Number of Wealthy Indonesians Increases amid Pandemic: Credit Suisse

JAKARTA, KOMPAS.com - The number of rich and super-rich individuals in Indonesia has been increasing amid the ongoing struggle against the Covid-19 pandemic, the latest global wealth report said.  

The Swiss investment bank Credit Suisse reported that the Indonesian citizens who have an average net worth of $1 million or more reached 171,740 in 2020 or up 61.69 percent from 106,215 in the previous year.  

The report also noted that the number of very rich Indonesians whose fortunes hit more than $100 million reached 417 individuals or up 22.29 percent in 2020 as compared to the previous year. 

Also read: Indonesia’s Economy Shrinks 0.74 Percent in Q1

“We carried out calculations using a regression-based approach for 144 countries in the world. Separate regressions were carried out to examine financial assets as well as non-financial assets and liabilities," Credit Suisse reported on Monday, July 12.

Meanwhile, Indonesia's senior economist Faisal Basri said the increasing number of the rich and the super-rich was a contradiction, especially when Indonesia has fallen into a recession due to the Covid-19 pandemic.

"This pandemic has caused the Indonesian economy to decline. However, the number of adults with assets above $1 million also rose sharply by 61.7%," said Faisal in the @FaisalBasri Twitter handle. 

(Editor: Erlangga Djumena)

Source: https://money.kompas.com/read/2021/07/13/050600726/selama-pandemi-jumlah-orang-kaya-indonesia-bertambah-banyak.