rooster59 Posted August 17, 2019 Share Posted August 17, 2019 More Thais joining the ranks of the rich By Wichit Chaitrong THE NATION Despite the current economic slowdown, the number of rich people in Thailand will continue to grow at a higher rate and will boost the private banking business, according to wealth managers. Thailand and most other Asian countries are sensitive to the volatility of global trade, as their economic growth is led by exports. The ongoing trade war between the United States and China has caused a contraction of exports and is hurting the whole economy. Vincent Magnenat, Lombard Odier’s chief executive officer for Asia Pacific, remains optimistic about the economy and the potential for the private banking business here. Thailand's gross domestic product (GDP) expanded 4 per cent last year and it is forecast to expand 3.7 per cent this year. “Growth is here,” Magnenat said. He also foresaw growth of private banking business-wealth management for high net worth individuals. In Thailand, the number of people having assets worth over US$1 million (Bt30 million) would rise 10 per cent annually, those with assets worth more than $50 million would rise between 20-30 per cent and the number of billionaires would grow more than 30 per cent a year, said Magnenat. He said that top private bankers in Asia manage less than 20 per cent of the assets of wealthy individuals. More than 80 per cent of their assets are onshore and are under management of major local players like KBank Private Banking. Magnenat believes that as wealthy clients get high quality services and greater access to global assets, the number of private banking clients will rise further. Many rich people earlier invested large amounts in local assets such as equities and bonds. They also held large amounts of cash that did not deliver much returns. The cooperation between KBank Private Banking and Lombard Odier has changed the face of private banking business in the past four years, he said. The new generation of Thai entrepreneurs need professionals to not only help them with investment management, but also wealth planning, family financial services and family-business governance, he noted. Meanwhile, Jirawat Supornpaibul, head of Kasikornbank’s private banking group, said that Lombard Odier has special expertise in the area of family wealth management, leading to KBank Private Banking’s philosophy that "perfect wealth comes from a combination of wealth and happiness; customers can live a worry-free lifestyle by easing their concerns in the areas of maintenance and succession of wealth". Thailand is expected to see a 26 per cent rise in the number of wealthy individuals during 2018-23. Jirawat said he expected customers of KBank Private Banking to rise 5 per cent annually. Currently it has more than 11,000 clients with assets under management of Bt760 billion. On Friday it inaugurated its office in the Phrom Phong area, on the 42nd floor of Bhiraj Tower at EmQuartier. The new office location will offer greater convenience to customers, as it is close to many of the wealthy who live in the Sukhumvit area, Jirawat said. Referring to market swings caused by the ongoing trade war, the two claimed this was the time for professionals who could make money in the highly volatile market. They did not expect a recession next year and believed that central banks in many countries would cut their policy rates in order to shore up their economies. Investment returns of their customers is about 8-9 per cent. In the first half of the year, the K-Alpha portfolio model one yielded 7.87 per cent and its model two delivered 9.25 per cent as of August 7. Given the highly volatile global markets in recent weeks, investment returns could be lower in the rest of the year, Jirawat added. Source: https://www.nationthailand.com/business/30374901 -- © Copyright The Nation Thailand 2019-08-17 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Fex Bluse Posted August 17, 2019 Share Posted August 17, 2019 Advertorial Link to comment Share on other sites More sharing options...
tracker1 Posted August 17, 2019 Share Posted August 17, 2019 The siblings must be given their pay increase ! how to make more millionaires and save on tax ! Link to comment Share on other sites More sharing options...
Cadbury Posted August 17, 2019 Share Posted August 17, 2019 18 minutes ago, rooster59 said: More Thais joining the ranks of the rich This seems like proof the PM's policies for the filthy rich and elite connections is paying off. This must be the reward they get for donating 600 million baht to the Phalang Pracharat Party's pre election fund raiser. Even TAT was accused of spending 9 million baht at the fundraiser. They are sure to get additional government funding. Link to comment Share on other sites More sharing options...
mfd101 Posted August 17, 2019 Share Posted August 17, 2019 It would have made a more interesting advert if it had talked about how Thailand's enlightened wealthy are moving to overcome feudalism and spending money on educating poor children in non-corrupt schools so that they can join the capitalist economy and aspire to middle class status some time in the next 20 years ... (well, I'm allowed to dream). Link to comment Share on other sites More sharing options...
PatOngo Posted August 17, 2019 Share Posted August 17, 2019 40 minutes ago, rooster59 said: Thailand is expected to see a 26 per cent rise in the number of wealthy individuals during 2018-23. So much for tackling graft! Link to comment Share on other sites More sharing options...
Is this real Posted August 17, 2019 Share Posted August 17, 2019 Does this have anything to do with the next story which is: Retiring police officers to leave over 6,000 posts vacant Link to comment Share on other sites More sharing options...
sammieuk1 Posted August 17, 2019 Share Posted August 17, 2019 Must be a world leader in unexplained rich already???? Link to comment Share on other sites More sharing options...
DrTuner Posted August 17, 2019 Share Posted August 17, 2019 Gotta get to #1 in the gini index, hubbahubba Link to comment Share on other sites More sharing options...
Rossco64 Posted August 17, 2019 Share Posted August 17, 2019 And A Lot More Thais Joining The Ranks Of The Poor!!!!!!! Read here the other day the Government has a record surplus in the banks. And the Royal Family is now the most wealthiest single family in the world! Whats wrong with having a majority middle class population, "a developed country". Or is the plan to allow the Chinese and the select few Thais have wealth, you know, the ones loyal to the Army backed Government. When was the last Army General/ Prime minister a good leader for a country? History says the opposite. Either encourage immigration from the west as the west does for Asia and open your mind to and encourage change or watch countries like Vietnam and Cambodia develop and leave Thailand behind with its fat rich Generals saying not my problem Link to comment Share on other sites More sharing options...
CGW Posted August 17, 2019 Share Posted August 17, 2019 4 hours ago, rooster59 said: the number of rich people in Thailand will continue to grow at a higher rate So, the social divide will grow, surprise, surprise - unfortunately the number of poor will increase, but lets ignore that fact, doesn't make for good news! Link to comment Share on other sites More sharing options...
Rookiescot Posted August 17, 2019 Share Posted August 17, 2019 4 hours ago, onera1961 said: Don't worry old, creepy, pot belly sexpats. Brothels (aka bars) are not going away soon. You will still be pimped poor girls from the poorest region called Isan and opportunity to marry one and move to the poorest region of the country to build your dream home surrounded by huts. You said that like it was a bad thing. Link to comment Share on other sites More sharing options...
Cadbury Posted August 17, 2019 Share Posted August 17, 2019 4 hours ago, rooster59 said: Thailand's gross domestic product (GDP) expanded 4 per cent last year and it is forecast to expand 3.7 per cent this year. “Growth is here,” Magnenat said. What a heap of steaming bullsh!t. I put so called "wealth managers" on par with used car salesmen. Thailand's GDP forecast for 2019 has been revised downward to about 3.0% or even less. Growth is not here at all; the economic future of the country looks like it could be in serious decline. Still I doubt the wealth of the rich will stop growing no matter how bad the economy gets. Already Thailand is the most unequal country in the world with 1% of the population owning 69% of the wealth. Does this claimed growth in prosperity for the few mean that 1.05% of the population will get to own 75% of Thailand's wealth. Link to comment Share on other sites More sharing options...
spidermike007 Posted August 17, 2019 Share Posted August 17, 2019 4 hours ago, mfd101 said: It would have made a more interesting advert if it had talked about how Thailand's enlightened wealthy are moving to overcome feudalism and spending money on educating poor children in non-corrupt schools so that they can join the capitalist economy and aspire to middle class status some time in the next 20 years ... (well, I'm allowed to dream). One thing I have noticed over the years of living here, is that wealthy Thais, and those that love to refer to themselves as hi-so, have very little regard for the common man, are probably amongst the least kind and generous people in the world, when it comes to charity, and using their wealth to benefit either their own people, or mankind, and are not only relatively oblivious of the suffering and hardships of the average Thai, but most of them actually scorn the common man, consider themselves to be way, way above the fray, class wise, and have a totally inappropriate and inaccurate perception of who they are, what they are, and where they fit into the big picture. Perhaps a century from now, that might change. But, as of now most of the wealthy people here are an abomination. Link to comment Share on other sites More sharing options...
Sydebolle Posted August 17, 2019 Share Posted August 17, 2019 Can anyone write up an article about how many Thais will land in poverty over the same time span? I would also like to know how many additional submarines orders are up the sleeves of the big boys? Link to comment Share on other sites More sharing options...
Srikcir Posted August 17, 2019 Share Posted August 17, 2019 8 hours ago, rooster59 said: Thailand's gross domestic product (GDP) expanded 4 per cent last year and it is forecast to expand 3.7 per cent this year. “Growth is here,” No one denies that there is GDP growth in Thailand - same as with the other ASEAN countries. The current issue is that a recent Reuters poll* for Thailand showed that the median forecast from 12 economists was 2.4% annual growth, which would be the lowest since the 2014’s last quarter, which was the same. The pace in January-March was 2.8%. Even the very optimistic (and I believe pro-government) National Economic and Social Development Council, which compiles GDP data, has forecast economic growth of 3.3%-3.8% this year, albeit expected to DOWNGRADE those forecasts next week. Contrary to 8 hours ago, rooster59 said: He also foresaw growth of private banking business-wealth management for high net worth individuals. Second-quarter private investment fell 2.8% from a year earlier while consumption growth slowed to 3.3%, central bank indices showed. Vincent is clearly leading an investment promotion aimed at the wealthy who want to become even more wealthy. He's not interested in raising low-income and mid-income into a better financial class. That's okay, he makes his living off hi-income class. But he must overcome what is becoming even to the wealthy Thai class a faltering economy that not even the government can reverse or cushion. * https://forum.thaivisa.com/topic/1117898-thai-second-quarter-gdp-growth-seen-weakest-in-four-and-a-half-years-as-exports-tumble-reuters-poll/?utm_source=newsletter-20190816-0631&utm_medium=email&utm_campaign=news Link to comment Share on other sites More sharing options...
yellowboat Posted August 17, 2019 Share Posted August 17, 2019 8 hours ago, rooster59 said: More than 80 per cent of their assets are onshore and are under management of major local players like KBank Private Banking. That is why they have money. Link to comment Share on other sites More sharing options...
trainman34014 Posted August 17, 2019 Share Posted August 17, 2019 The Brown Envelopes must be getting thicker ! Link to comment Share on other sites More sharing options...
GreasyFingers Posted August 17, 2019 Share Posted August 17, 2019 9 hours ago, rooster59 said: the number of billionaires would grow more than 30 per cent a year, said Magnenat. He must think he is the greatest financier on earth. How are the millionaires going to turn into billionaires at that rate. Sounds like a DH to me. Link to comment Share on other sites More sharing options...
hotchilli Posted August 17, 2019 Share Posted August 17, 2019 9 hours ago, rooster59 said: More Thais joining the ranks of the rich But still all in the family names ! Link to comment Share on other sites More sharing options...
Pique Dard Posted August 17, 2019 Share Posted August 17, 2019 11 hours ago, Cadbury said: More Thais joining the ranks of the rich this means even much more thais joining the ranks of the poor Link to comment Share on other sites More sharing options...
Fred white Posted August 17, 2019 Share Posted August 17, 2019 7 hours ago, Rossco64 said: And A Lot More Thais Joining The Ranks Of The Poor!!!!!!! Read here the other day the Government has a record surplus in the banks. And the Royal Family is now the most wealthiest single family in the world! Whats wrong with having a majority middle class population, "a developed country". Or is the plan to allow the Chinese and the select few Thais have wealth, you know, the ones loyal to the Army backed Government. When was the last Army General/ Prime minister a good leader for a country? History says the opposite. Either encourage immigration from the west as the west does for Asia and open your mind to and encourage change or watch countries like Vietnam and Cambodia develop and leave Thailand behind with its fat rich Generals saying not my problem Surprised your post didn't get pulled and you suspended for 2 words ???? Link to comment Share on other sites More sharing options...
mok199 Posted August 17, 2019 Share Posted August 17, 2019 As this manipulated Thai bhat eats up our pensions.. Link to comment Share on other sites More sharing options...
metisdead Posted August 17, 2019 Share Posted August 17, 2019 A troll post and the replies have been removed. Link to comment Share on other sites More sharing options...
emptypockets Posted August 17, 2019 Share Posted August 17, 2019 16 hours ago, rooster59 said: Vincent Magnenat, Lombard Odier’s chief executive officer for Asia Pacifi LOMBARD= Loads Of Money But A Real Sickness. Don't ask me what BATCOAT means.... Look that one up for yourself. Link to comment Share on other sites More sharing options...
emptypockets Posted August 17, 2019 Share Posted August 17, 2019 11 hours ago, spidermike007 said: One thing I have noticed over the years of living here, is that wealthy Thais, and those that love to refer to themselves as hi-so, have very little regard for the common man, are probably amongst the least kind and generous people in the world, when it comes to charity, and using their wealth to benefit either their own people, or mankind, and are not only relatively oblivious of the suffering and hardships of the average Thai, but most of them actually scorn the common man, consider themselves to be way, way above the fray, class wise, and have a totally inappropriate and inaccurate perception of who they are, what they are, and where they fit into the big picture. Perhaps a century from now, that might change. But, as of now most of the wealthy people here are an abomination. I thought you were friends with most of them. Link to comment Share on other sites More sharing options...
emptypockets Posted August 17, 2019 Share Posted August 17, 2019 3 hours ago, mok199 said: As this manipulated Thai bhat eats up our pensions.. Nonsense Link to comment Share on other sites More sharing options...
greeneking Posted August 17, 2019 Share Posted August 17, 2019 11 hours ago, spidermike007 said: One thing I have noticed over the years of living here, is that wealthy Thais, and those that love to refer to themselves as hi-so, have very little regard for the common man, are probably amongst the least kind and generous people in the world, when it comes to charity, and using their wealth to benefit either their own people, or mankind, and are not only relatively oblivious of the suffering and hardships of the average Thai, but most of them actually scorn the common man, consider themselves to be way, way above the fray, class wise, and have a totally inappropriate and inaccurate perception of who they are, what they are, and where they fit into the big picture. Perhaps a century from now, that might change. But, as of now most of the wealthy people here are an abomination. How high up does this problem go? It's OK. No need to answer. Link to comment Share on other sites More sharing options...
mok199 Posted August 17, 2019 Share Posted August 17, 2019 6 hours ago, emptypockets said: Nonsense Thailand was considered to be placed on a currency manipulation watch list along with India in 2017, as for this ridiculously high baht ''eating my pension''...do the math sir Link to comment Share on other sites More sharing options...
spidermike007 Posted August 18, 2019 Share Posted August 18, 2019 10 hours ago, greeneking said: How high up does this problem go? It's OK. No need to answer. I would guess anywhere from the upper middle class, who are quite successful, making 200,000 baht or more per month, to the upper class making far more than that. All the way to the top army officials, and top businessmen making hundreds of millions a month. And the landed property elite, who do little other than reap the benefits of the foresight of their ancestors. Link to comment Share on other sites More sharing options...
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