re: Dominican Elite "Revisited"

C

Charlie W.

Guest
re: Dominican Elite "Revisited"

Notwithstanding Hillbilly's comments and others, I am now curious what monetarily constitutes an elite Dominican. When Presidente Hipolito Mejia took office, one of his first acts was staff salary reductions, which included lowering his own salary to $52,500 from $67,000 U.S. Dollars per year. Is Hipolito (discounting his perks) in the Dominican elite or is that strata still reserved for richer Dominican business owners and industrialists? Furthermore, are Dominicans considered millionaires if they make more than RD$1,000,000 pesos? Or is that distinction still based on making a million in U.S Dollars??

Please comment. I may be a millionaire, when visiting the D.R!
 
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"The Tourist Watcher"

Guest
Re: The new standard-Bimillionaire?

The term millionaire has always been tied to the Dollar regardless, and as the dollar has increased in value over the peso, the word millionaire in Santo Domingo has been misused.

There was a time when the Dominican Peso was on an equal par with the dollar and the real value of the peso carried its weight in purchasing power. But at $17.10(with artificial respiratory support from the Central Bank)one could hardly call anybody with a million pesos a millionaire.The real value of the dollar vs the peso exceeds $18.50 now.

In fact, it is questionable wether a person with a million dollars is a millionaire anymore, or perhaps the millionaire tag is no longer a measure of success. Maybe bimillionaire would be the new measure.

A house that used to cost, lets say $250,000 40 years ago was a mansion. Today a house with that price would be a low middle class at best in a small town or low price market area. A real millionaire would live in a house or apartment worth over $1,000,000 dollars. But owning the house alone does not make him a millionaire. A yearly income of perhaps $2,500,000 would be a minimum.But in total assets a millionaire should exceed $20,000,000.

For the Dominican Republic standard of living a person capable of owning housing over $20,000,000 pesos, automobiles in excess of $5,000,000 pesos and income exceeding $3.5million pesos a year could be considered a millionaire. Anything below that and your are at best upper middle class and below. Total assets for a Dominican millionaire should exceed 100,000,000 pesos.
And let me say, that if size of family is larger than 4, a multiplication effect must be added.
 
T

Tom F.

Guest
It takes around US$60,000 to have a million pesos. And yes, the distinction of the elite Dominicans (80,000, Hillbilly's estimate) is probably a good one. In my opinion, this includes first, the 20 families which control most of the economy. This can include thousands of people. From there, you get the decendents of Arab decent who came in the late 1800's. They own the the largest hardware stores and the rum factories (via Cuba I think). Many of the largest supermarkets are owned by decendents of Spanish and few Chinese Dominicans have risen to the rank of the ultra elite. There are also a series of other industries in the country that have produced a great deal of wealth for some families. There are a lot of intermarriages between these families they run in tight circles. It is a small country and everyone knows each other at that level. Most speak English and/or French and tavel to the US and Europe when they desire. Let's see what the other have to add to this.
 
H

hillbilly

Guest
Good question...

The elite is not all money but the fact remains that there is about 5% of the people that are active in the economy (400,000?)that are considered the economic elite. This does not include, obviously, the drug dealers from the States that have brought in vast sums of money, or the money launderers.
Yet elite, is not just money, it is class. Not high or low; just class. It has to do with family and education, as well as upbringing.
There are families that are perhaps of the "old" money, not horribly wealthy, mind you, but comfortable, and no matter what money they have, they will always be elite. And there are others, who have become vastly rich millionaires, presidents of golf clubs, but they will never be more than mere merchants with money, no matter how hard they try.
The Dominican Society does have its "elite", without a doubt, but money is not the deciding factor.

HB
 
D

Doug

Guest
TW

Do you make these figures up as you go along? 250,000.00 low-middle class.....come on in my neighbourhood (near Toronto) 1/4 of a mil home does not mean your low middle class. I have some friends who live in 150,000.00 dollar homes that are very very wealthy. The price of your home does not dictate your wealth, if you were to liquidate and come up with over a million, you would be a millionaire,,, that said, that don't mean you are rich, it means you are a millionaire. In todays world a million dollars just does not go as far as when the term millionaire was penned. Your wealth also is not dictated by money my friend, I have a very good circle of freinds, make a good living (very comfortable)some ppl think I'm rich, some would think I'm piss poor. It all depends on how you yourself feels!
 
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"The Tourist Watcher"

Guest
Re: TW

I believe the question here was what was a millionaire? Millionaires are measured in money, otherwise, they would be Eliteares. There are hundreds of people in DR with great names eating crow. Can they afford to go to ski in Switzerland three times a year? Can they go shopping to West Palm Beach once a month? Can they enroll their sons and daughters are St. George School or Carol Morgan School at over $200,000 a year? Or better yet send out to a school in Marthas Vineyard?

Thats what I call millionaires. There are plenty here in Santo Domingo who do that all the time. Anybody who thinks otherwise is a romantic.

Lets put it this way, you can be happy, well liked, respectable, a well known person in society and even an influential member of society without all this money. But it does not make you a millionaire. A measure of money is not a measure of respectability and happiness. Quantity vs quality.
 
O

Onofre

Guest
Re: TW

Doug, you are on point. It could not be put any better.
 
A

Abraham S.

Guest
Being a millionaire in the DR is not the same as being a millionaire in the US, first, in the DR he who has money can get away with just about anything. That includes no paying taxes, killing someone and going to jail, and having a bunch of lambones kissing your ass all the time.
 
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Abraham S.

Guest
Re: TW

A wooden house that cost 250,000 dollars in North NJ, would not even cost 250,000 pesos in the DR.

A middle class apartment with 2 bathrooms, 3 bedrooms with Caoba (translate into English please) Italian ceramics and marmol in Santo Domingo, (Bella Vista) could cost RD$1,300,000.00 that?s around US76,000.00 dollars in the US, with that amount you wouldn?t buy a troll?s place under a bridge in the United States.

In Naco for instance, a 3 bedroom with walking closets (terminated with caoba and cedar wood) 2 parking spaces, large kitchen 3 ? bathrooms, luxury lobby, roofed terrace, two elevators, studio, satellite TV service included, and first class termination (Italian Ceramics and Spanish marbles and granites) could cost RD$4,300,000.00.

In Las Praderas RD$1,500,000.00 could buy you a very nice apartment, in Casa de Campo Remax is advertising a Villa for US390,000.00 dollars, I wouldn?t give a villa in Casa de Campo for a house in any part of North Jersey or Toronto.
 
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Abraham S.

Guest
One thing's for sure...

I'd rather be a Dominican millionaire than American or Canadian one.

I am not being over patriotic here and I am not putting some else's country down. But let's face it, wealthy people in the DR do live the Dolce Vita.

They can enjoy all of what first world countries can offer, more than the vast mayoralty of the citizens of those countries as well as all the privileges rich people have in the 3rd. world.

Just being realistic and pragmatic here.

Abraham S.
 
A

Abraham S.

Guest
Hi,
You know what, being practically honest, I am surprised you have such detailed and correct knowledge of the Dominican upper-class, my impression is that all foreigners think that Dominicans are just a bunch ?muertos de hambre? poor miserable 3 rd. world people ridden with parasites, who can?t read or write well if at all, and who all live around tourist destinations so they can rob and fool tourists, begging for quarters or prostituting themselves for a few bucks, and I am not being sarcastic or exaggerated here, I have being told so by US people and Canadians outside the DR.

I once was told by a friend from Minnesota that he believed I lived in a grass hut with a dirt floor in the woods or jungle, that he was surprised to see I had a computer and internet access, TV or cellular phone.

Go figure.
 
J

Joachim

Guest
What about OJ Simpson, didnt he get away with murder?
Wasnt he rich?
 
J

Joachim

Guest
Re: One thing's for sure...

The difference with Canadian millionares, they dont flaunt their money like the Dominican elite. In fact they maintain a low key.
However, they also live "La Dolce Vita" as you put it.
 
M

Maria Obetsanov

Guest
Re: The new standard-Bimillionaire?

You are corect, it used to be $1.20 us. =1.00Dominican in trujillo days. The GOld backing left with them, the dominican money has no solid backing because the Gold leaves out to Austin Texas on Wed with a inocent person that does not know what he doing since 1980's if it has not been stop yet. One of my
friend husband was offered that job he is not a dominican and told this by someone in the gov't at the time.La Rosario was still producing.
 
O

Onions and carrots

Guest
Another question for TW

Tell me who is the richest person in the DR.I want home-grown riches or inheritance. Do not include any ball players,drug dealers etc. Only people born and raised in the DR that have what you stated in the previous article.How many people in the DR are in that category? You well know that there are many fakers,wannabes on credit etc.
 
O

Onions and carrots

Guest
200,000 pesos or dollars to enroll in those school *DC*
 
O

Onions and carrots

Guest
Dumb-inican elite

The problem with the Dominican elite is that they usually live well above their means even if they have 100 million pesos.There behavior is reminiscent of the Spanish royalty of the 15 century.

These people make me sick.American rich folk or most of them live well below their means and have organizations to help the poor.Check Bill Gates and how he snubbed Leo Fdez with his cockamamy idea of a Cyber-park.He also snubbed Pres. Bush with his idea of removing some tax on the wealthy.He said that po' folk need help. Look at the Kennedys, you see these families have class.They don't flaunt riches,RESPECT the poor and VALUE their opinions.

Now their Dumb-inican colleagues have a DISDAIN for the poor, EXPLOIT them with subsistence wages and REJECT any ideas they have.

Haven't you noticed when Pres. CLINTON visited other lands how he had a humble countenance with an amicable disposition.He welcomed everyones opinion esp. the poor.

Death to that hierarchical and demeaning attitude demonstrated by elitists.
Death to the humiliation of the poor.
Long live the Onion and Carrots mentality
 
J

Joachim

Guest
Re: Dumb-inican elite

I support the Onions and Carrots mentality 100%
 
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