Wealth Inequality Rises In India As Number Of Millionaires Increase
India has 343000 Millionaires. It is also among the top 10 nations with the highest number of ultra rich population. This means the richest 10% control over 77% of India's wealth worth $6 trillion. With 176 million people living under extreme poverty, India also has the highest population of the world's poor. The bottom 60% […]
India has 343000 Millionaires. It is also among the top 10 nations with the highest number of ultra rich population. This means the richest 10% control over 77% of India's wealth worth $6 trillion.
With 176 million people living under extreme poverty, India also has the highest population of the world's poor. The bottom 60% of India owns just around 5% of the country's wealth. Thus India also has the widest income disparities in the world.
Although India has halved its poverty rate between 2005-20015, 75% of the rural population still survives on less than Rs.33 per day.
Distribution of wealth does not favour women. Even among the richest 10 %, women own just between 20-30% of the $6trillion wealth. This is much less than the global share of 40%.