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

5 Sep 2016 10:38 AM GMT
India Most Unequal Country After Russia, 54 Percent Wealth Controlled By Millionaires
Source: indianexpress�| Image Courtesy:�deccanchronicle,�wsj

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.

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