Number of rich people in Bangladesh to rise 11.4% in 5 years: Report, 3rd highest in the world

[Black_cats]

Number of rich people in Bangladesh to rise 11.4 per cent in five years: Report
Published: January 19, 2019 13:06:39 | Updated: January 19, 2019 13:12:27

The number of high net-worth (HNW) individuals in Bangladesh will rise by 11.4 per cent in the next five years, according to the latest report of Wealth-X, a New York-based research firm.

In the list of fastest growing countries in the world, Bangladesh has been ranked third in terms of increasing rich population, said the World Ultra Wealth Report 2019, published on Wednesday.

However, in its earlier report published in September 2108, the Wealth-X put Bangladesh on top of the list of the countries that saw the quickest growth in the number of ultra-high net worth (UHNW) population with a 17.3 per cent growth during the 2012-17 period.

It defines HNW individuals as those with a net worth of $1 million to $30 million and those worth more than $30 million are classified as ultra-high net worth (UHNW).

HNW individuals are defined as people with investable assets up to $30 million, usually excluding personal assets and property such as a primary residence, collectibles and consumer durables.

In 2018, the world’s HNW population rose by 1.9 per cent to 22.4 million people, an increment below the rate of global economic growth, said the report adding that their combined wealth also grew by 1.8 per cent to $61.3 trillion, UNB reported.

Apart from Bangladesh, four other countries posted double digit growth in terms of their rich population. They are Nigeria (16.3 per cent), Egypt (12.5 per cent), Vietnam (10.1 per cent) and Poland (10.0 per cent).

Five other countries on the top 10 list are China (9.8 per cent), Kenya (9.8 per cent), India (9.7 per cent), the Philippines (9.4 per cent) and Ukraine (9.2 per cent).

In terms of richest concentration of rich people, the top 10 countries are US (8.68m UHNW population), China (1.88m), Japan (1.62m), Germany (1.02m), UK (893,905), France (877,380), Canada (505,010), South Korea (476,705), Australia (473,600) and Italy (418,090).

http://thefinancialexpress.com.bd/e...-114-per-cent-in-five-years-report-1547881947

 

[Diggy]

Where is naya pakistan in this list ? Bangladesh leaving behind pakistan. Pakistan army should take
some lessons.

 

[Sugarcane]

Where is naya pakistan in this list ? Bangladesh leaving behind pakistan. Pakistan army should take
some lessons.

Bangladesh is also leaving Ache Din Wali Sarkar behind, Modi should become student of Aunty Hasina.

 

[Black_cats]

02:10 PM, January 19, 2019 / LAST MODIFIED: 03:41 PM, January 19, 2019
Bangladesh ranks 3rd among fastest growing countries with rich population: Report

https://www.thedailystar.net/countr...rowing-country-rich-population-report-1689829

Source: Wealth-X report titled ‘High Net Worth Handbook 2019’

Star Online Report

Bangladesh has been ranked the 3rd fastest growing country in the world in terms of increasing number of rich people, according to a report.

The report, titled ‘High Net Worth Handbook 2019’ published by New York-based research firm Wealth-X on Wednesday, revealed that the country’s compound annual growth rate (CAGR) will rise by 11.4 per cent in the period of 2018-2023.

Apart from Bangladesh, only four other countries posted double digit growth in terms of their rich population.

Nigeria leads with 16.3% in the chart followed by Egypt (12.5%), Bangladesh (11.4%), Vietnam (10.1%), Poland (10.0%), China (9.8%), Kenya (9.8%), India (9.7%), the Philippines (9.4%) and Ukraine (9.2%).

This means growth of high net worth (HNW) population will rise in the next five years, the report revealed.

Wealth-X defines HNW individuals as those with a net worth of $1 million to $30 million and those worth more than $30 million are classified as ultra-high net worth (UHNW).

However, in its earlier report published in September last year, the Wealth-X put Bangladesh on top of the list of the countries that saw the quickest growth in the number of UHNW population with a 17.3 percent growth during the 2012-17 period.

Meanwhile, the world’s HNW population rose by 1.9 percent to 22.4 million people in 2018, an increment below the rate of global economic growth, the report said.

Their combined wealth also grew by 1.8 percent to $61.3 trillion, it added.

In terms of concentration of UHNW population, the top 10 countries are: US (8.68m), China (1.88m), Japan (1.62m), Germany (1.02m), UK (893,905), France (877,380), Canada (505,010), South Korea (476,705), Australia (473,600) and Italy (418,090).

 

[Diggy]

Bangladesh is also leaving Ache Din Wali Sarkar behind, Modi should become student of Aunty Hasina.

India & BD are not the same league , we are in the league of countries like China. If you see we come close , 9.8 & 9.7 , which is a good number for large populous country. BD & pakistan are same category , both are small south asian muslim countries. Looks like Naya pakistan is still a purana pakistan. You looser's can cont with your poverty rants. While both BD & India surge ahead.

 

[Sugarcane]

India & BD are not the same league , we are in the league of countries like China. If you see we come close , 9.8 & 9.7 , which is a good number for large populous country. BD & pakistan are same category , both are small south asian muslim countries. Looks like Naya pakistan is still a purana pakistan. You looser's can cont with your poverty rants. While both BD & India surge ahead.

What same league? Is India shifted out of Asia? And it's only delusional bharatis who consider themselves in league of China, US. But anyway, we still haven't reached to level where whole community have to survive eating rats, or share one wife among all brothers to avoid division of small farm.

 

[Diggy]

What same league? Is India shifted out of Asia? And it's only delusional bharatis who consider themselves in league of China, US. But anyway, we still haven't reached to level where whole community have to survive eating rats, or share one wife among all brothers to avoid division of small farm.

At this rate you might reach that level soon , naya pakistan will then be gaya pakistan haha
And don't think if you get to sit in china or US lap you are an equal to them. They still see you as a small
south asian muslim country.

 

[Sugarcane]

At this rate you might reach that level soon , naya pakistan will then be gaya pakistan haha
And don't think if you get to sit in china or US lap you are an equal to them. They still see you as a small
south asian muslim country.

Why you are worried about Naya Pakistan, that has nothing to do with you. You should enjoy your Ache Din with Beef BBQ.

And we don't consider ourselves in league of superpowers, assuming themselves to be World power, global power, universal power etc. Is speciality of Bharaties

 

[Chakar The Great]

Good for Bangladesh, we dont need rich people. We want a larger middle class. I am happy Pakistan is not in the list, the income distribution in Pakistan is much more uniform than neighbouring India where 79% income goes to top 1 percent of rich people, which is kind of shameful.

 

[Bilal9]

Guys - this is not good news for any country except for some bizarre Awami League propaganda purpose - which is also misguided if they do it.

I agree income disparity is growing locally meaning Rich are getting richer at a much faster rate than poor - and they have ways to avoid paying their fair share to Bangladesh govt. by paying off tax officials. On the other hand, they waste this accumulated wealth by paying for 300 taka tea and 5000 taka per person dinners.

I agree - the middle class should grow, they consume things produced locally and drive economic growth by numbers. Rich are few and far between.

Rich folks with high net worth (above US$30 million) can go shop in Dubai, Bangkok and Singapore. Which does not help local consumption and economic growth.

 

[Diggy]

Why you are worried about Naya Pakistan, that has nothing to do with you. You should enjoy your Ache Din with Beef BBQ.

And we don't consider ourselves in league of superpowers, assuming themselves to be World power, global power, universal power etc. Is speciality of Bharaties

Not an adharmi like you to consume meat. This century belongs to Asian powers like India & China.
Even in our bure din we din't had to go to IMF with a begging bowl seeking alms.

 

[Black_cats]

Economists: Steady economic growth led to rise of the rich
Ibrahim Hossain Ovi

• Published at 09:48 am January 20th, 2019

Representational photo Bigstock

Wealth-X report ranks Bangladesh 3rd fastest growing country of rich people

Economists attributed to steady economic growth, vibrant manufacturing sector and dominant apparel business as major boosters that played the vital role in making Bangldesh the third fastest growing country of rich people in the Wealth-X report .

Bangladesh to see double digit growth in number of high net-worth (HNW) individuals in next five years, said Wealth-X report, a New York-based research firm.

The report, titled ‘High Net Worth Handbook 2019’ published on Wednesday ranked Bangladesh the third fastest growing country in the world in terms of increasing number of rich people.

According to the report, Bangladesh’s compound annual growth rate (CAGR) will rise by 11.4% during the period of 2018-2023.

In addition to revealing a global view of the status and trends of the wealthy, the High Net Worth Handbook 2019 also examines the population based on their asset holdings, gender, industry focus, wealth source, education, and hobbies with a special breakdown of sports interest by wealth tier.

However, in its earlier report published in September 2018, the Wealth-X put Bangladesh on top of the list of the countries that saw the quickest growth in the number of ultra-high net worth (UHNW) population with a 17.3% growth during the 2012-17 period.

It defines HNW individuals as those with a net worth of $1 million to $30 million (Tk8.4 crore to Tk250 crore) and those worth more than $30 million are classified as ultra-high net worth (UHNW).

Talking to the Dhaka Tribune, economists said the steady growth of national income and strong export-oriented manufacturing base, particularly the apparel sector, and the government’s business-friendly tax policy played vital role in the CAGR outlook.

They said some might have earned money evading taxes and through unlawful means by taking money from banks, which expedited the money earnings process to become richer.

The report forecast Asia will experience the strongest growth in the number of HNW individuals and combined wealth, with the region’s HNW population projected to increase at a compound annual growth rate of 7.6% over the next five years.

“RMG sector is the heart of economy, which also created various windows for business. It has earned the name as the second largest exporter in the globe, which helped the country to increase number of rich people,” Selim Raihan, Executive Director of South Asian Network on Economic Modeling (SANEM) told the Dhaka Triune.

He said some might have earned resorting to unethical practices such as evading tax, bank loans through unfair means and did not repay.

In addition, the government is offering incentives and low rate tax to the business community, which is helping to earn more and to become richer, said the economist.

Raihan, however, said he number of rich people and their wealth has increased. But the question remains to know is it contributing to the economy, questioned Raihan..

Meanwhile, trade body leaders have credited the export sector for the rise in rich people in terms of wealth as the country has been experiencing steady GDP growth over 7%, driven mainly by export sector.

“Bangladesh saw a 7.86% GDP growth and it is driven by private sector and mostly export. This is because of the resilience of entrepreneurs, which was supported by the government’s economic support measures,” FBCCI President Shafiul Islam Mohiuddin told the Dhaka Tribune.

“Bangladesh has a very dynamic and leading manufacturing sector, the readymade garment sector, which has given access to global market. At the beginning the entrepreneurs were small in terms of wealth, which has become now bigger,” Zaidi Sattar, chairperson of Policy Research Institute (PRI) told the Dhaka Tribune.

“Overall economy saw rapid growth, being led by export-oriented sector, which is a factor for the rise in wealthy people.”

However, it has increased income discrimination meaning that richer have got rich and poorer become poor, which needs to be addressed properly, Sattar opined.

For the better income distribution, the tax system should be highly progressive, while the government expenditure has to be distributional. In addition, government has to focus on social protection, he added.

“ It is common and phenomenal that the number of rich people will increase in the first step of a developing country. It has been seen in case of most developing countries,” former caretaker government advisor AB Mirza Azizul Islam told the Dhaka Tribune.

But the government should keep income discrimination at reasonable level as it can create social unrest, said Islam.

The economist urged the government to ensure better use of wealth .

He also called for looking into the people who earn money through unethical way.

According to the report, apart from Bangladesh, four other countries posted double digit growth in terms of their rich population. They are Nigeria (16.3%), Egypt (12.5%), Vietnam (10.1%) and Poland (10.0%).

Five other countries on the top 10 list are China (9.8%), Kenya (9.8%), India (9.7%), the Philippines (9.4%) and Ukraine (9.2%).

In terms of richest concentration of rich people, the top 10 countries are US (8.68m UHNW population), China (1.88m), Japan (1.62m), Germany (1.02m), UK (893,905), France (877,380), Canada (505,010), South Korea (476,705), Australia (473,600) and Italy (418,090).

https://www.dhakatribune.com/busine...teady-economic-growth-led-to-rise-of-the-rich

 

[Sugarcane]

Not an adharmi like you to consume meat. This century belongs to Asian powers like India & China.
Even in our bure din we din't had to go to IMF with a begging bowl seeking alms.

And despite seeking loans, We have no community who survive on eating rats or share one wife among all brothers to avoid division of minor land holding, nor our farmers are committing suicides. As far loan for running state is concerned, Institute and countries (who actually matters) HAVE to keep giving it and WILL keep giving meanwhile you can keep masturbating over day drams of Pakistan collapsing.