A recent Credit Suisse Global Wealth Report 2024 sheds light on a pressing issue across Asia — the growing concentration of wealth among the richest 1% of the population. While rapid economic development has lifted millions out of poverty, it has also widened the wealth gap in many countries. Here's what the numbers reveal.
India Tops the List with Highest Wealth Concentration
India leads the region — and much of the world — with the top 1% of its population holding a staggering 42.1% of the nation’s wealth. This figure is more than double that of many developed economies, and even surpasses China by a significant margin.
Such a high level of wealth concentration raises questions about inclusive growth and the long-term sustainability of India’s economic model. It also reflects structural inequalities in access to education, land, capital, and opportunities.
China and Gulf Nations Follow Closely
China, the second-largest economy in the world, sees its top 1% controlling 32.3% of the country’s total wealth. Despite its push toward “common prosperity” in recent years, a significant portion of assets remains in the hands of the wealthiest.
Among Gulf countries, Qatar and Kuwait also exhibit high levels of wealth concentration — a trend linked to their oil-based economies and small, affluent populations. The top 1% in these nations hold between 28.1% and 24.0% of the national wealth.
Moderate Wealth Gaps in Other Key Asian Economies
Several other Asian countries show slightly lower — but still significant — levels of wealth inequality:
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Thailand
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Indonesia
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Russia
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Singapore
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Japan
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Hong Kong
In these countries, the top 1% hold between 23.4% and 20.2% of total wealth. These figures indicate a consistent pattern: whether in emerging or advanced economies, a small elite commands a disproportionate share of national wealth.
Understanding the Bigger Picture
It's important to note that these figures represent the percentage of wealth held by the top 1%, not the total amount of wealth. In highly populated countries like India or China, the absolute numbers behind these percentages are enormous.
Several factors contribute to this inequality:
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Unequal access to education and jobs
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Tax policies favoring the wealthy
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Concentration of capital and property ownership
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Urban-rural income divides
As Asian economies continue to grow, there’s a risk that inequality could deepen unless policy interventions ensure fairer distribution.
What This Means for the Region
The fact that all countries listed in the report show over 20% of wealth in the hands of the top 1% is a red flag. While economic growth has lifted GDPs and created billionaires, it hasn’t always translated to equitable progress for the broader population.
Wealth inequality can hinder social mobility, fuel discontent, and pose risks to political stability. As such, it should be a priority area for policymakers and social reformers across the continent.
Final Thoughts
The 2024 Credit Suisse report paints a clear picture: Asia's economic miracle comes with challenges — and wealth concentration is one of the biggest. Addressing this issue will require more than just economic growth; it calls for structural reforms that promote fairness, opportunity, and access for all.
