The Richest 1% Of Indians Now Own Nearly 60% Of Country’s Wealth

In a report published by Credit Suisse, the richest 1% of the country’s population own 58.4% of the wealth.

Credit Suisse Group AG is a financial services company based in Zurich and has been publishing the report every year since 2010.

Few of the findings of the report are:

1. India has the second highest unequal economic distribution after Russia, where 74.5% of the country’s wealth is owned by the top 1% population.
2. In the last two years, the share of the top 1% has increased from 49% to whooping 58.4% in 2016.
3. The bottom half (50%) of the population owns only 2.1% of the wealth.
4. Top 10% own 80.7% of the wealth.
5. India’s household wealth has fallen by $26 billion to $3 trillion in the current year.

What these figures imply?

1. The benefit of the development or economic growth goes to the rich; it rarely benefits the poor.
2. Consecutive government at the Centre and the state have failed to adequately implement policies that are for the benefit of the poor.