Mere 1% Of All Indians Make Up For Over 50% Of The Country's Wealth: Report

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    Credit Suisse in its 2018 Global Wealth Report said that the richest 10 percent of all the Indians own 77.4 percent of the nation's wealth. On the other hand, the 60 percent of the population owns only 4.7 percent, while the richest 1 percent own a whopping 51.5 percent of India's wealth.

    1% Of All Indians Make Up For Over 50% Of The Country's Wealth: Report
    Population Share in wealth
    Richest 1% 51.50%
    4% 17.10%
    5% 8.80%
    10% 9.20%
    20% 8.60%
    Poorest 60% 4.70%

    The same report in the year 2016 showed a higher share of the richest 1 percent in the country, while the in 2017, it was lower. The year-on-year changes in the measurement of wealth are based on asset prices and exchange rates. However, a pattern that can be observed in the last three years is that the wealth is dominated by a people that make up for just 1 percent of India's population, while the majority, that is 60 percent, live in poverty. It goes to show that how little the country's poor have benefited from any development that has taken place in the past few years.

    Another set of data released in the report compares the wealth distribution within the nations, and India was included among the countries with the highest inequality, along with China, the US, Japan, Russia, Thailand, and Slovakia.

     "While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 91% of the adult population has wealth below $10,000. At the other extreme, a small fraction of the population (0.6% of adults) has a net worth over $100,000," the report said.

    Read more about: credit suisse
    Story first published: Tuesday, October 23, 2018, 10:40 [IST]
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