Bulgaria's Wealth Gap: Only 4% Rich, 95% Struggle to Survive!

Business » FINANCE | June 5, 2024, Wednesday // 14:22
Bulgaria: Bulgaria's Wealth Gap: Only 4% Rich, 95% Struggle to Survive! @novinite.com

A tax consultant and former deputy finance minister in Bulgaria recently discussed the country's economic landscape, highlighting concerning trends regarding income distribution and the state of the middle class.

The tax consultant, Nikolay Ivanchev, talked on Nova TV and raised alarm over the diminishing number of Bulgarians earning substantial incomes. He noted a stark decline in the percentage of individuals earning over BGN 100,000, emphasizing that only 4% of the population can be considered affluent, while the majority, about 95%, struggle to make ends meet.

Ivanchev's observations were echoed by former Deputy Finance Minister Lyubomir Datsov, who emphasized the disparity in income growth versus inflation rates. Datsov pointed out that while some incomes have risen, a significant portion of the population remains economically vulnerable, with nearly 700,000 individuals having never held steady employment.

Both experts underscored the importance of addressing the vanishing middle class in Bulgaria's economic policies. Ivanchev argued that a robust middle class requires a significant increase in the number of people earning over BGN 100,000 and a corresponding rise in savings among the population. Datsov suggested that the middle class should encompass individuals earning between 50,000 and 100,000 BGN.

Despite their differing perspectives on the specific income thresholds defining the middle class, both experts stressed the urgency of implementing pragmatic economic measures to foster a more equitable distribution of wealth and support sustainable economic growth in Bulgaria.

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Tags: tax, Bulgaria, income

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