What It Means To Be Wealthy In Thailand And How To Get Visas To Move

Are you wondering what it means to be wealthy in Thailand and if it’s possible to move there? Thailand welcomes Americans at various life stages; it’s open to retirees on one of several visas and offers a working visa for Digital Nomads. Here’s how to move there and how much you’d need to be considered wealthy in Thailand.

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

The Cost of Living in Thailand Versus The U.S.

The cost of living in Thailand is vastly different than in the U.S., where overall, living costs are roughly 55% less than in the U.S.

The average cost of living for a family of four is around $2,320, not including rent (about 80,000 Baht), and about $650 for a single person (about 22,000 Baht).

In comparison, the average cost in the U.S. for a family of four is $4,000, not including rent, while a single person might spend $1,166 monthly.

If you use France as a metric to compare both places, the average cost of living across the U.S. is 7% higher than if you were living in France, while in Bangkok, the cost of living is 45.3% less than in Paris, excluding rent—and rent in Bangkok is 60% less than in the City of Lights.

As an idea, you can live the high life in Bangkok for about $3,000, whereas for the same standard of living in New York, you would need around $9,000 per month.

Is Thailand Wealthy?

According to the World Bank, Thailand has made remarkable economic progress over the past 40 years—it is rated an upper middle-income country, sustaining robust growth and has achieved considerable reduction in poverty for its 69 million inhabitants. Social security has steadily expanded, offering free healthcare, and more children have been getting more years of education. It has the second-strongest Asian economy after Indonesia.

However, there is massive income inequality, predominantly between rural and urban areas—79% of those in poverty live in the countryside. The wealthiest 1% of the Thai population control 67% of the country’s wealth, while the bottom 50% own just 1.7%.

What Is Considered Wealthy In Thailand?

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

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

You would be among Thailand’s top 1% of earners if you earned between $7000 and $11,000 monthly, mostly in real estate, finance, banking, manufacturing, and tourism.

Forbes list of Thailand’s 50 Richest people in 2024 starts at $550M for Chansamorn Wattanavekin & family. Still, Chalerm Yoovidhya & family tops the list with a wealth of $36B gained from a stake in Red Bull energy drinks.

How to Move to Thailand To Retire

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

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

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

Both visa types require that the holder reports to immigration every 90 days and that they have health insurance, particularly against COVID-19. Essentially, holders of both visas are not allowed to work during their stay in the country.

How To Move To Thailand On A Digital Nomad Visa

Better known as the Destination Thailand visa, this allows workers to stay for five years in the form of Digital Nomads (as opposed to people who work for Thai-based companies).

It lasts five years, but you must leave the country and re-enter every 6 months. You can only extend this visa for 6 months more after it expires. In order to be eligible, you must have at least $14,350 in the bank, and the visa costs a couple of hundred dollars. You will only pay taxes if you stay longer than 180 days at a time.

If a Thai company employs you, you would be automatically covered under the Thai healthcare system; otherwise, you would need to prove that you have healthcare coverage of up to $100,000.

In the U.S., Thailand is the 15th most-searched-for destination for moving, traveling, or exploring. If you want to consider the idea further and how you might live a wealthy life in Thailand, there are many tools to help longer-term travelers relocate, such as whichcountrytomoveto.com?, which takes you through several questions to find the ideal country to move to for your personal situation and requirements.

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