Pinoys’ wealth posts sharp growth in 9 yrs

MANILA — Filipinos’ wealth sharply grew in a span of nine years, although the Philippines ranked low compared to its neighbors in Southeast Asia, the World Bank said in a report.

According to the World Bank’s The Changing Wealth of Nations 2018 report, estimated wealth per capita in the Philippines based on 2014 data surged to $30,823 — 56.48 percent higher than 2005’s $19,698.

In the region, the Philippines settled behind Thailand ($62,599), Indonesia ($46,919) and Lao PDR ($39,307) while Singapore ($775,196) and Malaysia ($239,203) took the top spot in terms of wealth per capita.

Ranking below the Philippines were Vietnam ($27,368) and Cambodia ($16,933). No data were available for Brunei and Myanmar.

The Washington-based multilateral lender said human capital wealth, which stood at $17,790 in 2014 on a per capita basis, had the biggest share of the Philippines’ wealth.

The World Bank also said the Philippines reported gains in forestland area amid conversion to agriculture and other land uses in some forest-rich countries.

“Progress is being made through the piloting of ecosystem accounting across a range of countries, such as Australia, the Netherlands, the Philippines, Mexico, and Rwanda,” it said.

The World Bank’s latest report revealed that global wealth grew significantly between 1995 and 2014, adding the middle-income countries are catching up in large part because of rapid growth in Asia.

However, the World Bank said inequality in overall wealth persists.

(Philstar.com)