Thai family going for at least 3 months, while £1,250 will hardly keep a British family going for even one month.

[bangon04]

1 hour ago, KhunLA said:

 

  Rich is $1 mill & no debt.

 

Do you mean money in the bank? Because $1 million would make almost every home owner in New York, London, Paris, Munich rich on paper, assuming they or their parents had already paid off the (small) mortgage from 30 years ago.

[itsari]

Many Thai citizens have no bank account . That fact must make the 88 percent with less than 50,000 baht look better than it is .

 

[mrfill]

Figures from 2017 it seems.

Not like there has been any kind of economic wobble since then...

[KhunLA]

7 minutes ago, bangon04 said:

Do you mean money in the bank? Because $1 million would make almost every home owner in New York, London, Paris, Munich rich on paper, assuming they or their parents had already paid off the (small) mortgage from 30 years ago.

Net worth, assuming more than enough liquid to enjoy life.

Whether equity, in bank or pocket.

 

If own your home & car, and have $1 mill, you be rich in my book.  Almost impossible to spend, if not frivolous shopping.

Edited March 8, 2023 by KhunLA

[bangon04]

2 minutes ago, KhunLA said:

If own your home & car, and have $1 mill, you be rich in my book.  Almost impossible to spend, if not frivolous shopping.

Ok to sell the house and move to Thailand.....  support a small Thai village.

[Robert Tyrrell]

Good Morning,

 

Just tells me like everywhere else in the world ???? Including Thailand, Is the balance of wealth is at about 12% Globally hugely separated by 88% of the poor and working poor.

Middle Class , What’s that ? There’s not even a close equality between Rich and Poor !! 

[KhunLA]

4 minutes ago, bangon04 said:

Ok to sell the house and move to Thailand.....  support a small Thai village.

If had $1 mill liquid, wouldn't move to Thailand.   

[Robert Tyrrell]

6 hours ago, ezzra said:

Interesting bit of information, i thought that Thai people would have more in their accounts seeing the high standards of living and spending i witnessed for many years.

Where have you been !!?? ???? Most have high standards New Cars , New homes but know little about saving money or spending it wisely ???? 

[swm59nj]

And it seems that most westerners have little income and savings to begin with  in the LOS. . And of course it’s the fault of their respective countries.  Not because of poor financial planning or other personal factors. 
Always easy to shift blame on other people or factors 

[bradiston]

21 minutes ago, mrfill said:

Figures from 2017 it seems.

Not like there has been any kind of economic wobble since then...

Well said. These figures...why publish them? 6 years out of date. Is that the latest they can find? COVID probably emptied millions of these accounts. And now rampant inflation.

 

Buy land. Forget the banks. They won't feed you.

[CapraIbex]

1 hour ago, nigelforbes said:

True that cash is a depreciating asset currently but it is also a protected asset, unlike equities and bonds which are depreciating but not protected. And cash depreciates in line with the rate of inflation, equities can depreciate in the blink of an eye and be gone for ever.

Well, bonds ain't bonds. Investment grade credit rating and bond issuers do have considerable weight. 'Good night Vienna' if the Thai Government bond market collapses.
I personally rank quality bonds above cash-in-the bank.

[nigelforbes]

14 minutes ago, CapraIbex said:

Well, bonds ain't bonds. Investment grade credit rating and bond issuers do have considerable weight. 'Good night Vienna' if the Thai Government bond market collapses.
I personally rank quality bonds above cash-in-the bank.

I agree, it is possible to cherry pick high quality investment grade bonds but only in the knowledge that they also are only debt and can fail.

[Muhendis]

"88% of Thai bank accounts have less than 50,000 THB"

 

The other 12% are Thai government workers and police I expect.

[bradiston]

32 minutes ago, bradiston said:

Well said. These figures...why publish them? 6 years out of date. Is that the latest they can find? COVID probably emptied millions of these accounts. And now rampant inflation.

 

Buy land. Forget the banks. They won't feed you.

And my 800k for the retirement extension? At 5% pa inflation, that's a depreciation of 40k. Makes 12.5k to an agent look like a no brainer. And it's pocket money for maybe 10 Thais.

 

There are places to earn in the region of 7.5% pa. But high street banks are just robbers. That 800k interest free loan they can lend out at whatever the going rate is.

[Liverpool Lou]

2 hours ago, bob smith said:

The Thai economy is on the verge of collapse

"The World Bank In Thailand

Thailand is one of the great development success stories. Due to smart economic policies it has become an upper middle income economy and is making progress towards meeting the Sustainable Development Goals".

 

https://www.worldbank.org/en/country/thailand/overview

[Tom H]

Within the 12% are the 800.000 deposit for visa:).

[NanLaew]

7 hours ago, ezzra said:

Interesting bit of information, i thought that Thai people would have more in their accounts seeing the high standards of living and spending i witnessed for many years.

Since when has increasing access to endless easy credit and pay-day loans made the punter rich? Thailand's no different in that regard. If you are seeing Thai folks spending, that money certainly isn't sitting in their bank accounts.

[bob smith]

2 minutes ago, Liverpool Lou said:

"The World Bank In Thailand

Thailand is one of the great development success stories. Due to smart economic policies it has become an upper middle income economy and is making progress towards meeting the Sustainable Development Goals".

 

https://www.worldbank.org/en/country/thailand/overview

I wonder how much they paid them to print that..

[NanLaew]

Just now, bob smith said:

I wonder how much they paid them to print that..

More than you'll ever know Bob.

[Freddy42OZ]

5 hours ago, TheAppletons said:

From the OP:

 

"Among the savings accounts, 1,023 had more than 500 million baht, while 98.52 million had less than 50,000 baht."

 

Wealth distribution in Thailand, in a nutshell.

 

 

 

I'm sure there are a lot of people who have less than 500 million and more than 10 million.

These stats make it look like there are just super rich Thais and super poor Thais.  Very misleading.

[Walker88]

The numbers are better than I might have expected.

 

Relative to the per capita GDP, Thais seem to be slightly more frugal than Americans (though in both nations household debt is exploding).

[NanLaew]

4 minutes ago, Freddy42OZ said:

 

I'm sure there are a lot of people who have less than 500 million and more than 10 million.

These stats make it look like there are just super rich Thais and super poor Thais.  Very misleading.

To me, the statistics indicate a huge middle class with loads of (nearly maxed out) credit.