This region was known for "growing with equity" in the 1970s and 1980s, through effective land reforms and inclusive industrialization strategies that lifted millions out of extreme poverty. However, economic development in recent years had been accompanied by a sharp increase in income and wealth gaps between the poor and the rich.83 In most cases, economic growth in the region has disproportionately benefited the top income groups, who are much better positioned to explore the economic opportunities generated by fast growth, while those from the bottom of the income distribution are further marginalized. The income gap has already led to increasing wealth inequality in Asia and the Pacific. The region today not only has the world's largest super-rich population but is also producing billionaires at the fastest rate worldwide.