NEW DELHI: The gap between the haves and have-nots in India widened further in 2021, according to the World Inequality Report 2022, released on Tuesday.
Authored by Lucas Chancel, co-director of the World Inequality Lab, and coordinated by famed French economist Thomas Piketty, the report notes that the top 1% of India’s population owns more than one-fifth of the total national income and the top 10% owns 57% .
In contrast, the bottom half owns just 13%.
“India stands out as a poor and very unequal country, with affluent elite,” said the report by the World Inequality Lab, which does work through evidence-based research on inequality worldwide.
According to the report, the average household wealth in India is Rs 9,83,010, with the bottom 50% owning almost nothing as their average wealth is a paltry Rs 66,280.
The middle class is also relatively poor, with an average wealth of Rs 7,23,930. At the same time, the top 10% of the population owns around Rs 6,354,070, while it’s a massive Rs 32,449,360 for the top 1%.
The report notes that India’s liberalisation policies have led to one of the most extreme increases in income and wealth inequality observed in the world.
While the top one per cent has largely benefited from economic reforms, growth among low and the middle income groups has been relatively slow and poverty persists.
Gender inequalities are also very high in the country. The female labour income share is equal to 18%. This is significantly lower than the average in Asia, excluding China, at 21%.
Billionaires’ wealth soars
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