Malaysia represents a successful case of a developing country which has achieved an impressive and sustained rate of growth in the last 25 years, but has failed to eradicate mass poverty and equalize opportunity for all. The ruling elites in assuming the role of trustees, have emerged as a cartel, and have cornered economic planning and decisionmaking to enrich themselves while paying lip-service to poverty eradication. Inter-racial income inequality, historically a major source of conflict in Malaysia, is now being replaced by widening intra-ethnic inequality, especially among the Malays.-from Author