Most developing economies often yield positive economic growth, which however is simultaneously associated with little or no change in non-income welfare. This paper will estimate the extent to which non-income welfare has improved since democracy. The focus is on the public assets, measuring their delivery to the poor between 1993 and 2011. Through utilizing an approach for generating an asset index, namely factor analysis, both the reduction in the incidence of asset poverty as well as measures of the changes in asset inequality since 1993 will be estimated. For comparability and scientific verification purposes, the nationally representative household survey data are relied on for the analysis.