What it means to be rich in Thailand – and how to get visas to move

Are you wondering what it means to be rich in Thailand and whether it is possible to move there? Thailand welcomes Americans at different stages of life; it is open to retirees with one of several visas and offers a work visa for digital nomads. Here’s how to move there and how much you need to be considered rich in Thailand.

Thailand was one of the most visited countries in Asia in 2024, with tourism contributing about 20% of the economy. But the country is more than beautiful beaches, Tuk-Tuks, floating markets and full moon parties. It is also home to a tropical climate, amazing culture, beautiful temples, golden Buddhas and delicious cuisine. It’s even home to the world’s smallest mammal, the 3cm long Kitti’s pig-nosed bat.

The Cost of Living in Thailand vs. the US

The cost of living in Thailand is very different from the US, where the cost of living is approximately 55% lower overall than in the US.

The average cost of living for a family of four is about $2,320, excluding rent (about Bt80,000), and about $650 for a single person (about Bt22,000).

By comparison, the average cost in the US for a family of four is $4,000, excluding rent, while a single person can spend $1,166 monthly.

Using France as a benchmark to compare both places, the average cost of living in the US is 7% higher than if you lived in France, while in Bangkok the cost of living is 45.3% lower than in Paris, excluding rent. -and rental prices in Bangkok are 60% lower than in the City of Light.

In principle, you can live a good life in Bangkok for about $3,000, while for the same standard of living in New York you need about $9,000 per month.

ForbesWhat it means to be rich in the USBy means of Alex Ledsom

Is Thailand rich?

According to the World Bank, Thailand has made remarkable economic progress over the past forty years; it is considered an upper-middle-income country, has experienced robust growth and has achieved significant reductions in poverty for its 69 million residents. Social Security has steadily expanded to provide free health care, and more children are receiving more years of education. It has the second strongest Asian economy after Indonesia.

However, there is huge income inequality, mainly between rural and urban areas: 79% of people living in poverty live in rural areas. The richest 1% of Thailand’s population controls 67% of the country’s wealth, while the bottom 50% own just 1.7%.

What is considered rich in Thailand?

The average worker in Thailand earns about $433 per month. However, this is likely to be higher in the capital Bangkok, and significantly lower, possibly below the poverty line in agricultural jobs, where 11% of households earn just $81 per month.

In 2021, Thailand had approximately 125,400 millionaires and 1,300 multi-millionaires. In 2023, nearly 900 ultra-high-net-worth individuals in the country had an estimated $30 million or more in wealth.

You would be in the top 1% of earners in Thailand if you earned between $7,000 and $11,000 monthly, mainly in real estate, finance, banking, manufacturing and tourism.

The Forbes list of Thailand’s 50 richest people in 2024 starts at $550 million for Chansamorn Wattanavekin and family. Yet Chalerm Yoovidhya & family tops the list with a fortune of $36 billion earned through a stake in Red Bull energy drinks.

How to move to Thailand to retire

Anyone over the age of 50 can apply for one of two visas that allow entry into the country under different conditions.

A non-immigrant OA visa allows a one-year stay with a possible one-year extension, but if you leave the country during this period you will need to apply for a re-entry visa. This OA visa requires a deposit of $23,296 in a Thai bank account at least two months in advance. Alternatively, you can demonstrate that you have a monthly income of approximately $2,000.

A non-immigrant OX visa allows a stay of five years, with a possible five-year extension, and allows the holder to leave and re-enter the country without further paperwork or visas. This OX visa requires a bank account of $52,432 and an annual income of $34,955.

Both visa types require the holder to report to immigration every 90 days and to have health insurance, especially against COVID-19. Essentially, holders of both visas are not allowed to work while in the country.

How to move to Thailand with a digital nomad visa

Better known as the Destination Thailand visa, it allows employees to stay as Digital Nomads for five years (unlike people who work for Thailand-based companies).

It lasts for five years, but you must leave the country and re-enter every six months. You can only extend this visa for another six months after the expiry date. To qualify, you must have at least $14,350 in the bank, and the visa costs a few hundred dollars. You only pay taxes if you stay for more than 180 days in a row.

If you are employed by a Thai company, you are automatically covered by the Thai healthcare system; otherwise, you must prove you have health care coverage up to $100,000.

In the US, Thailand is the 15th most searched for destination to move, travel or explore. If you want to consider the idea further and find out how to live a prosperous life in Thailand, there are many resources to help longer-term travelers move, such as whocountrytomoveto.com, which will guide you through several questions to help you find the ideal country. find a suitable move that suits your personal situation and wishes.

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