India Most Unequal Country After Russia, 54 Percent Wealth Controlled By Millionaires

The Logical Indian

September 5th, 2016 / 4:08 PM

Source: indianexpress | Image Courtesy: deccanchroniclewsj

Economic inequality is the second highest in India at 54% after Russia, where 62% of the nation’s total wealth is concentrated in the hands of few individuals. Detailed analysis by a research firm in Johannesburg, New World Wealth reported the statistics earlier this week for every nation in terms of ‘wealth concentration’.

Although India ranked among the 10 richest countries in the world with a total individual wealth of $5,600 billion, the average Indian continues to remain in abject poverty. The report quoted that, “the higher the proportion the more unequal the country is.” Hence, if the millionaires control over 50 percent of a country’s wealth, then there is very little space for economic distribution among the middle class.

Japan ranked as the most equal country, with millionaires accounting for only 22 percent of the total wealth. The United States showed surprising results with only 32 percent of the nation’s wealth being controlled by millionaires. This is astonishing, considering the widespread negative media coverage that the US gets in terms of income inequality.

UK was slightly less equal in comparison to the US, with 35 percent of its wealth concentrated. Australia ranked closer to Japan, with millionaires owning 28 percent of the national wealth.

Russia also tops the list in terms of high net worth individuals with almost 26 percent of the billionaires, having a net worth of over $1 billion.


Contributors

Written by :

Edited by :

Related Stories

India’s Inequality: Country’s Richest 1% Grew Their Wealth By 39% In 2018, Says Oxfam Report

Justice Kurian Joseph

Ex-CJI Dipak Misra Was “Remote-Controlled By An External Source”: Justice Kurian Joseph

UN Study Ozone Layer

Good News: Ozone Layer Is Recovering At The Rate Of 1 To 3 Percent Per Decade, Says UN Study

Telegram Founder To Fund $1M To Proxy Servers, VPN Services After Russia Bans The Messenger

WB: Over 3,000 Staffs Of Bandhan Bank Turn Into Millionaires

BJP Got 89 Percent Of Total Corporate Donations Via Electoral Trusts In 2016-17

Latest on The Logical Indian

Exclusive

Bihar Flood: This Group Of Student Volunteers Are Extending Help Flood Victims

Exclusive

Bihar Flood: This Group Of Student Volunteers Are Extending Help Flood Victims

Fact Check

Fact Check: No, The Child In The Viral Picture Did Not Die In Bihar Floods

News

Another Starvation Death In Jharkhand, 40-Yr-Old Man Dies After Starving For Over 10 Days

News

Detailing Pro-Khalistan Activities, India Submits 23-Page Dossier To Pakistan

News

Cabinet Clears Bill To Replace The 63-Year-Old Medical Council Of India

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.