Fugitive former Prime Minister Thaksin Shinawatra on Monday wrote on his Facebook page that Thai multi-millionaires should use their wealth to start up venture capital funds to provide opportunities for the younger generation to begin their own businesses.
Setting up the funds would both expand their businesses and provide opportunities for the next generation of entrepreneurs who are well-educated, modern and tech-savvy, he said.
Thaksin explained that the US possessed a lot of money because the nation had many venture capital funds which supported young entrepreneurs in exchange for half of their business's stake.
Many billionaires have emerged through this system such as Steve Jobs, Bill Gates, Michael Dell and Mark Zuckerberg, he said.
The government had already established a venture capital fund but it might not be enough. If the private sector also did the same, the country's economy would grow faster and become stronger, he wrote.
Thaksin also mentioned in his post that the banking system in Dubai encouraged locals to borrow and start up their own businesses.
Foreigners are often hired as employees in Dubai, which is in contrast to what happens in Thailand where foreigners can take up executive positions, he noted.