It's reasonable compared with the cost of tourist visas.
However, compared with the retirement visa, one needs to look at the extra benefits received for the 31,000 per year. Which are not clear, so upon reflection I agree with you.
If the long term visa allows people to skip 90 day reporting at the immigration office, that's worth 3000 per year in convenience. However, I gather you can now report online.
If people don't need those idiotic re-entry permits, that would add some value.
I don't take it for granted I'll live long enough to complete this post, at least not until the submit button has been clicked.
However, for the average male to have a an expected residual lifespan of 10 years or less, he needs to be 78 years old (UK data). So there is still a good target market for such visas.
Incidentally, Richard Barrow has the income requirement down as $80,000 per year. He lists the benefits as including exemption from the re-entry permit.
He describes the investment requirement as follows: "-In case of personal income below $80,000 but no less than $40,000/year, applicants must have the investment of no less than $250,000 in any of the following:
(a) Thai government bond issued by the Ministry of Finance with over 5 years of remaining maturity at the time of application
(b) Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET)
(c) Investment in real estate (condominiums) "
I presume that is excluding all stock market listed investments, rather than excluding buying shares in the stock market itself.
Also, having to prove some income, irrespective how much someone has accumulated in assets makes no sense.