Bangladesh has topped the list of countries that saw the quickest growth in the number of rich people between 2010 and 2019, according to a report from New York-based research firm Wealth-X.
Average annual growth rate of population with net worth of $ 5 million or more in last 10 years has risen 14.3 per cent in Bangladesh, the report says.
This has been revealed at a recent research titled ‘A Decade of Wealth’ published by of the global wealth information and insight company Wealth-X.
Vietnam ranked second on the list with an average annual growth rate of 13.9 per cent.
The report attributes Bangladesh and Vietnam’s rankings to robust economic growth in both countries supported by a young and expanding workforce and deepening integration in regional manufacturing supply chains.
According to the report, Asia is home to six of the 10 fastest growing wealth markets of the world.
China was placed third on the list with an average annual growth rate of 13.5 per cent while Pakistan placed ninth with an average annual growth rate of population with net worth of $ 5 million or more of 7.5 per cent.
Meanwhile the US remains the world’s dominant country for very high net worth (VHNW) individuals with net worth of $5-$30 million and ultra high net worth (UHNW) individuals with $30 million or more in net worth.
The report also predicts trends that will shape the next ten years.
According to the report, the proportion of wealthy women will increase in the next decade and technology and non-for-profit sectors will become more prominent as primary industries.
Asked about increase of rich people in Bangladesh, research fellow of Bangladesh Institute of Development Studies’ (BIDS) Naznin Ahmed said, “The rise in number of rich people is a very positive indicator. When the number of rich people increases in a country legally, they pay tax accordingly and they invest in the country direct or indirectly. I think it’s a good indicator if money remains in the country.”
She, however, said the biggest problem in our country is the income of poor people is not increasing at all like that of rich people. As a result, inequality is rising among the country’s population.
Naznin said the government should invest more in education and health sectors ensuring proper tax collection from the richer people.
A country can not ensure balanced development with wide inequality in income, she added.
*The piece has been rewritten in English by Galib Ashraf.