Thailand has overtaken Russia and India as the most unequal country in the latest survey by a Swiss bank.
He expressed concern about the trend. Two years ago, Thailand ranked third in the report, after Russia and India.
“In 2016, the 1% richest Thais (500,000 people) owned 58.0% of the country’s wealth. In 2018, they controlled 66.9%, overtaking their peers in Russia whose wealth share fell from 78% to 57.1%,” he wrote.
The richest in Turkey also did well this year even though the economy was bad. “The wealthiest people there control 54.1%, outstripping second-ranked India, which fell to the fourth from 58.4% to 51.5% this year,” he wrote.
Apart from these four, there are no other countries in the world where the richest 1% controlled more than half of their countries’ wealth.
The most equal countries are Belgium, where the top 1% had 20.1%, followed by Australia (22.4%).
At the other end of the scale, the 10% poorest Thais had 0% wealth. Mr Banyong noted if debts are taken into consideration, their net worth might be negative.
Meanwhile, 50% of the poorest Thais (25 million people) had 1.7% of the country’s wealth while 70% (35 million) controlled 5%.
My Banyong pointed out the Gini index also confirms Thailand’s rankings. It stood at a whopping 90.2, where 100 means one person has it all and 0 means everyone has the same share.
To solve the problem, he suggested neoliberalism and welfare to push both growth and wealth distribution.