Get to know ‘HENRY’, the term for “high-income people, but not rich.”

Have you ever wondered why you aren’t rich or have savings even though you earn a lot of money? If this kind of situation happens to you, it can mean that you’re taking a risk on financial health called HENRY. What does the word ‘HENRY’ mean? Let ACU PAY explain it to you.

HENRY, a high-income group of people, but not rich yet.

HENRY is shortened from “High Earners, Not Rich Yet” The term is used to refer to a new generation of high-income Americans, but they are not rich at all because they have a habit of spending money on a luxury life resulting in having no money left for savings. Many people here may be unconsciously in a state of HENRY. 


Shawn Tully, a Fortune magazine writer, has defined the word HENRY since 1960 that HENRY’s main characteristic is the young generation aged 18-34, who earn an average annual income of USD 250,000- USD 500,000 (average of THB 8.5 – THB 17 million per month). HENRY’s income is approximately 2-5 times the average monthly salary.


According to the NESDC report about income per Thai person, in 2022, it was found that the average income of Thais was THB 248,468 per person per year or an average of THB 20,705 per month, making the ‘HENRY’ group in Thailand have to earn more than THB 40,000 – 100,000 per month.

Why is the "HENRY" who has a high-income, but not rich yet?

1. Overbearing the expenses, and addicted to luxury

Because of the addiction to trendy shopping, the HENRY group has become the main target of Luxury brand marketing, which sees them have high purchasing power or may even buy more than the rich.

2. Cannot manage money and think about short-term money usage only

The ‘HENRY’ group has been called Working Rich, or people who get rich from working but when they get sick or kicked out of work, they can barely afford to take care of themselves. It is because they have no capital or money left for emergencies. Moreover, in their retirement, they may become older people who do not have enough money and have to depend on their children or relatives in the family.

3. Spending all the money in repaying for debt

Another reason to prevent HENRY from becoming rich is that they are indebted due to their spending habits, such as credit card debts, installment loans, and interest-bearing debt.

What kind of behavior can be called "HENRY"? Check this out.

  • Have a relatively higher income than the average income.
  • Don’t think too much about spending money. You buy what you want immediately
  • There’s no savings. Spending as much as earning.
  • Don’t plan your finances. Think about your short-term spending.
  • Like luxury goods and services, they have to buy trendy things all the time.

If you are likely to become a ‘HENRY’ group, it’s better to start changing your lifestyle from now on. The sooner we catch up with our behavior, the more money we can spend on financial freedom and live a stable and prosperous life.

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