POLL: How do you stack up in the global inequality game? Surprising!

[Jingthing]

You may be (probably are actually) in a higher percentage wealth bracket globally than you think.

Or maybe not ... sorry!

For the entertainment purposes of this poll, I WOULD include liquid assets (minus debts) and I also would include value of investment accounts/retirement accounts that are liquid or at least somewhat liquid (perhaps withdrawal penalties apply).

I would not include value of illiquid assets like real estate.

http://www.economist.com/blogs/graphicdetail/2014/10/daily-chart-8?fsrc=rss

Wealth is so unevenly distributed, that you need just $3,650 (less debts) to count yourself among the richest half of the world’s population. A mere $77,000 brings you among the wealthiest 10%. And just $798,000 puts you into the ranks of the 1%—within the reach of many white-collar urban professionals in the West. Hence, more than 35m people carry such a plump purse. Among the three billion adults at the bottom with less than $10,000 in wealth, 90% reside in developing countries. Yet 15% of millionaires live in developing countries too.

So to break this down,

if you chose

At least or over 3650 U.S. dollars (120K baht) but under 77K U.S. dollars (2.5 million baht)

then you are in the top FIFTY PERCENT of wealth of people on the planet!

if you chose

At least or over 77K U.S. dollars (2.5 million baht) but under 798K U.S. dollars (26 million baht)

then you are in the top TEN PERCENT of wealth of people on the planet!

if you chose

At least or over 798K U.S. dollars (26 million baht)

then you are in the top ONE PERCENT of wealth of people on the planet! (Hi there, Richie Rich! )

Edited October 15, 2014 by Jingthing

[transam]

Non of your or anyones business.......bugger off...........

[Jingthing]

Non of your or anyones business.......bugger off...........

Thanks for reminding me why I simply love to do polls!

[SheungWan]

It would be silly not to include the value of real estate assets generating income from rent.

You might be better off restating your question in income terms.

[Jingthing]

It would be silly not to include the value of real estate assets generating income from rent.

You might be better off restating your question in income terms.

No I will not do that. The point is about WEALTH and it is not about INCOME.

If you want to do your own poll about INCOME which relates to an article about INCOME, then go ahead.

Wealth is NOT the same thing as income.

Now I agree I have taken liberty in suggesting that people not include the value of their illiquid assets in this FOR ENTERTAINMENT PURPOSES ONLY poll.

It wasn't specified in the referred article, liquid vs. illiquid, so I had to make a choice.

Not referring to income at all was entirely intentional and I think entirely correct in reference to the article.

You know, sir, not every topic and not every poll needs to be about EVERYTHING and this topic/poll is not about INCOME.

Cheers.

Edited October 15, 2014 by Jingthing

[Jingthing]

The 3 votes claiming membership in the global one percent, are you taking the piss?

[Naam]

The 3 votes claiming membership in the global one percent, are you taking the piss?

that only braggarts claim to have a net worth exceeding $798k goes without saying. there are even some who claim that their annual income is nearly 50% of the afore mentioned amount.

stupid people who think anyone would believe their lies

[Senechal]

Now think about this: Any farangs who buy a condominium in Bangkok must pay cash. Considering that the average Bangkok condo price is *well* above $77k USD then one can conclude that the average farang purchasing a condo in Bangkok is therefore in the top 10% of the global population (and likely much higher).

Chew on that for a bit ...

[AngelsLariat]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Remember that that "one percent" is of all people regardless of age and that Thailand is home to a diverse groups of expats ranging from young English teachers to old people retired from a corporate career. I wouldn't think that it would be that unusual for people in the latter group to have a $800K net worth.

[Jingthing]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Remember that that "one percent" is of all people regardless of age and that Thailand is home to a diverse groups of expats ranging from young English teachers to old people retired from a corporate career. I wouldn't think that it would be that unusual for people in the latter group to have a $800K net worth.

Maybe not super rare, but there is no way the results in this little entertainment poll reflect any actual reality on the ground here. You can take that to the bank.

[AngelsLariat]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Remember that that "one percent" is of all people regardless of age and that Thailand is home to a diverse groups of expats ranging from young English teachers to old people retired from a corporate career. I wouldn't think that it would be that unusual for people in the latter group to have a $800K net worth.

Maybe not super rare, but there is no way the results in this little entertainment poll reflect any actual reality on the ground here. You can take that to the bank.

I agree that your poll means nothing, but by putting it in the business section you may also be getting skewed results because a disproportionate number of responses are coming from people who are more interesting in investing than in debating which greasy spoon has the best hamburgers. By the old milk-maid's rule of 4% per year being the safe annual withdrawal rate in retirement, a $800K nest-egg would only allow $32K per year of spending. That might not be bad for in Thailand but it's scarcely in rock star territory.

Edited October 16, 2014 by AngelsLariat

[ldnguy]

The 3 votes claiming membership in the global one percent, are you taking the piss?

that only braggarts claim to have a net worth exceeding $798k goes without saying. there are even some who claim that their annual income is nearly 50% of the afore mentioned amount.

stupid people who think anyone would believe their lies

Perhaps you don't like the fact that others are more successful than you are. So just dismiss them and then you can pretend that you're a success. In reality it's not that much money. It's the cost of an average property in cities like London and New York. Tens of millions of people own such properties around the world. It's not surprising that some of them may be in Thailand.

[Jingthing]

No.

The current results show almost 40 percent of people on this forum are close to dollar millionaires.

If you believe that actually reflects the true demographics of the readers of thaivisa.com would you like to buy the Brooklyn bridge from me?

According to the linked article, the top one percent (about 800K USD in wealth actually, not a million) compromise only about one percent of the people on this planet.

So to believe the results here as accurate, you'd have to believe Thaivisa.com readers are almost FORTY TIMES richer than average.

Sure thing.

[Loptr]

The 3 votes claiming membership in the global one percent, are you taking the piss?

that only braggarts claim to have a net worth exceeding $798k goes without saying. there are even some who claim that their annual income is nearly 50% of the afore mentioned amount.

stupid people who think anyone would believe their lies

Perhaps you don't like the fact that others are more successful than you are. So just dismiss them and then you can pretend that you're a success. In reality it's not that much money. It's the cost of an average property in cities like London and New York. Tens of millions of people own such properties around the world. It's not surprising that some of them may be in Thailand.

You're new here, aren't you...

[Loptr]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Not everyone is skint and lives on the bones of their arse...

[Jingthing]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Not everyone is skint and lives on the bones of their arse...

Whatever, dude.

There is no way that the rate of "one percenters" reading thaivisa.com is 40 times the global average.

I could see that on a forum for Russian expats in London or a place like that.

But not here.

Get real.

[manarak]

It would be silly not to include the value of real estate assets generating income from rent.

You might be better off restating your question in income terms.

No I will not do that. The point is about WEALTH and it is not about INCOME.

If you want to do your own poll about INCOME which relates to an article about INCOME, then go ahead.

Wealth is NOT the same thing as income.

Now I agree I have taken liberty in suggesting that people not include the value of their illiquid assets in this FOR ENTERTAINMENT PURPOSES ONLY poll.

It wasn't specified in the referred article, liquid vs. illiquid, so I had to make a choice.

Not referring to income at all was entirely intentional and I think entirely correct in reference to the article.

You know, sir, not every topic and not every poll needs to be about EVERYTHING and this topic/poll is not about INCOME.

Cheers.

besides measuring member's financial lengths, I would like to throw some thoughts at the "inequality" aspect of your poll, JT.

inequality sounds like a bad thing - but how much of that inequality is justified and how much of it is desirable?

food for thought.

equalitarism is one of the worst poisons I know for society.

[AngelsLariat]

The 3 votes claiming membership in the global one percent, are you taking the piss?

Not everyone is skint and lives on the bones of their arse...

Whatever, dude.

There is no way that the rate of "one percenters" reading thaivisa.com is 40 times the global average.

I could see that on a forum for Russian expats in London or a place like that.

But not here.

Get real.

Point the finger at the guy who designed the survey. You put a simplistic survey on a minor internet forum that focuses on business & money and only 15 people answered. Why then would you expect those results to be representative of public-at-large?

Edited October 16, 2014 by AngelsLariat

[Jingthing]

I never did expect that it would. Where did you get that silly idea?

BTW, thanks to the broke arsed poster who said he was IN DEBT, unless he's taking the piss too!

Edited October 16, 2014 by Jingthing

[Jingthing]

besides measuring member's financial lengths, I would like to throw some thoughts at the "inequality" aspect of your poll, JT.

inequality sounds like a bad thing - but how much of that inequality is justified and how much of it is desirable?

food for thought.

equalitarism is one of the worst poisons I know for society.

Seriously? Aren't there enough spaces in the world for Ayn Rand groupies?

[ldnguy]

No.

The current results show almost 40 percent of people on this forum are close to dollar millionaires.

If you believe that actually reflects the true demographics of the readers of thaivisa.com would you like to buy the Brooklyn bridge from me?

According to the linked article, the top one percent (about 800K USD in wealth actually, not a million) compromise only about one percent of the people on this planet.

So to believe the results here as accurate, you'd have to believe Thaivisa.com readers are almost FORTY TIMES richer than average.

Sure thing.

I agree that the percentage on your poll is almost certainly too high. Yes, it's 1% of the world, but USA is the world's richest country, with other farang countries high up a s well. It would be interesting to know what percentage of the US population is in the top 1% of the world. Also, bear in mind that mostly the well-off come to live in Thailand. The poor mostly stay at home. So generally you have the more wealth from the wealthiest countries coming here. So you'd expect much, much more than 1% of expats to have a new worth of $800,000 or more. I know large amounts of people in this category if you also include real estate wealth.

But some people are probably voting on what they would like to have. Or maybe they are thinking 800,000 baht. Or maybe they are lying. But there are lots of expats with that amount of wealth. Just look at he houses some expats buy with cash. Well above that figure.

But how are the poorer ones managing to stay here. They can't get a visa with funds that low.

[ldnguy]

Also, the expats that settle here tend to be older so will have had a lifetime to save and will also have paid off their mortgages. So the expats here shoudl tend to be towards the high end of the figures for a variety of reasons. Also, maybe the poorer TV members don't want to answer because it makes the feel inadequate. I now some expats that love to lord it up because they have more money that some poor Thai bargirls. But they don't like when they're up against more wealthy farangs. That can really show them up for the cheap charlies they really are.

Any farang that bought a house and paid off the mortgage before retiring here should be pretty well off.

Edited October 16, 2014 by ldnguy

[fletchsmile]

The 3 votes claiming membership in the global one percent, are you taking the piss? alt=coffee1.gif width=32 height=24>

Remember that that "one percent" is of all people regardless of age and that Thailand is home to a diverse groups of expats ranging from young English teachers to old people retired from a corporate career. I wouldn't think that it would be that unusual for people in the latter group to have a $800K net worth.

Maybe not super rare, but there is no way the results in this little entertainment poll reflect any actual reality on the ground here. You can take that to the bank.

No.

The current results show almost 40 percent of people on this forum are close to dollar millionaires.

If you believe that actually reflects the true demographics of the readers of thaivisa.com would you like to buy the Brooklyn bridge from me?

According to the linked article, the top one percent (about 800K USD in wealth actually, not a million) compromise only about one percent of the people on this planet.

So to believe the results here as accurate, you'd have to believe Thaivisa.com readers are almost FORTY TIMES richer than average.

Sure thing. alt=rolleyes.gif>

Oh I don't know. The results look pretty accurate to me. No surprises so far.

Do they reflect reality? Yes. I reckon they reflect the reality of most people who voted.

Are they representative of global equality and people in Thailand? No.

40% sounds way overstated unless you bear in mind only 7 people have voted for that option

I'm not normally one to comment on the size of other people's "assets" or "members".

For anyone that follows TV though it's pretty easy to guess who is who

BTW I can understand your disappointment . When I voted, only 4 people had done so. 2 were null votes, so I managed to work out which one was you and which one was me.

Don't worry. Size isn't everything (allegedly)

Cheers for the poll (again) tho'...

Fletch

Edited October 16, 2014 by fletchsmile

[SheungWan]

It would be silly not to include the value of real estate assets generating income from rent.

You might be better off restating your question in income terms.

No I will not do that. The point is about WEALTH and it is not about INCOME.

If you want to do your own poll about INCOME which relates to an article about INCOME, then go ahead.

Wealth is NOT the same thing as income.

Now I agree I have taken liberty in suggesting that people not include the value of their illiquid assets in this FOR ENTERTAINMENT PURPOSES ONLY poll.

It wasn't specified in the referred article, liquid vs. illiquid, so I had to make a choice.

Not referring to income at all was entirely intentional and I think entirely correct in reference to the article.

You know, sir, not every topic and not every poll needs to be about EVERYTHING and this topic/poll is not about INCOME.

Cheers.

That'a nonsense to suggest that income does not represent wealth. One can be asset rich (eg stocks generating little income) which does not necessarily equate to a sense of wealth as compared to someone with income generating property who considers themselves quite wealthy indeed, so in reality the flawed setup of the questionnaire is bound to generate distorted results. And as for questioning the data entry if you know the results in advance why bother?

[Jingthing]

You are welcome to do your own poll about income and I welcome you to read the article in the OP which is not about income. The poll is for entertainment purposes only, as stated in the OP. Obviously the main point which should be clear to anyone who had read the OP and linked article is for readers to compare their cash holdings level against global statistics and if lucky, will probably find they're at least in the top half, and possibly better.

As the linked article, which I keep mentioning because that is REALLY what this thread is about, suggests many people will be surprised that if they have 3650 dollars in cash that puts them in the TOP HALF of people on the planet.

Of course it doesn't mean people with 3650 are rich! On the contrary, it shows that most people are not nearly rich!

You can diss the structure of the poll 1000 times but the setup of this poll was obviously and intentionally DIRECTLY modeled on the linked article. That was it's limited intention and in that sense I don't see how it is particularly flawed. If you're suggesting the goals of the poll were grander than that, then your assumption is completely wrong. The intention was only to MIRROR the linked article.

I have never represented any poll on this forum as anything like a scientific poll or that the results are to be taken seriously.

They are always for entertainment purposes.

This one even more so than usual, because it's impossible that such a high percentage of Thaivisa readers are ACTUALLY near dollar millionaires in liquid cash and investment holdings.

While of course dollar millionaires are not particularly rare these days, the "results" shown here are simply ridiculous.

Edited October 16, 2014 by Jingthing

[el jefe]

You are welcome to do your own poll about income and I welcome you to read the article in the OP which is not about income. The poll is for entertainment purposes only, as stated in the OP. Obviously the main point which should be clear to anyone who had read the OP and linked article is for readers to compare their cash holdings level against global statistics and if lucky, will probably find they're at least in the top half, and possibly better.

As the linked article, which I keep mentioning because that is REALLY what this thread is about, suggests many people will be surprised that if they have 3650 dollars in cash that puts them in the TOP HALF of people on the planet.

Of course it doesn't mean people with 3650 are rich! On the contrary, it shows that most people are not nearly rich!

You can diss the structure of the poll 1000 times but the setup of this poll was obviously and intentionally DIRECTLY modeled on the linked article. That was it's limited intention and in that sense I don't see how it is particularly flawed. If you're suggesting the goals of the poll were grander than that, then your assumption is completely wrong. The intention was only to MIRROR the linked article.

I have never represented any poll on this forum as anything like a scientific poll or that the results are to be taken seriously.

They are always for entertainment purposes.

This one even more so than usual, because it's impossible that such a high percentage of Thaivisa readers are ACTUALLY near dollar millionaires in liquid cash and investment holdings.

While of course dollar millionaires are not particularly rare these days, the "results" shown here are simply ridiculous.

what's simply ridiculous is that you designed a poll where the results will obviously be skewed towards one end. Then after a very small sample size replied, you get so upset when the results don't match your expectations.

While it's doubtful that 47% of all TV readers fall into the top 1%, it's quite possible that readers who post on this specific forum do. I assume you realize that just about anyone who falls in the bottom 50% wouldn't be reading an English language forum about business and banking for expats in Thailand!

Yes, I know, this is for entertainment purposes. You're supplying lots of it. Looking forward to your next rant reply.

[Jingthing]

The poll wealth levels (not income) are modeled on the exact levels from the linked article. I am not "upset" at all about the results. They obviously do not in any way reflect the complete Thaivisa.com user base as this isn't anything like a SCIENTIFIC poll that is implemented with the intention of having a small sample represent a much larger group. It is simply impossible that about HALF (current results) of the entire thaivisa.com user base are at the TOP ONE PERCENT of global wealth levels. If I had to guess about that, which is kind of an interesting question, I would guess the actual TOP ONE PERCENT of the entire Thaivisa.com user base is probably just about that ... ONE PERCENT, or at most TWO PERCENT.

Now this website seems to be a good business for it's owner(s). However, just imagine what a much greater business it would be if it were really true that half of these many thousands of users were ACTUALLY in the top one percent of global wealth. Imagine the potential ad revenue from that! It would be one of the most attractive venues for advertisers of products for wealthy people in the world.

While I'm happy if I've provided free entertainment value to some with my responses here, the INTENDED entertainment value was for people with wealth levels (following the linked article) that to most people seem pretty darned low (3650 and 77000 USD) to discover that they are "richer" than they probably thought at least relative to the global population.

Actually those amounts ARE pretty darned low ... oh well!

Cheers.

Edited October 16, 2014 by Jingthing

[AngelsLariat]

The poll wealth levels (not income) are modeled on the exact levels from the linked article. I am not "upset" at all about the results. They obviously do not in any way reflect the complete Thaivisa.com user base as this isn't anything like a SCIENTIFIC poll that is implemented with the intention of having a small sample represent a much larger group. It is simply impossible that about HALF (current results) of the entire thaivisa.com user base are at the TOP ONE PERCENT of global wealth levels. If I had to guess about that, which is kind of an interesting question, I would guess the actual TOP ONE PERCENT of the entire Thaivisa.com user base is probably just about that ... ONE PERCENT, or at most TWO PERCENT.

Now this website seems to be a good business for it's owner(s). However, just imagine what a much greater business it would be if it were really true that half of these many thousands of users were ACTUALLY in the top one percent of global wealth. Imagine the potential ad revenue from that! It would be one of the most attractive venues for advertisers of products for wealthy people in the world.

While I'm happy if I've provided free entertainment value to some with my responses here, the INTENDED entertainment value was for people with wealth levels (following the linked article) that to most people seem pretty darned low (3650 and 77000 USD) to discover that they are "richer" than they probably thought at least relative to the global population.

Actually those amounts ARE pretty darned low ... oh well!

Cheers.

Look over what you have written when you're not drinking. Of course "It is simply impossible that about HALF (current results) of the entire thaivisa.com user base are at the TOP ONE PERCENT of global wealth levels". Only 19 people have replied. Those 19 people could very well be telling the truth but since there are so few respondents and they are not randomly selected people there is no reason to think that they are representative of "the entire thaivisa.com user base".

Edited October 16, 2014 by AngelsLariat

[cloudhopper]

Anyone who bothered reading the Credit Suisse article this poll was based on would understand that household wealth as defined in their study included the net value of homes.

[Jingthing]

Anyone who bothered reading the Credit Suisse article this poll was based on would understand that household wealth as defined in their study included the net value of homes.

Fine, add that if you wish.

It's for entertainment purposes anyway.

You do realize you can CHANGE your vote on these forum polls?

I am fine with doing it that way.

But again, that is not about INCOME.

This is just for people to see how they compare to global levels.

Not a scientific poll.

Cheers.

Edited October 16, 2014 by Jingthing