For the first time, this report looks comprehensively at the evolution of inequality and mobility in Malaysia over the last two decades and into the post-Covid era, as well as what drives these trends. This report includes income inequality trends since the Covid-19 pandemic, utilizing the most recent household survey data from the 2022 household income, expenditure and basic amenities survey (HIES and BA). These data are included as part of a comprehensive analysis of inequality that goes beyond the Gini coefficient to understand how inequality has evolved over the last two decades in Malaysia. What is also new in this report is, for the first time, a measure of the related but distinct concept of income mobility - how much individuals move up or down the income distribution over time. In addition, while previous works have focused on ethnic gaps or on regional gaps, this report emphasizes that a great extent of inequality occurs within these groups, and high lights the intersection of ethnicity and location as a salient marker of inequality. Finally, whereas other research presents inequality trends without an analysis of what drives them, or focuses just on a single driver of inequality, this report examines a range of them, including: access to health, education and other public services, the quality of those services, access to employment opportunities and the returns to education, the role of shocks and the role of fiscal policy. In using a lifecycle approach to understand these drivers, the report shows how gaps in income gaps today are the result of gaps in opportunities earlier in life, and moreover how these disparities compound on each other over the lifecycle.