Rising Inequality and Crony Capitalism in Southeast Asia
A recent report by Oxfam highlights the threats of rising inequality and crony capitalism to Southeast Asia's growth.
Weak taxation policies and governance gaps are reinforcing wealth imbalances and diverting resources from public spending, according to the report.
The study, titled “An Unequal Future: Asia’s Struggle for Justice in a Warming, Wired World”, found that the richest 10 per cent of Asians took between 60 and 77 per cent of national income, while the poorest half received only 12 to 15 per cent.
- In 2023, the top 10 per cent captured 58 per cent of income in India.
- 52 per cent in Thailand.
- 46 per cent in Indonesia.
- 43 per cent in both Vietnam and China.
The report also notes that the richest 1 per cent hold significant portions of national wealth, including 40.1 per cent in India and 31.4 per cent in China.
Author's summary: Oxfam report reveals rising inequality in Southeast Asia.
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