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Asia's wealth inequality problem (article)
Topic Started: Oct 26 2015, 02:16 AM (190 Views)
MSantor
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Despite economic growth over the past decades, many are still being left behind...

Diplomat

Quote:
 
Asia’s Wealth Inequality Problem

Many have escaped poverty, but capital still flows disproportionately to a tiny elite.
By Asit K. Biswas and Kris Hartley
October 23, 2015

Recent data illustrate a rising crisis of wealth inequality. In general, the West is politically apathetic to this challenge, with Scandinavian countries the notable exception. Asia’s strong economic position comes with the opportunity to exhibit global thought leadership in socioeconomic policy, particularly as the region’s inequality grows. Many in Asia have escaped poverty, but capital continues to flow disproportionately to the tiny elite. Systemic favoritism for the rich, along with the worsening plight of the poor, mandates immediate policy attention.

A recent Credit-Suisse study reveals some alarming statistics. Seventy-one percent of the world’s population hold wealth valued at less than $10,000, with the next 21 percent having between $10,000 and $100,000. Only 0.7 percent have more than $1,000,000, but these control 45.2 percent of total global wealth. The top 1 percent now own 50.4 percent of global wealth; that is, 1 percent of the world’s population owns more than the remaining 99 percent. Further, despite optimistic talk of a growing middle class, only 14 percent of the world’s population classify as such. Of greater curiosity is inequality in Asia, particularly China – the only country maintaining rapid economic growth well into its development process. For the first time, according to Credit-Suisse, China’s middle class (109 million) outnumbers that of the United States (92 million).

By some metrics, progress is evident. The absolute number of Asians living on less than $1.25 per day has decreased from 1.7 billion in 1981 to 700 million today. However, according to ADB Chief Economist Shang-Jin Wei, “$1.25 a day is not enough to maintain minimum welfare in many parts of our region.” Further, Asia’s dynamic economy has produced an elite class of super-rich investors with growing political influence. One commentator describes a rarefied but increasingly common lifestyle: “Asia’s ultra-rich and their offspring, with their private jets and platoons of servants, live in gated communities in a world prized by brands such as Cartier and Louis Vuitton, and educate their children overseas.” Images like this provide little excuse for complacency about the widening wealth gap.

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