KUALA LUMPUR: Progress on reducing inequality in Malaysia has stalled, with wealth disparity now surpassing that of high-income nations, Economy Minister Datuk Seri Rafizi Ramli said.
The Gini coefficient, a measure of income inequality, stands at 39, higher than the 30 seen in many wealthier countries, he warned.
Rafizi said despite improvements in education, health, and living standards, social mobility remains low. Half of those in the bottom 20 per cent of earners remain there, and nearly two-thirds of the richest 20 per cent are likely to stay at the top.
"Nearly all Malaysians today have better education and health, and they perform better in higher-paying jobs and material comfort than their parents or grandparents when they were the same age. But relative mobility — how able they are to move up or down the ladder — remains comparatively low," he said at the launch of the Inequality and Income Mobility report.
Rafizi said this inequality is felt strongly by the population, with 70 per cent of Malaysians believing the gap between the rich and poor is "wide" or "very wide."
The issue has become a key topic in public discussions, he said.
Wealth remains highly concentrated among a small elite, hindering broader economic advancement and deepening the divide in Malaysian society, he added.
Malaysia's total population in 2024 is estimated to be 34.1 million and the economy is poised for continued growth in 2025. - NST
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