Inequality Report: Top 10 % "Rich" owns 64.6 % of India...!?
The World Inequality Report 2022, led by French economist Lucas Chancell, has been released.
Data are compiled from recent research reports written by various economists.
The report says that by 2021, the top 10 per cent of the world's income will be 52%, the middle class 40 per cent, 39.5%, and the remaining 50 per cent just 8.5%. This income is calculated based on purchasing power.
By 2021, based on overall assets and resources, the top 10 per cent of the wealthy population will have 76% wealth, 40 per cent of the middle class 22% wealth and the remaining 50% population just 2% wealth.
About 50 per cent of India's population earns just 13.1% of the gross national income. Only the top one per cent earns 21.7%.
The bottom 50 per cent earn 2,000 euros (about 70,000 rupees) a year, and the middle 40 per cent 5,500 euros a year (about 4 lakh 70,000 rupees).
The top one per cent of India's total wealth is 33% and the bottom 50 per cent is just 5.9%. The top 10 per cent of the population own 64.6% of India's total resources. Only the top one per cent holds 33% of India's total resources.
The wealth of the top 10 per cent of indians has been steadily increasing since 1995. In contrast, the report says, the wealth of the bottom 50 per cent of the population is declining.
An important aspect of the report's comfort in india is that the share of women workers has been steadily rising since the late 1990s. The income share of women workers in india has increased to 18.3% by 2020.