Where’s the wealth sharing?

Malaysians as a whole have always been told to be patriotic in a smorgasbord of ways, either in our daily actions or even through speech with the “Bahasa Jiwa Bangsa” campaign. However, one method of patriotism would be directly investing in the nation through the unit trusts set up through Permodalan Nasional Bhd (PNB).

And this is where I have a problem which seemingly either nobody notices or just takes for granted.

The Barisan Nasional Backbencher Club (BNBBC) website said that the purchasing up of RM1 billion in the Amanah Saham Bumiputera 2 (ASB2) is a sign that the Malays and Bumiputeras have now opened their eyes to investing in the nation.

Not to rain on your parade, but the statistics don’t compute.

According to the post, 51,000 Malays and Bumiputeras purchased RM1 billion’s worth. In other words, out of 60% of the entire Malaysian population – a total of 16.8 million people – only the said amount “opened their eyes”.

Now this is a worrying figure, particularly since less than 1% of the Bumiputeras just bought about RM1 billion’s worth of the country.

Since Prime Minister Datuk Seri Najib Tun Razak has already deemed this the budget season here in Malaysia, perhaps it is all well that a tax break be announced for those willing to invest in the nation.

Similarly, perhaps the 2015 national budget would consider just how to raise the number of people to participate in such investments. I do not see this as just a problem of getting the information out as much as it is a problem finding the Bumiputera and Malaysian population as a whole to have confidence in the nation itself.

Also, the fact that 51,000 people can afford RM1 billion is amazing when a huge amount of the population is surmising crunch time next year when there will be a petrol subsidy restructuring exercise as well as the introduction of a goods and services tax (GST) in lieu of the government tax.

It raises the question: are the people buying up the bundles of ASB2 all the usual suspects, while the rest of the population can barely afford to stay afloat with the rising cost of living?

If so, then why has the government not come out and introduced a mechanism so that the wealth is equally spread?

Malaysia is not like Western nations where less than 1% of the general population owns 99% of the country’s wealth, and I certainly hope that this government takes a similar stance.

It seems, in this country, that this is where the nation is headed if the government does not steady the sails. The government’s duty is not to prop up just those that support them through the dissemination of more wealth, but to ensure that the bottom 40% of Malaysians also receive assistance to ensure that they can live.

It is also the government’s duty to ensure that the middle income earners can cope with the rising cost of living. Tax deductions and rebates are the methods used to allow this group some leeway to build up a nest egg. But what about those who are non-taxable and yet are struggling to earn a living?

Do they not deserve a chance at the wealth of the nation through a series of investments over time such as the ASB?

Do they not deserve the same access to bank loans to buy up ASB shares which are being promoted in the cities?

Every time this government is attacked on the New Economic Policies (NEP), it decides to use the fact that the Bumiputera has yet to achieve 30% equity.

While the NEP never actually contains anything of achieving this, it would be wise for the government to consider measures to ensure it does not all end up in the hands of a selected few.

If this government is interested in achieving higher Bumiputera equity, it needs to do so by allowing avenues for the average Joe, not just the middle class but also the bottom earners, to invest in the nation.

It should have been done as part of the long-time plan to create a Malay middle class in the period of one generation. The fact that we are doing it now shows that more needs to be done for the “bottom 40”, not just for the Malays, but for all Malaysians.

Poverty eradication in any form requires a long period of time. As one commenter said in a previous column of mine, it should take one generation, or between 30 and 50 years.

Thus, perhaps it is time we consider the setting up of such a national unit trust specifically for the bottom 40 of all races to invest in Malaysia for the total eradication of poverty for the next generation. – September 2, 2014.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.