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

[Eric Loh]

32 minutes ago, soalbundy said:

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

 

If you looked up the history of the top richest men, you will find the common theme that these men were penniless when they started and they work hard like mules and horses to get to where they are.

Some of them like Dhanin Chearavanot (CP Gp) started poor selling seeds and agriculture chemicals. Charoen Sirivadhanabhaki was 6th of 11 kids started as a street vendor. Tos Chirathivat (Central Gp) father open a small shopping center and Chalerm  Yoovidhya (Red Bull) raise ducks and later was a antibotic saleman. 

I don't grudge them for the wealth they have now as they have worked their lives to get to where they are now. I agree with Ezzra that those who got wealthy through other means are should be condemned like those in the RTP and RTA.

[lgking]

I'm a Darwinian.

[seancbk]

7 minutes ago, Eric Loh said:

52 minutes ago, soalbundy said:

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

 

If you looked up the history of the top richest men, you will find the common theme that these men were penniless when they started and they work hard like mules and horses to get to where they are.

Some of them like Dhanin Chearavanot (CP Gp) started poor selling seeds and agriculture chemicals. Charoen Sirivadhanabhaki was 6th of 11 kids started as a street vendor. Tos Chirathivat (Central Gp) father open a small shopping center and Chalerm  Yoovidhya (Red Bull) raise ducks and later was a antibotic saleman. 

I don't grudge them for the wealth they have now as they have worked their lives to get to where they are now. I agree with Ezzra that those who got wealthy through other means are should be condemned like those in the RTP and RTA.

Well said.  

Another example is Hong Kong's Li Ka Shing who used to be the richest man in Asia.  He was forced to leave school at 15 to support his family after his father died, but went from there to becoming super rich through hard work.

There are of course many more.

I admire people who work hard, take risks and become rich.   
 

[pumpuy]

2 hours 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? 

Humans are definitely NOT intelligent , as they are not able to keep the planet they are living on in good condition ... man made pollution everywhere , coral bleaching , climate change , oceans full of plastic , disappearance of 50% of world's wildlife since 1970 , people are too stupid to realize that it is all about the survival of the human species and not of an individual . If it goes on like this , human species will be extinct by having changed the ecosystem of the planet in a way that they will not be able to survive , or some wealthy might survive in their private bunckers underground , breathing filtered air , but a life like this won't be worth living .

Thare are trillions of solar system in the Universe , most have planets where some kind of life can exist , there will be other , more intelligent species that will survive .

It is all just some kind of experiment to see who is able to survive ... --- Evolution --

In the beginnings , our planet was boiling hot , vulcanic eruptions everwhere , no atmosphere , no life .

Life came to the planet with the water from frozen meteroites from space , and that happend not only to planet earth , but to many other planets too .

Do not think that we are the only ones , there is more to it , much more ...

Edited November 30, 2016 by pumpuy

[tails]

1 hour ago, Micbozy said:

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

 

How do most of the foreigners contribute more tax than local Thais? While I do realise many Thais pay little or no tax, I would have thought most foreigners were either retired, a tourist or working illegally and therefore not paying tax at all...

[tails]

These kinds of stats have and always be here, plus will probably get worse... the only thing us normal people can do is vote with our wallets. We all make hundreds of small decisions all the time on which shop to go to, which brand to buy etc. Sure this is only one part of the issue, but hey... focus on what can be controlled...

[ronaldo0]

After reading all the news articles and seeing all the reports about the 1% , i would 100% rather be in the 99% group of people !! sycophantic nobodies with money is the totality of them !!
 

 

[ratcatcher]

1 hour ago, Mickmouse1 said:

Need a French Style Revolt.

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

"Need a French Style Revolt."

Yes. let's. I presume you know who and what Louis XVI was. Try that in Thailand at your peril.

[Chongalulu]

10 minutes ago, tails said:

 

How do most of the foreigners contribute more tax than local Thais? While I do realise many Thais pay little or no tax, I would have thought most foreigners were either retired, a tourist or working illegally and therefore not paying tax at all...

You don't understand indirect tax then. Far more VAT through higher value of purchases is paid by foreigners.

[dhream]

Don't they mean the richest 1% stole 58% of Thailand's wealth?

[DaveE13]

same every where around the World a lot of the wealthy start out working hard to build their Business. In Uk look at Richard Branson, started selling Records, Alan Sugar a market trader at Petticoat Lane.

[dhream]

29 minutes ago, tails said:

 

How do most of the foreigners contribute more tax than local Thais? While I do realise many Thais pay little or no tax, I would have thought most foreigners were either retired, a tourist or working illegally and therefore not paying tax at all...

I pay 7% tax on every legal transaction in Thailand. We all do.

The cash only transactions often involve a 'farang tax' the % of which is whatever the Thai merchant thinks he can get away with.

Then comes the two tier pricing sanctioned by the government. That's around 200% 

Want to treat yourself? They'll soak you 400% luxury tax. 

A consumption tax may be better than taxing earnings, but these margins are a bit much.

Edited November 30, 2016 by dhream

[hotchilli]

Maybe one of those 1% richest people could make a contribution to the Pattaya pier fund to get the ferry operating?
They could spread the Pattaya lifestyle across the Andaman bay & screw up Hua Hin for ever!!

[dhream]

1 hour ago, seancbk said:

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. 




 

Which all sounds terribly reasonable, but what you're really saying is that you're OK, and the poor should be grateful for what they've been born with. 

Got any hi-so Thai relatives by any chance?

 

[Scott]

Off-topic post and replies removed.   The topic is not about the US.   Comparisons are permissible but please stay on the topic.  

[dhream]

35 minutes ago, ratcatcher said:

"Need a French Style Revolt."

Yes. let's. I presume you know who and what Louis XVI was. Try that in Thailand at your peril.

Before you get too far off topic, have a look at recent history, the history that's been banned at 'home', including wiki leaks of US ambassadors cables. You will be very surprised at how precarious the status quo is here. Why do you think the junta are trying to turn the nation into North Korea? They may have the tanks, but they are terrified of the masses.

You are falling for the junta delusion that if you shut down dissent, and promote a vision of universal devotion, you've solved the problem. Big mistake.

[seancbk]

22 minutes ago, DaveE13 said:

same every where around the World a lot of the wealthy start out working hard to build their Business. In Uk look at Richard Branson, started selling Records, Alan Sugar a market trader at Petticoat Lane.

 

Also don't forget these entrepreneurs often tried and failed at many things before they made it big.  

And when someone does build a big business, or multiple businesses think about how many other people get to benefit from their success - all the people they employ, the companies that they buy from, etc

Instead of moaning about people being rich why don't people get off their butts and start a business, instead of just plodding along at their crappy jobs..... 

 

[NanLaew]

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

 

...and that's just the money that can be accounted for.

[pookiki]

For me, the biggest issue is the extent to which individuals and/or corporations go to such great lengths to avoid paying taxes that could make this planet a much better place for all of us. A fairer tax system would be a great start and prohibiting or criminalizing the placement of funds in 'off-shore' tax havens to avoid paying taxes.  There is this pervasive and inexplicable mindset that there is 'never enough'!

[daveAustin]

It'll always be like this so long as there is money.

[elgordo38]

5 hours ago, yellowboat said:

while they remain completely anonymous. 

Till their new found wealth goes to their head. The Red Bull guy is a great example. You cannot go from a ox cart to a Ferrari in a generation or two. The controls are different. 

[williamgeorgeallen]

4 hours 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....

doubt most wealthy people got rich through honest work. most rich in thailand are born into the right families. almost impossible to break out of the poverty trap in thailand from what i can see.

[digibum]

5 hours 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.

 

While I somewhat agree with the general premise, it's not necessarily the same people at the top and bottom.  A substantial amount of wealth in the world is inherited wealth.  Many just happened to be in the right place at the right time or hitched their wagon to the right people.  

 

Start everyone back on a level playing field and the same mechanisms that create wealth will still create the disparity but the players will change substantially.  This plays out in many economies today.  We look at the total number of millionaires and billionaires but seldom do they look at how much turnover there is amongst those groups.  

 

You also need to factor in that wealth begets wealth.  There's that old saying, turning $100 into $110 is hard work.  Turning $100 million into $110 million is inevitable.  Also goes along with the saying that the first million is the hardest.  

 

The less money you have the more likely any money that that money earns you will go into supporting your lifestyle.  If you put $100 into the bank and a few years later you withdraw $110, you really haven't changed your lifestyle any.  You're likely to spend the entire $10 profit and be back with your original $100 (or maybe you spend that too).  

 

If you have $100 million and you get the same rate of return and now have $110 million, chances are you can live on $1 or $2 million which leaves the remainder to continue earning you even more money.  

 

Lastly, if you have $100 million, there's no doubt you have far more investment vehicles available to you than someone with $100.  For instance, in the US, certain investments are only available to "accredited" investors which means that they can prove an income of at least $200,000 a year or a net worth of $1,000,000.  You're getting access to deals that the average person is never going to even see.  

 

And if you have $100 million, geesh, Goldman Sachs tripping all over themselves to get your business.  You want a few thousand shares of that hot new IPO?  No problem.  Hedge fund managers will be wine and dine you to death for a chance to manage a sliver of that.  

 

So it's not that the rich are rich because that they're better than everyone else (some are smarter and work harder than others, true) but once you hit a tipping point in wealth building you're earning far more money than you can spend reasonably to it just starts accumulating faster and faster. 

 

[little mary sunshine]

In reality, I bet it's more like 85%!!!!!!

[Lupatria]

After so many coups it would be interesting to know how many of them have family members in the police and military.

[digibum]

4 hours 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? 

 

Oh the cry of the poor.  The rich are bad people otherwise they themselves would be rich.

 

I know at least 3 billionaires (maybe 4 or 5 - I don't check their net worth) on a first name basis and several people with net worths in the hundreds of millions.  Are of of them jerks?  Yes.  But most of them are amazing people.   

 

One of the billionaires buys clothes from wherever he can get them the cheapest.  He's the most unassuming guy you could ever meet. So much so that while many of the executives that work for his company refuse to stay in anything less than 5-star hotels, chances you'll find him booked into a 2 or 3 star hotel when he travels.  

 

Another guy, not quite a billionaire but getting close, spends almost all of his time doing charity work.  He runs a multi-billion dollar company and he probably spends 60% of his time helping others.  

 

And I've been in the room with him and seen him leave millions on the table in a business deal because it was the right thing to do.  

 

It's easy to sit back and throw stones when these people are just names you read in a newspaper or see on television but to assume that anybody who has accumulated wealth is somehow mentally defective and crooked it pure self-affirming fantasy.  

 

That doesn't mean that there aren't sociopaths out there amongst the rich (and I've met a few of those people too) but not everyone who is rich is inherently evil.

 

 

 

 

[Brer Fox]

4 hours ago, bobmac10 said:

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.

Yes. It would be interesting to know just who this 1% is. 

[mike324]

30 minutes ago, Lupatria said:

After so many coups it would be interesting to know how many of them have family members in the police and military.

I think its silly to try to link the top 1% with police and military. They are rich because of their business and idea, not because of their influence. Yea some may have influence to help them along they way such as Thaksin who was given a monopoly license by his army general friend. Pretty much the rest on the rich list did not rely on the police or military.

Edited November 30, 2016 by mike324

[mike324]

Those blaming the rich needs to open up to reality. The problems is not rich people, the problem is the government and education. Heavier taxes and improved education will decrease the rich / poor gap. 

[HooHaa]

im assuming that this excluded the assets of the CPB. 

the number is lower by far than even the US average