Thread: Thai Household Wealth Among World's Worst

Bangkok Post
October 16, 2014
Writer: Online reporters, Bloomberg

Credit Suisse, Switzerland's second-biggest bank, just published its annual Global Wealth Report (PDF download below) detailing how much money there is in the world. The report gives details on where the wealth is and which nations are up, down or sideways.

The biggest surprise comes in a table showing which countries posted the fastest percentage gain in wealth in the past year - and, more interesting for Thailand, the fastest loss.

Britain has put on an overall per-household wealth gain of nearly 20%. It has outpaced South Korea and Denmark for growth.

Then there is the other end of the chart. (Full chart below). That's where you find Thailand. According to Credit Suisse, whose Bangkok office contributed to Global Wealth Report, Thailand has had the world's fifth-worst per-household wealth performance in the world from 2013 to 2014. The report says Thai wealth has contracted more than 7%. Only Turkey, Indonesia and the basket-case nations Argentina and Ukraine have performed worse.

The study assessed the global adult population of 4.7 billion people and their financial and physical assets, including real estate, minus debts. The world's wealth reached a record $263 trillion as of midyear, Credit Suisse says, after growing by more than $20 trillion since mid-2013. Global riches have more than doubled from $117 trillion in 2000. North America has the biggest share at $91 trillion or almost 35% of the total; Europe places second with $82.5 trillion.

The report notes:

"Our estimates suggest that the lower half of the global population collectively own less than 1% of global wealth, while the richest 10% of adults own 87% of all wealth and the top 1% account for almost half of all assets in the world. Over time this may change, particularly if a sufficient number of low wealth countries experience rapid growth."

Looking ahead, Credit Suisse forecasts a 40% increase in global wealth to $369 trillion in the next five years; China's population, the report says, may become wealthier than Japan's in less than half a decade as the number of dollar millionaires there doubles to more than 2 million.

Download the report here: https://publications.credit-suisse.c...41B58C5EA591A4



Full article: Thai household wealth among world's worst | Bangkok Post: news

I blame the Car purchase scheme.
sep

A real disconnect here in the Thai economy. For how much longer can the BoT, Generals and those manipulating the SET maintain the value of the baht when the country's public accounts are so fragile is the question.

Personal debt will strangle domestic demand and the relatively strong baht which has not altered significantly for 6 years against both western and regional currencies hampers competitiveness and constricts exports.

The only saving grace is the price of oil is low.

They really need to stop living above there means, learn to live without the latest iPhone and having the new Vigo on the never never. But the concept of FACE dictates they have to keep up with the jones,s ( or the somchais) credit is easily available to them as well, no big surprises here, but to be fair it's the same shit in the west.

I guess there's not enough following the King's self sufficiency advice.

Not sure how Credit Swiss has access to numbers they crunch about households? Could only be through banks etc which would invalidate since not all Thais have bank accounts; even if they did it would perhaps indicate invasion of privacy.

Mere money is no substitute for happiness. The Thai need not worry about money when they have happy songs to put fuel in their tank, and their kids have patriotic ejummacation to put food in their bellies. Who needs politicians and bankers anyway, when you have monks and generals to oversee this doctrine? I've never seen a hungry monk or general, so it must be true.

My only worry is that the increasing numbers of macaques and crow pheasants around here- which used to be scarcer because they were shot and eaten for food by hungry people- face renewed threat. I suppose the self sufficiency doctrine extends only to our species.

I'm sure they sampled the thickness and resilience of a few Isaan mattresses, in the interests of inclusive research of course.

Originally Posted by TizMe

I guess there's not enough following the King's self sufficiency advice.

Easier for them to advise than practice.

the Thai Bath is too expensive

Yes, and the wash basins are too.

If anyone thinks this is bad, wait till the VAT and diesel price hike.