Only 1% Indian own 58.4% household wealth, says new data
- 96% of the adult population has wealth below $10,000 (Rs6.84 lakh).
- Russia's wealth more unevenly distributed than India.
- 80.7% wealth in this country is owned by the 10% rich population of India.
Recently the Credit Suisse Research Institute published their 2016 Global Wealth Report and according to it, the rich are getting richer in India and 1% of the total population own 58.4% of country's total wealth. Last year, this 1% owned 53% of the total wealth.
Among the five major emerging national economies known as BRICS group that includes Brazil, Russia, India, China and South Africa, only Russia's wealth more unevenly distributed than India.
The report mentions that “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 96% of the adult population has wealth below $10,000 (Rs6.84 lakh).”
80.7% wealth in this country is owned by the 10% rich population of India. The global trend also shows the same as 89% total asset of the world is owned by just the 10% population.
Personal wealth in India is mostly property and other sort of real assets that makes up for 86% of the total estimated household assets. However, overall household wealth in India has fallen by 0.8% which witnessed a steady growth in past decade.
The report also says India has 248,000 adults in the top 1% of global wealth holders, which is a 0.5% share.