Myanmar’s number of super-rich to grow 7-fold

Myanmar carThe number of Myanmar’s super-wealthy is expected to grow by 687 per cent in 10 years from currently 40 people that own assets of at least $30 million to 307 individuals, according to the new World Ultra Wealth Report issued by Wealth-X, a Singapore-based firm that collects data about the world’s ultra-high net worth persons.

Behind that growth are rapidly growing business sectors in Myanmar, particularly the hotel industry, commodities, as well as finance and banking, the report indicates.

However, this might cause new problems of inequality in a country where 26 per cent live in poverty, 75 per cent lack access to electricity, a whopping 84 per cent live in slums or shantytowns, and the average per capita national income is $800 to $1,000 a year, according to the World Bank.

But as the former military dictatorship begins to privatise assets, the economy is expected to grow by 7 to 8 per cent a year over the decade, and the Asia Development Bank estimates Myanmar could triple its per capita income by 2030.

The main question raised by economists is whether the Myanmar government will be able to introduce mechanisms that the newly found wealth will also trickle down to those in need, a problem that, for example, the Philippines still has to cope with – or if the amassed wealth will just be transferred to tax havens in the region.



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The number of Myanmar's super-wealthy is expected to grow by 687 per cent in 10 years from currently 40 people that own assets of at least $30 million to 307 individuals, according to the new World Ultra Wealth Report issued by Wealth-X, a Singapore-based firm that collects data about the world's ultra-high net worth persons. Behind that growth are rapidly growing business sectors in Myanmar, particularly the hotel industry, commodities, as well as finance and banking, the report indicates. However, this might cause new problems of inequality in a country where 26 per cent live in poverty, 75 per cent...

Myanmar carThe number of Myanmar’s super-wealthy is expected to grow by 687 per cent in 10 years from currently 40 people that own assets of at least $30 million to 307 individuals, according to the new World Ultra Wealth Report issued by Wealth-X, a Singapore-based firm that collects data about the world’s ultra-high net worth persons.

Behind that growth are rapidly growing business sectors in Myanmar, particularly the hotel industry, commodities, as well as finance and banking, the report indicates.

However, this might cause new problems of inequality in a country where 26 per cent live in poverty, 75 per cent lack access to electricity, a whopping 84 per cent live in slums or shantytowns, and the average per capita national income is $800 to $1,000 a year, according to the World Bank.

But as the former military dictatorship begins to privatise assets, the economy is expected to grow by 7 to 8 per cent a year over the decade, and the Asia Development Bank estimates Myanmar could triple its per capita income by 2030.

The main question raised by economists is whether the Myanmar government will be able to introduce mechanisms that the newly found wealth will also trickle down to those in need, a problem that, for example, the Philippines still has to cope with – or if the amassed wealth will just be transferred to tax havens in the region.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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