Like many developing countries around the world, Thailand has some stupendously rich individuals. However, the number of wealthy individuals in Thailand is significantly lower than those that can be considered poor. But how much do you need to have to be considered rich in Thailand?
After surveying the responses of many Thais and expats on Quora, it can be concluded that the right answer to this question is quite subjective. In other words, what is considered rich in Thailand depends on the definition and perspective of different individuals. Regardless of your perspective, you will have to be a millionaire in USD to be considered a rich person in any location in Thailand.
Such an amount will give you amount to the best things available in Thailand. Besides, you will not have to think too much before spending money on most things in the country. But let’s shed more light on this subject.
You need at least 1 million USD to be seemingly rich in Thailand
The major problem with determining what is considered rich in Thailand is that there is no specific parameter. Some people believe that anyone that is financially okay enough to take care of their basic needs is rich. Others feel you are only rich if you can afford some awesome luxuries. Even a few individuals consider “being rich” as a thing of the mind. They think if you are comfortable with the little you have, you are a rich person in Thailand.
Similarly, some people think you are rich when you have a particular amount of money as assets or net worth. As a result of this, it can be difficult to determine what is considered rich in Thailand.
However, we will go by the definition of rich according to the Free Dictionary. This platform considers being rich/wealthy as having more assets or money than other people within the same environment, society, or country. Based on this debatable definition, we think anyone with 1 million USD or more is rich in Thailand.
If you have a net worth or assets of at least 1 million USD (over 30 million Thai Baht), you will be able to do most things in the country. Out of the 70 million living in Thailand according to Worldometers.info, Statista says only over 32 thousand people were USD millionaires in 2020. In other words, only 0.05% of residents of Thailand were worth more than 1 million USD. Therefore, it is reasonable to consider such few individuals as the rich people in Thailand.
With 1 million USD (over 30 million THB), you can live in a nice apartment in an affluent neighborhood in the country. You will have no problem with getting a great car to ease your movement around the country. However, there are still many things you can do if you have only a few million USD in Thailand. For instance, you cannot buy a private jet or yacht which is considered to be one of the toys of the ultra-rich. You won’t even be able to buy some of the sleekest sports cars available in the market.
Locations may affect whether you are rich or not
Also, your location may affect whether you are considered rich or not. For instance, if you want to stay in one of the most luxurious neighborhoods in Bangkok, 1 million USD may not be enough to get you a classy penthouse or mansion. In such an area, no one will see you as a rich person if you only have 1 million USD. You will need to be a multi-millionaire to be considered a rich person in those neighborhoods.
However, in one of the small cities and towns in Thailand, 1 million USD will make you one of the richest people. You will be able to buy a nice home, drive good cars, and live comfortably without any hassle.
What are the average and middle-class incomes in Thailand?
Although being rich is subjective, the average and middle-class incomes in Thailand are not. According to Statista, the average income per household in Bangkok was estimated to be around 42,000 THB (1,400 USD) per month in 2020. However, the figures for other cities and towns in Thailand were lower in the same year. For the Kingdom of Thailand, the average household income for each month was only about 26,000 THB (around 860 USD) in 2020.
The average earning or worth of the middle class is not clearly defined. However, to be middle class in the country, a household should be earning around 300,000 THB (10,000 USD) per month. However, this is far cry from what many households in Thailand earn. Hence, there is significant income inequality in the Land of Smiles.
How much money is needed to live comfortably in Thailand?
Since most people in any given country will never be considered rich, it is worthwhile to think about sufficient living expenses for comfortable living in Thailand. If you are in Thailand, you will need to spend around $650 (22,000 THB) per month to live comfortably in most areas of the country. However, if you are in Bangkok, Phuket, etc., you may need to spend about $1,000 (30,000 THB) for comfortable living.
This means that you need to earn significantly more than this amount to live comfortably. This is because you will need extra money for getting properties, buying cars, and doing other important things.
Conclusion
There is no right or wrong answer for what is considered rich in Thailand. If you think being rich is about how comfortable you are with your earnings, you are right. However, if we consider richness in terms of monetary values, you will have at least 1 million USD (30 million THB) to be rich in Thailand. This puts you above more than 99% of all individuals in the whole country. In addition, this particular amount ensures that you can afford the majority of the things you need to enjoy life in the Land of Smiles.
