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More Thais joining the ranks of the rich

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.

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