Are there many self-made rich people in Thailand?

[drronnie]

I don't know one personally and not often have thought about it.

Becoming super rich coming from rural Thailand: looks close to impossible to me.

Generally Thailand offers lot less chances for social climbers than western societies.

I just stumbled upon one example where a person came up from relatively basic background.

Its the founder of the Global House chain of hardware stores:

http://www.forbes.com/sites/suzynam/2013/07/03/thailands-richest-newcomer-is-a-retailer-who-made-his-fortune-in-nations-poorest-area/

But even his mom&pop shop parents opened him the way to study engineering.

For the super rich, the term "rich Chinese families" is not a stereotype but fits for most on top of the list:

http://www.forbes.com/thailand-billionaires/list/#tab:overall

Their ancestor generations (emigrants from China) have built up the fortune, probably from ground up.

From "Mr. Central" (#3 on the list):

http://www.forbes.com/profile/chirathivat-family/?list=thailand-billionaires

In 1927 Tos' grandfather Tiang Chirathivat, a poor emigrant from China, set up his first shop in Bangkok, named Keng Seng Lee (baskets for sale).

The transcription of names in the Forbes list is so useless that is quite difficult to find other source with that.

#1 Mr CP, 7/11, Makro, True etc. pp.

Dhanin Chearavanont's father, Chia Ek Chor, and uncle, Chia Seow Hui, left China for Bangkok in the 1920s to begin selling seeds and agricultural chemicals

#2: Thai Beverage, Chang Beer etc.pp.

Born to a Thai family of Chinese origin, he is the sixth of 11 children of a poor street vendor who migrated to Bangkok from southern China. He left school early, at the age of nine, to work.^[2] To this day Charoen speaks Teochew, his native Chinese dialect, as well as Thai.^[2]

tbc

what astonishes me is why it is the Thai Chinese are always doing so well in business whereas the local Thais are not.

[fang37]

Could it just be that the Thai-Chinese work with their BRAINS?

[drronnie]

Could it just be that the Thai-Chinese work with their BRAINS?

Maybe but I think its more the laissez - faire attitude of the locals. Not wanting to take risks or work too hard.

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

Edited November 11, 2015 by Thai at Heart

[fang37]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

Isn't that using your brain?

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

Isn't that using your brain?

Well, some could call it sweatshop exploitation, but each to his own.

[fang37]

Just like the slaves in USA?

[TheCruncher]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

[fang37]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

BRAINS!

[TheCruncher]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

[TheCruncher]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

So thousands of POOR ( as in no money ) Chinese immigrants come to Thailand, and they ALL lend money to each other ?

Could you explain how that actually works?

[midasthailand]

There is no middle class here in Thailand, So the rich get richer by exploiting the poor. probably the same in any Country, But there is little protection in thailand for workers,

Absolute rubbish!

Most of the Thai people I know would be considered middle class!

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

So thousands of POOR ( as in no money ) Chinese immigrants come to Thailand, and they ALL lend money to each other ?

Could you explain how that actually works?

There has been Chinese merchant a d trading business all over south East Asia for many hundreds of years. Not all were penniless. Nowhere near.

[TheCruncher]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

So thousands of POOR ( as in no money ) Chinese immigrants come to Thailand, and they ALL lend money to each other ?

Could you explain how that actually works?

There has been Chinese merchant a d trading business all over south East Asia for many hundreds of years. Not all were penniless. Nowhere near.

So now we are back where we started

Why aren't there Thai merchants all over Asia? Could it be about BRAINS?

Or do you want to claim that the Chinese got their starting capital by just digging it up from the earth?

[Thai at Heart]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

So thousands of POOR ( as in no money ) Chinese immigrants come to Thailand, and they ALL lend money to each other ?

Could you explain how that actually works?

There has been Chinese merchant a d trading business all over south East Asia for many hundreds of years. Not all were penniless. Nowhere near.

So now we are back where we started

Why aren't there Thai merchants all over Asia? Could it be about BRAINS?

Or do you want to claim that the Chinese got their starting capital by just digging it up from the earth?

No. But they have very successfully kept Thailand to themselves and some have made billions. Good luck to them, but most of the largest companies sit behind restrictions to entry and thus enjoy a very advantageous state. Just look at the raising of restrictions on banking made just today.

It's much easier to make a massive business without significant competition. They have been extremely successful.

As an example though there were period when Thais weren't allowed to travel which were exempted for Chinese. Thais historically haven't been very entrepreneurial, the Chinese have always.

This said, the amount of self made Thai Chinese mega businesses in the last 20 years is rather limited because the old money still dominates govt policy.

This has to change for Thailand to move forward. I don't resent them, just acknowledge that the success of many of the businesses I Thailand that made it massive have done so behind the guise of protectionism.

[Cook my sock]

The Thai Chinese are not embarrassed to sell stuff and make money whereas Thais actually think the merchants are lower class.. Go figure.

So with this mentality Thais find it hard to sell anything, they tend to hang on to things. It's almost against Thai character to trade stuff, they get embarrassed to. Thais don't like hard work, they don't have patience and want everything to be easy. They think of trouble before it happens so won't start anything. The old have this attitude and pass down this mentality. So even if the younger generation have a different view the older family members will advise otherwise.

This comes directly from my wife who's a mix of Thai Chinese and Thai (and Mon/Portuguese )

[TheCruncher]

Could it just be that the Thai-Chinese work with their BRAINS?

They have had access to 40mn labourers at less than 10 usd a day for the last 100 years.

They were first to market and have managed to keep any competition out.

And the Thais didn't have access to the very same workers at the very same salary?

Ah, but they lacked access to capital.

And where did the poor Chinese immigrants get capital? For sure they didn't bring it with them.

Your theory is flawed sir.

Of course the Chinese never lend money to each other.

So thousands of POOR ( as in no money ) Chinese immigrants come to Thailand, and they ALL lend money to each other ?

Could you explain how that actually works?

There has been Chinese merchant a d trading business all over south East Asia for many hundreds of years. Not all were penniless. Nowhere near.

So now we are back where we started

Why aren't there Thai merchants all over Asia? Could it be about BRAINS?

Or do you want to claim that the Chinese got their starting capital by just digging it up from the earth?

No. But they have very successfully kept Thailand to themselves and some have made billions. Good luck to them, but most of the largest companies sit behind restrictions to entry and thus enjoy a very advantageous state. Just look at the raising of restrictions on banking made just today.

It's much easier to make a massive business without significant competition. They have been extremely successful.

As an example though there were period when Thais weren't allowed to travel which were exempted for Chinese. Thais historically haven't been very entrepreneurial, the Chinese have always.

This said, the amount of self made Thai Chinese mega businesses in the last 20 years is rather limited because the old money still dominates govt policy.

This has to change for Thailand to move forward. I don't resent them, just acknowledge that the success of many of the businesses I Thailand that made it massive have done so behind the guise of protectionism.

Changing the subject to but in the last 20 years, doesn't make your claims any more credible.

Thais have always had access to the same resources as the Chinese immigrants, money - cheap labour, and in fact they were even advantaged because they speak the language where the Chinese had to learn.

Now talking about protectionism. If there is one population in the world that knows everything about that, it will be the Thais don't you think?

The reason Chinese are more successful than Thais I have explained in post #56 already. Because Chinese work hard, than think about luxury, while the Thais are just the opposite.

They only want to play boss and show off their imaginary wealth, but they are simply to stupid to realise that you can't spend money you haven't earned yet.

Edited November 11, 2015 by TheCruncher

[chiang mai]

Your wife is Thai/Chinese, are you (ex) special forces?

[Cook my sock]

Your wife is Thai/Chinese, are you (ex) special forces?

Not exactly altho I'm often at the Sattahip base

[TheCruncher]

I just realised there are a few self made rich Thais recently.

There are the guys from Ufun, that bloke fro Klongchan credit union, Prah Dammakaya, and not to forget the louis vuitton monk.

Do I win a prize?

[Cook my sock]

Lol

[fred Kubasa]

6

[Muzarella]

I saw a TV interview with the owner of the biggest tea beverage company in Thailand and his family. The one giving away Mercedes cabriolets.

He started poor, and still a modest guy. Anyway..good "connections" are important in every country.....

[ravip]

There is no middle class here in Thailand, So the rich get richer by exploiting the poor. probably the same in any Country, But there is little protection in thailand for workers,

First we need to define what "middle class" is.

I see plenty of middle class people in Thailand - but this of course is how I "see" it.

[Thai at Heart]

There is no middle class here in Thailand, So the rich get richer by exploiting the poor. probably the same in any Country, But there is little protection in thailand for workers,

First we need to define what "middle class" is.

I see plenty of middle class people in Thailand - but this of course is how I "see" it.

Various measures put it at 30% of the working population. Between 20 and 50k household income per month. Mostly in Bangkok. Edited November 12, 2015 by Thai at Heart

[chiang mai]

There is no middle class here in Thailand, So the rich get richer by exploiting the poor. probably the same in any Country, But there is little protection in thailand for workers,

First we need to define what "middle class" is.

I see plenty of middle class people in Thailand - but this of course is how I "see" it.

Various measures put it at 30% of the working population. Between 20 and 50k household income per month. Mostly in Bangkok.

I would estimate much higher:

"Steady economic growth since the 1960s has helped the Thai middle class of entrepreneurs, business people , professionals and white collar workers expand and become a significant slice of the Thai population. By some measures they have grown from 15 percent of the workforce in 1960 to 34 percent in 2000. If anything the pace has picked up in recent years. In 1990, only 9 percent of Thai households had a monthly income of 15,000 baht (about $500) or more. By 2004 this figure had risen 29 percent. [source: takashi Shiraishi, Yomiuri Shimbun, April 2006]".

http://factsanddetails.com/southeast-asia/Thailand/sub5_8c/entry-3229.html

The link makes a good read.

[Thai at Heart]

There is no middle class here in Thailand, So the rich get richer by exploiting the poor. probably the same in any Country, But there is little protection in thailand for workers,

First we need to define what "middle class" is.

I see plenty of middle class people in Thailand - but this of course is how I "see" it.

Various measures put it at 30% of the working population. Between 20 and 50k household income per month. Mostly in Bangkok.

I would estimate much higher:

"Steady economic growth since the 1960s has helped the Thai middle class of entrepreneurs, business people , professionals and white collar workers expand and become a significant slice of the Thai population. By some measures they have grown from 15 percent of the workforce in 1960 to 34 percent in 2000. If anything the pace has picked up in recent years. In 1990, only 9 percent of Thai households had a monthly income of 15,000 baht (about $500) or more. By 2004 this figure had risen 29 percent. [source: takashi Shiraishi, Yomiuri Shimbun, April 2006]".

http://factsanddetails.com/southeast-asia/Thailand/sub5_8c/entry-3229.html

The link makes a good read.

I read it. It says 29% earned 15k or more. Well 20 to 50k might be an overestimation.

Still, it's relatively small. Go find the stats for the percentage with the top 20% of wealth. It is in the hands of a handful of families.

1000 quid a month to run a house and fund car loans etc is still very low by Western standards.

Edited November 12, 2015 by Thai at Heart

[ravip]

I read it. It says 29% earned 15k or more. Well 20 to 50k might be an overestimation.

Still, it's relatively small. Go find the stats for the percentage with the top 20% of wealth. It is in the hands of a handful of families.

1000 quid a month to run a house and fund car loans etc is still very low by Western standards.

I am not sure if it is correct to asses the living standards of one country from another.

What one can do with 1K quid in TH is different to what could be done with that in the West, I guess.