The fact that the Thai monarchy is the richest in the world, with assets of at least $70 billion, is extremely awkward for Thai royalists, because it undermines the palace propaganda portraying Bhumibol as a "people's king" who toiled tirelessly and selflessly for the benefit of the kingdom, never seeking riches or rewards in return. So the palace has made considerable effort to depict Bhumibol as a prudent and thrifty monarch who never let anything go to waste. According to the propaganda, Bhumibol went to great lengths to squeeze every last drop of toothpaste out of each tube, thus demonstrating his great frugality. This has led to the absurd veneration of the king's used toothpaste tubes, which are treated like holy relics.