Economy

Richest 1% in India Own 58.4% of the Country’s Wealth

A view of Chowpatty beach, Mumbai. Credit: Shreyans Bhansali/Flickr CC BY-NC-SA 2.0

A view of Chowpatty beach, Mumbai. Credit: Shreyans Bhansali/Flickr CC BY-NC-SA 2.0

The richest 1% in India now own 58.4% of the country’s wealth, according to data released by Zurich-based financial services company Credit Suisse Group AG. This share is up from 53% in last year’s report. The wealth share of the top 1% has been increasing steadily, especially over the last two years.

The wealth share of the top 10% has also been on the rise.

In sharp contrast, the data show that the bottom 50% of the country possess only 2.3% of it’s wealth. “While wealth has been rising in India, not everyone has shared in this growth,” the report said. “There is still considerable wealth poverty, reflected in the fact that 96% of the adult population has wealth below $10,000 (Rs 6.84 lakh).” These numbers put India near the top of the world in terms of inequality, though not quite there – in Russia, the top 1% have 74.3% of the country’s wealth.