Reports says Thailand has worst wealth distribution globally

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Thailand has overtaken Russia and India as the most unequal country in the latest survey by Credit Suisse. Two years ago, Thailand ranked third in the report, after Russia and India.

In 2016, the one per cent richest Thais (500,000 people) owned 58 per cent of the country’s wealth. In 2018, they controlled 66.9 per cent, overtaking their peers in Russia whose wealth share fell from 78 per cent to 57.1 per cent.

The richest in Turkey also did well this year even though the economy was bad. The wealthiest people there control 54.1 per cent, outstripping second-ranked India, which fell to the fourth from 58.4 per cent to 51.5 per cent this year.

Apart from these four, there are no other countries in the world where the richest one per cent controlled more than half of their countries’ wealth. The most equal countries are Belgium, where the top one per cent had 20.1 per cent, followed by Australia (22.4 per cent).

At the other end, the poorest Thais had zero per cent wealth. If debts are taken into consideration, their net worth might be negative. Furthermore, 50 per cent of the poorest Thais (25 million people) had 1.7 per cent of the country’s wealth, while 70 per cent (35 million) controlled five per cent.

To solve the problem, analysts suggested neoliberalism and welfare to push both growth and wealth distribution.

Meanwhile, thee government has rejected the international study, saying that it was “based on outdated information.”

The report used data from the Bank of Thailand and the International Monetary Fund, but this data did not show any assets possessed by the one percent richest Thai people, a government spokesman said.

In fact, inequality in Thailand was gradually being reduced,  the spokesperson added, arguing that the income gap between the richest and the poorest groups narrowed from 29.92 times in 2006 to 19.29 in 2017.

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Reading Time: 2 minutes

Thailand has overtaken Russia and India as the most unequal country in the latest survey by Credit Suisse. Two years ago, Thailand ranked third in the report, after Russia and India.

Reading Time: 2 minutes

Thailand has overtaken Russia and India as the most unequal country in the latest survey by Credit Suisse. Two years ago, Thailand ranked third in the report, after Russia and India.

In 2016, the one per cent richest Thais (500,000 people) owned 58 per cent of the country’s wealth. In 2018, they controlled 66.9 per cent, overtaking their peers in Russia whose wealth share fell from 78 per cent to 57.1 per cent.

The richest in Turkey also did well this year even though the economy was bad. The wealthiest people there control 54.1 per cent, outstripping second-ranked India, which fell to the fourth from 58.4 per cent to 51.5 per cent this year.

Apart from these four, there are no other countries in the world where the richest one per cent controlled more than half of their countries’ wealth. The most equal countries are Belgium, where the top one per cent had 20.1 per cent, followed by Australia (22.4 per cent).

At the other end, the poorest Thais had zero per cent wealth. If debts are taken into consideration, their net worth might be negative. Furthermore, 50 per cent of the poorest Thais (25 million people) had 1.7 per cent of the country’s wealth, while 70 per cent (35 million) controlled five per cent.

To solve the problem, analysts suggested neoliberalism and welfare to push both growth and wealth distribution.

Meanwhile, thee government has rejected the international study, saying that it was “based on outdated information.”

The report used data from the Bank of Thailand and the International Monetary Fund, but this data did not show any assets possessed by the one percent richest Thai people, a government spokesman said.

In fact, inequality in Thailand was gradually being reduced,  the spokesperson added, arguing that the income gap between the richest and the poorest groups narrowed from 29.92 times in 2006 to 19.29 in 2017.

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