Chinese median household income 29pct more than bumiputera

PARLIAMENT | Economy Minister Rafizi Ramli disclosed that the median monthly income for households between the bumiputera and Chinese in 2022 was at 0.71 at 1.

Speaking in the Dewan Rakyat today, the Pandan MP said that the government aims to increase this ratio by next year.

“The monthly median household income ratio of bumiputera to Chinese in 2022 was 0.71 to 1, while the ratio of bumiputera to Indian households in 2022 was 0.87 to 1.

“The ratio of bumiputera median household income to Chinese households is targeted to increase to 0.88 to 1 by 2025,” he explained. 

He did not disclose the ratio target for bumiputera-Indian household income or the ratio between Indian and Chinese households.

Nurturing a robust middle class

According to the Department of Statistics, Malaysia’s median household wage was RM6,338 per month in 2022.

Meanwhile, Rafizi emphasised the government’s directive for government-linked companies (GLCs) and government-linked investment companies (GLICs) to take a more proactive role in bolstering the bumiputera economy, particularly by nurturing a robust middle-class segment within the community.

He highlighted that a key strategy integrated into initial policies is enhancing capital mobilisation through increased private sector involvement. 

This approach aims to lessen reliance on government funds by leveraging them to attract private investments to advance bumiputera businesses.

This includes empowering bumiputera entrepreneurs to participate in international supply chains through enhanced collaborations with multinational corporations.

“These efforts ensure that when multinational firms bring substantial foreign investments, bumiputera entrepreneurs are actively involved in supporting local industries,” he added.

Rafizi said these discussions occurred during the recent Bumiputera Economic Congress (BEC), with findings and outcomes currently being compiled.

He also revealed plans for Prime Minister Anwar Ibrahim to unveil a new binding document introducing specialised programmes to empower the bumiputera community.

Focus on strengthening capabilities first

Rafizi also acknowledged Bursa Malaysia chairperson Abdul Wahid Omar’s suggestion at the BEC on proposals for fair economic policies.

Rafizi emphasised the need for any equal opportunity initiatives to apply uniformly across public and private sectors, advocating careful consideration to avoid prolonged controversies.

“Therefore, before any decision is made on such matters, it must be clarified further.

“In my view, at this time, we should focus on strengthening our business capabilities and abilities before considering using laws for any action, such as an equal act, on the private sector,” he added.

On March 1, Wahid, also the BEC Wealth Creation and Corporate Dominance chairperson, reiterated calls for the government to consider introducing the Equitable Opportunity Act on a needs-based basis to ensure all citizens get fair employment and business opportunities.

He highlighted the importance of such an act as the wealth creation and corporate dominance among bumiputera is still low compared to the non-bumiputera community.

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