OPINION: How rich is “rich”?

[webfact]

 

Billionaires living in luxurious penthouses, driving supercars, carrying designer bags, sipping cocktails on a yacht and people throwing dollar bills up in the air, these are some of the common perceptions of “rich people”.

 

The definition of “rich” is, however, getting more challenging for Thais, especially if they earn 25,000 baht a month (circa US$690) or more.

 

Who do you mean by “rich people”?

 

The definition of rich is being hotly debated on Thai social media recently, after a government sub-committee, overseeing the digital wallet scheme, began its consideration of how to exclude “rich” people from receiving the 10,000 baht from the government under the digital wallet scheme.

 

An option is to exclude those who earn a minimum monthly salary of 25,000 baht or who have a combined 100,000 baht or more in savings. Another choice is to exclude those who receive a monthly salary of 50,000 baht or who have a combined 500,000 baht or more in savings. The committee also considered whether only state welfare card holders should be eligible for the scheme.

 

That said, Thais took to social media to express their disbelief over the government’s definition of “rich”, posting jokes saying how they have suddenly become wealthy on 25,000 baht a month.

 

By Nad Bunnag, Thai PBS World

 

Full story: Thai PBS 2023-11-04

 

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[ezzra]

The ' rich'  definition is different from country to country, life style to life style, and without going into the smallest nuances what they means, for most, 'rich' is a life style where you don't worry about where you food and living cost will from tomorrow and that you have enough to occasionally indulge in the pleasures of life without hurting the bank balance too much...

[NanLaew]

If you need to ask.

[observer90210]

Rich could sometimes be a sense of carelessness and lightness on what's spent today and no concern on what could happen tomorrow.

 

For some it could be how to get rich and for others,  how to remain rich.

 

Rich could also mean are you rich and happy and then it's great and the best thing that could happen.

 

But if  rich (by our standards)  and unhappy, then it's a shame as one is not really rich, no matter the size of the wallet !!

Edited November 4, 2023 by observer90210

[retarius]

I think having $1 million (35 million baht in liquid savings) coulds be called well-off, but certainly not rich. 

I think rich is having maybe more than 200 million baht in assets, with more than 100 million in liquid assets.

[Ben Zioner]

56 minutes ago, webfact said:

An option is to exclude those who earn a minimum monthly salary of 25,000 baht or who have a combined 100,000 baht or more in savings. Another choice is to exclude those who receive a monthly salary of 50,000 baht or who have a combined 500,000 baht or more in savings. The committee also considered whether only state welfare card holders should be eligible for the scheme.

Totally preposterous. The rich are the 1% who own 58% of the wealth of the country, those the RD should target through a hefty wealth tax, in order to finance a proper family allowance system.

[KhunLA]

More mental than financial.  One AN member refers to me as rich quite often, which I counter ... NOT.

 

Just comfy, as 'rich' to me is a whole other level of financial 'freedom', for lack of a better word.  Comfy is having just more than enough, and if having a wee bit more than that, really not sure what I'd spend it on, without being frivolous.  Probably give most to my daughter, who really doesn't need it, but would appreciate it.

 

Now, rich, that's Powerball winning thoughts, and ability to do anything, anytime, without thought.  I'd probably be nomadic, fly around, worldwide, and see all the things I could imagine, spending silly money, to make it as easy and trouble free as possible.  Private plane, live out of best hotel, chopper to sites where possible. Private tours of museums.  Silly A$$ frivolous stuff, and with some of the Powerball winning #s, still give millions away, to good causes.

 

Now, I'm too lazy and or thrifty to hop on a plane to go to the Louvre in Paris, for a long weekend, or week, as simply dread sitting on a plane that long, even in 1st Class, or the thought of what else I'd do with what a week in Paris or anywhere would cost.  That or hop over to Alaska, check out aurora borealis, but in the end, I'd think, that was waste of money, as I could have bought ???  Probably the first 2 things I'd do if hitting the Powerball.  I like a good museum or nature.

 

Not much I think I'd actually appreciate, if having to spend 'so much' money to do or see.  Too thrifty or CC I guess.  I get more enjoyment having lunch or dinner with the daughter or taking the dog for a walk surfside.  With that thought .... out of here.

[spidermike007]

In Thailand I would estimate that it is anybody with 50 million Baht or more in liquid assets. 

 

It's a whole different definition in the West, where things are infinitely more expensive. 

[Chris Daley]

To own a house, have enough for all bills, rent a woman and still have more left than you can spend.

[daveAustin]

$10M+

[Klonko]

Chartering planes instead of buying first class tickets.

[Bobthegimp]

31 minutes ago, Chris Daley said:

rent a woman

Plenty of rich guys on this board by that definition.  What if you're a homo?  Wasn't there some rich guy in the US who was attacked with a hammer by his rented boy?  Seems like quite the headache to me. 

[Lemsta69]

39 minutes ago, Chris Daley said:

To own a house, have enough for all bills, rent a woman and still have more left than you can spend.

 

No that's not rich, that's normal.

[connda]

Rich is a relative term. 

Now I don't consider billionaires to be rich.  I call that obscenely wealthy. 

[Srikcir]

Regarding the Long Term Resident visa, the "Wealthy Pensioner" is defined as having a minimum annual income of $80,000 or about 212,000 baht per month.

[hotchilli]

4 hours ago, webfact said:

The definition of “rich” is, however

Rich is being able to what you want without thinking about it..

More than that is just pure greed.

[Bobthegimp]

9 minutes ago, hotchilli said:

Rich is being able to what you want without thinking about it..

More than that is just pure greed.

 

So if I want to stay in my 2k/month room, eat noodles and pull my wire all day I'm rich on 10k.   Guess I better wash up before Robin Leach comes over to do a piece on me.

[hotchilli]

1 minute ago, Bobthegimp said:

 

So if I want to stay in my 2k/month room, eat noodles and pull my wire all day I'm rich on 10k.   Guess I better wash up before Robin Leach comes over to do a piece on me.

If it's enough for you to do what you want, then it's enough.

[KanchanaburiGuy]

Had a Canadian friend who has since died. When I met him 11 years ago, he had already been in Thailand for 10 years.

 

He said he had asked quite a few regular Thai people how much a person had to have to be  considered "rich" in Thailand. He said the answer was almost always about the same:

 

5 million baht.

 

Doesn't seem like a whole lot to my Western eyes. But when you've got millions and millions of people getting by on less than 10,000 baht a month......... 5 million baht probably seems unimaginable!

 

So I'll stick with 5 million as a workable number for describing "rich" from the average Thai person's point of view.

[Iamloki]

9 hours ago, observer90210 said:

Rich could sometimes be a sense of carelessness and lightness on what's spent today and no concern on what could happen tomorrow.

That could also describe an intoxicated person suffering delusions of grandeur...

[save the frogs]

I met a Thai woman who tossed around the "10 million baht" figure. That's what she thought she needed to be content.

Hope she found someone to provide that lifestyle for her.

 

Edited November 4, 2023 by save the frogs

[xtrnuno41]

Thailand 25-50 kbaht/month, NO not rich.

Officers in that range of income (about 50 kbaht) , are expected to pay some bills for government of their own money !

They are already robbed, as rarely they get paid overtime. They work for free for government !

They forget all those people also take care of whole family, mom , dad and others.

That is already one point.

Saving account of 500 kbaht? It could have taken years, a lifetime to get there finally!

Also ridiculous rule.

 

A government, who is not taking care of their people in corona time and i read about farangs, feeding the Thai !

While Thai rice exports just continue, making money for government.🤢

I think, exclude people with 2 cars or more, also people with just new bought car in a specific buying range.

Or/and depending on bought houses. Then you have a more fair picture of rich.

[Middle Aged Grouch]

8 minutes ago, xtrnuno41 said:

Thailand 25-50 kbaht/month, NO not rich.

Officers in that range of income (about 50 kbaht) , are expected to pay some bills for government of their own money !

They are already robbed, as rarely they get paid overtime. They work for free for government !

They forget all those people also take care of whole family, mom , dad and others.

That is already one point.

Saving account of 500 kbaht? It could have taken years, a lifetime to get there finally!

Also ridiculous rule.

 

A government, who is not taking care of their people in corona time and i read about farangs, feeding the Thai !

While Thai rice exports just continue, making money for government.🤢

I think, exclude people with 2 cars or more, also people with just new bought car in a specific buying range.

Or/and depending on bought houses. Then you have a more fair picture of rich.

then how came many of those fellows wearing uniform have huge houses, top notch german made cars ? i wonder...

[Middle Aged Grouch]

Rich is not being jealous of your neighbour's, car, GF or good looks.

[Puccini]

I like this definition of a rich man:

 

"A rich man is a man whose wife spends less than he earns"

[xtrnuno41]

38 minutes ago, Middle Aged Grouch said:

then how came many of those fellows wearing uniform have huge houses, top notch german made cars ? i wonder...

You forget to see the range of income I specified and then single.

I havent seen officers driving a Mercedes 300SL or likewise. Maybe BK?, but i hate to go there.

And as i said , do wallet mostly by car owing.

 

[nobodysfriend]

22 hours ago, webfact said:

The definition of “rich” is, however, getting more challenging

 

Somebody who has everything he or she really needs should be considered rich enough . ( to live a happy life . )

Everything more than this is a kind of luxury that should be taxed away for the benefit of a healthy sustainable society .

Tired to hear about the excesses of billionaires who already own so much more than they ever can spend . If that excess money would be used to solve all the environmental ( too late already ...? ) and societal problems , the world would be a happier place .

Capitalism ok , but reduced to a sustainable level .

[Sandboxer]

Living like a billionaire with a low-digit millionaire budget is the way to go.

[Lacessit]

Rich is when one has more money than they can spend in their lifetime.

Rich is when one can do whatever they like or want, without looking at the price tag.

[herfiehandbag]

Rich: synonymous with Farang, isn't it?