1% of Indians Now Own 58.4% of the Country’s Wealth

india-inequality

Like the old catchphrase goes, the rich get richer and the poor get poorer.

According to the latest data on global wealth published by the Credit Suisse Research Institute, the richest 1% of Indians now own 58.4% of the country’s wealth, up from 53% in 2015.

The report says India has 1.78 lakh dollar millionaires, who collectively hold $973 billion in wealth. While the ultra-high-net-worth individuals among them grew 5.2% to 2,260 this year, however, the country’s household wealth has fallen by $26 billion to $3 trillion in 2016 compared to last year, showing that while wealth has been rising in India, not everyone has shared in this growth.

“At the other extreme, a small fraction of the population (0.3% of adults) has a net worth over $1,00,000,” the report added, noting that due to India’s large population, this translates into 2.4 million people.