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:
- 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.
- In the last two years, the share of the top 1% has increased from 49% to whooping 58.4% in 2016.
- The bottom half (50%) of the population owns only 2.1% of the wealth.
- Top 10% own 80.7% of the wealth.
- India’s household wealth has fallen by $26 billion to $3 trillion in the current year.
What these figures imply?
- The benefit of the development or economic growth goes to the rich; it rarely benefits the poor.
- Consecutive government at the Centre and the state have failed to adequately implement policies that are for the benefit of the poor.