Indonesia Home to More Billionaires Than Japan

[Boon]

http://blogs.wsj.com/searealtime/2012/11...f=obinsite

[sgd]

but there's more chance for people in japan to earn high income than if compares to indonesia or any other country in asia.

which would you rather have a country where things are really cheap but only around 10% are filthy rich and get lap it up while the rest living below the poverty line are squeezed and exploited.

or things are terribly expensive but because things are expensive the system is able to allows a large majority of people to also have good chance to earn high income and aspire for a higher standard of living.

[specuvestor]

^^ agree that's the problem with this kind of measure or GDP per capita. We have to take note of the wealth gap. The ideal yet pragmatic socialist goal is to have 80% middle class with 10% on either side (sounds familiar?) Makes economic sense as well because the middle class are the ones driving domestic consumption.

Policies that incentivise people to be rich is not wrong; it is the policies that favours the rich that is the problem. That is why Buffett is a strong supporter of progressive tax (NETT tax shelters) and estate duties.

[mrEngineer]

^^ agree that's the problem with this kind of measure or GDP per capita. We have to take note of the wealth gap. The ideal yet pragmatic socialist goal is to have 80% middle class with 10% on either side (sounds familiar?) Makes economic sense as well because the middle class are the ones driving domestic consumption.

India is a bad example on strong middle class

[specuvestor]

India has a growing but I wouldn't classify as strong middle class. 1/3 of the population is still below poverty line.
"In 2010, World Bank stated, 32.7% of the total Indian people fall below the international poverty line of US$ 1.25 per day (PPP) while 68.7% live on less than US$ 2 per day."

http://en.wikipedia.org/wiki/Standard_of...g_in_India
http://slant.investorplace.com/2012/11/i...lass-myth/

I doubt many will argue the wealth gap in India, amplified by the untouchables to the Brahmins.