Rising Inequality Threatens Southeast Asia's Growth
A recent Oxfam report highlights the impact of weak taxation policies and governance gaps on wealth imbalances in Southeast Asia.
The report, titled An Unequal Future: Asia's Struggle for Justice in a Warming, Wired World, reveals that the richest 10% of Asians capture a significant portion of national income, ranging from 60 to 77%, while the poorest half receive only 12 to 15%.
- In India, the top 10% captured 58% of income in 2023.
- In Thailand, the top 10% held 52% of income.
- In Indonesia, the top 10% captured 46% of income.
- In both Vietnam and China, the top 10% held 43% of income.
The richest 1% hold 40.1% of national wealth in India and 31.4% in China.
Author's summary: Southeast Asia faces growth threats from rising inequality and crony capitalism.
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