Richest 1 percent of Thais own 58 percent of country’s wealth

[webfact]

Richest 1 percent of Thais own 58 percent of country’s wealth

By Coconuts Bangkok 

 

Photo: seua_yai/Flickr

 

BANGKOK: -- Credit Suisse’s Global Wealth Report 2016 has just broken down which countries in the world have the most unequal distribution of wealth.

 

According to their research, the survey said that  Russia is the country with the most unequal wealth distribution. The report states that almost three quarters of the country’s riches are held by just one percent of citizens.

 

India and Thailand are on par with each other. In both countries, the top one percent hold almost 60 percent of riches. In Indonesia and Brazil, the top one percent control half of the national wealth, reported The Independent.

 

Full story: http://bangkok.coconuts.co/2016/11/29/richest-1-percent-thais-own-58-percent-countrys-wealth

 

-- © Copyright Coconuts Bangkok 2016-11-30

[Raymonddiaz]

They are called HI SO in Thailand. They can what ever They want to do ?.

 

[Thechook]

58% at the moment but still working on the other 42%.  A few defamation suits should speed things up.

[edwinchester]

.....and it's that 1% preaching to the vast majority to be happy with and follow the self sufficiency model and to be happy with their meagre income and place on the bottom rung.

[bra]

Someone (?) once said that if you divided the world's total wealth into equal proportions for everyone on earth, inside  of 10 years the proportions of ownership would be much the same as seen now in Thailand, Russia etc. The rich will get richer due to business acumen and/or corruption, and the poor will get poorer due to bad investments and lack of proper governance.

[AlphMichaels]

Wake up.  This is how things are around the world.  

[Prbkk]

Let them eat cake ( so long as it's purchased from 7/11).

[lgking]

[yellowboat]

2 hours ago, Raymonddiaz said:

They are called HI SO in Thailand. They can what ever They want to do ?.

 

while they remain completely anonymous. 

[yellowboat]

28 minutes ago, Prbkk said:

Let them eat cake ( so long as it's purchased from 7/11).

That was the first thing that came to mind.  The next was do they own 50% of Thailand or was it just given to them ?  And how is the present government helping the over privileged maintain or increase their wealth ?

[bitcoinforever]

revolution is right around the corner Thailand is in the top 3 with Russian and India good luck when the masses realize, seems to be the world wide trend. massive protest in Korea over corruption people are tired and angry. korea says 250,000 a day third party monitors say 1.2 - 1.5 million  marching everyday . guys can not continue like everything is ok , people are ready to pull out the guillotines, will not be pretty

[rkidlad]

Oh, I'd think it's higher than 58%. There's a lot of money in Thailand and it sure ain't going to the masses.

 

Just like in the West we seem to hold our vulgarly wealthy in high reverence. We put them on the front cover of magazines and label them as geniuses. Meanwhile, people like Steve Jobs were making billions off the backs of Chinese children. 

 

You'll be hard pressed to find someone who's extremely wealthy who isn't crooked. The richer you are the more socially acceptable it is to be caught with you hand in the till. Like you're some cheeky kid stealing a cookie. The poorer you are the more you must be made an example of if caught stealing. It's actually genius how the rich have conditioned so many to believe that they can do no wrong, and then make the poor blame each other, or 'immigrants'. If only they would use that genius for better things. 

 

So, before anyone accuses me of being jealous or bitter, ask yourself: "does anyone actually need that much money?" Simple answer; absolutely not. Whether you've made it honestly or not, you do not need that much money. Not when there are people starving to death or dying of diarrhea. Humans define themselves as the most intelligent animals. Define intelligence? 

[seahorse]

9 minutes ago, rkidlad said:

Oh, I'd think it's higher than 58%. There's a lot of money in Thailand and it sure ain't going to the masses.

 

Just like in the West we seem to hold our vulgarly wealthy in high reverence. We put them on the front cover of magazines and label them as geniuses. Meanwhile, people like Steve Jobs were making billions off the backs of Chinese children. 

 

You'll be hard pressed to find someone who's extremely wealthy who isn't crooked. The richer you are the more socially acceptable it is to be caught with you hand in the till. Like you're some cheeky kid stealing a cookie. The poorer you are the more you must be made an example of if caught stealing. It's actually genius how the rich have conditioned so many to believe that they can do no wrong, and then make the poor blame each other, or 'immigrants'. If only they would use that genius for better things. 

 

So, before anyone accuses me of being jealous or bitter, ask yourself: "does anyone actually need that much money?" Simple answer; absolutely not. Whether you've made it honestly or not, you do not need that much money. Not when there are people starving to death or dying of diarrhea. Humans define themselves as the most intelligent animals. Define intelligence? 

Some people aren't very nice. It's as simple as that.

The human race has survived by co-operation rather than intelligence, so it is in our best interests to work together, but unfortunately, some people don't see it that way. They are selfish and lack concern for others. These are the people who tend to gravitate to "the top" because they have no compunction about stepping over other people to get their own way.

These people include psychopaths and narcissists.

Psychopaths make up 1% of the population and they totally lack empathy. They simply don't care about other people and only care about themselves. Hare suggests that the condition is congenital.

Narcissists who are basically selfish people who have low empathy. This is more as a result of conditioning. This latest generation with few brothers and sisters and more attention from parents along with the fad for self-promotion via social media is the most narcissistic ever. Latest estimates for Narcissistic Personality Disorder are 6% and rising.

Society needs to recognise that these people are the enemy and deal with them appropriately.

[Krataiboy]

So much for the trickle-down effect. Capitalism, as Marx concluded, is a self-defeating system - a fact which is becoming increasingly evident to millions of "ordinary people" in the developed world who can see where globalism is leading and don't want to go there.

 

With the world on the brink of a new global financial crisis forecast to make the 2008 credit crunch look puny by comparison, there is an urgent need to find a fairer way of distributing the wealth earned by many but pocketed by a few.

 

The first step must be to prise power out of the hands of the money masters - the central banks, giant financial institutions and multinational corporations who manage the money supply and turn politicians into puppets.

 

The Brexit referendum result, the rejection of Wall Street proxy Hillary Clinton for the US Presidency and the rise of nationalist leaders in Europe are promising signs that the 21st-Century peasantry  is in revolt against the creeping slavery of the globalist agenda.

 

It is not enough to know what we don't want. We need to envision an alternative system able to meet the challenge of a fast-changing hi-tech world (80 per cent of human jobs are expected to be taken over by robots and computers in the next half century) and use the democratic processes won by our forebears to forge a better, fairer society.

[Jimbo2014]

Im sure that number has been rounded up.  More likely the top 0.1% or less own more than 50%.  Global issue - going to explode soon.  Once people stop electing billionaires to govern them :D

[madmitch]

Only in third place? Come on hi-sos, you can do better than that! 

[ezzra]

There's nothing wrong with being rich as long as it was obtained through hard work

perseverance and honesty... all the other means people got rich should be condemned....

[Suradit69]

4 hours ago, Raymonddiaz said:

They can what ever They want to do

 

As opposed to the super rich in every other country on earth who pretty much "can ___ whatever they want to do."

 

Amazing how people who come to Thailand suddenly have their eyes open to the reality of life, but then ruin the moment of revelation by assuming that reality only exists in Thailand. 

[ratcatcher]

Nothing to do with Thailand, but still relevant.

https://www.theguardian.com/uk-news/2014/may/15/britains-richest-1-percent-own-same-as-bottom-55-population

[Mickmouse1]

Need a French Style Revolt.

If there are no poor then we the Rich can not exist!!!!?

[VillageIdiot]

1 hour ago, bra said:

Someone (?) once said that if you divided the world's total wealth into equal proportions for everyone on earth, inside  of 10 years the proportions of ownership would be much the same as seen now in Thailand, Russia etc. The rich will get richer due to business acumen and/or corruption, and the poor will get poorer due to bad investments and lack of proper governance.

Hey, you forgot to mention that the poor get poorer due to lack of brain power as well as other factors.

I'm thinking of writing an autobiography that will cover that subject extensively.

[Micbozy]

And where most of the foreigners contribute more taxes than the local Thais do I guess the percentage would be much higher if they include us the here-for-good-expats in the equation

[ratcatcher]

3 minutes ago, ezzra said:

There's nothing wrong with being rich as long as it was obtained through hard work

perseverance and honesty... all the other means people got rich should be condemned....

There's nothing wrong with being rich as long as it was obtained through hard work"

You may condemn those who are rich by other means, but the fact is that a vast amount of the wealth that is being discussed is inherited wealth from past generations who may have worked hard to become rich. Today's entrepreneurs, the "nouveau riche" are looked down upon by the Thai amart, the establishment rich. Perfect example was Thaksin (and the Shinawatra family) who was regarded as a rich upstart by the old establishment, but even his family was well to do in Chiang Mai.. Yet the richest Thais are the ones who came here (from China mainly) with nothing.

[maewang99]

okay class.... repeat after me....

Thailand is a poor country.  Thailand is a poor country..... an easy retort for all kinds of otherwise obvious contradictions....
 

many others.. another favorite.. for farlang "teachers"..... "Thai children are very shy".... to answer why they have a "strange" habit of not speaking up at all readily in the very place where doing so is all but the ****only**** reason for being there... the classroom.... etc etc

  

but we have our own nonsense i.e. "Co2 is plant food"
 

Edited November 30, 2016 by maewang99

[bobmac10]

No surprise there the same old families who keep telling the rest how they need to show respect, don't question the status quo and to gratefully accept their position at the bottom of the pile.

[soalbundy]

41 minutes ago, ezzra said:

There's nothing wrong with being rich as long as it was obtained through hard work

perseverance and honesty... all the other means people got rich should be condemned....

nobody gets rich by working hard, that's for the horses and mules, you have to have a good idea and let the horses and mules do the work

[seancbk]

First of all the top 1% are responsible for employing a huge number of people.

The top 1% might hold 58% of the wealth but that is because their businesses account for a significant % of the countries GDP.

The next 10% of the population probably control 20% of the wealth, the next 20% of the population another 10%...   basically if you divide everyone in Thailand who is middle class and up (lets use 100,000 a month as the cutoff) then there are actually a lot of people who are doing ok, and the rest are just farmers and poor people.   

I wish people would be realistic, you cannot have everyone being well off.   We don't want everyone being able to own a TV, a fridge, a car, etc etc   the planet's resources can't take it, besides when everyone CAN afford to become a consumer that is what makes other people rich. 




 

[FitnessHealthTravel]

And this is different from other Countries?  It's called 'the World' and we live in it. 

[JAG]

The situation is compounded by the lack of opportunity for people to move up the social/professional ladder.

Recruitment, appointment and promotions are driven by and achieved by patronage, cronyism, purchase and nepotism. Rarely does ability, talent and potential feature in these decisions.

[nabbie]

Rich = Highest rat race

Poor = Supporting the nature.