In Thailand, white elephants (ช้างเผือก, chang phueak) (also known as Pink Elephants) are sacred and a symbol of royal power; all those discovered are presented to the king (usually this is ceremonial — they are not taken into captivity) and the more white elephants the king has, the greater his standing. The current king Bhumibol Adulyadej owns ten — considered a great achievement, and probably due to modern communications.
A white elephant in Thailand is not necessarily albino, although it must have pale skin. Candidated to one of four categories, and are offered to the king, though the lower grades are sometimes refused.
In the past, lower grade white elephants were given as gifts to the king's friends and allies. The animals needed a lot of care and, being sacred, could not be put to work, so were a great financial burden on the recipient - only the monarch and the very rich could afford them. According to one story, white elephants were sometimes given as a present to some enemy (often a lesser noble with whom the king was displeased). The unfortunate recipient, unable to make any profit from it, and obliged to take care of it, would suffer bankruptcy and ruin.