Asset ownership data a stark reminder of inequality
3 years, 3 months ago

Asset ownership data a stark reminder of inequality

New Indian Express  

A National Sample Survey report on ownership of assets has revealed that about 10% of Indians own over 50% of the total assets, with the skew greater in urban areas. This government survey falls more or less in line with reports prepared by NGOs and other agencies, which have stressed that while poverty is declining and growth opportunities have increased, the income and asset distribution is uneven. A World Bank report has stated that while India accounts for 17.8% of the world’s population, it had 20.17% of the total number of people living in poverty in 2017. The economic slowdown in recent years that was made worse by the Covid outbreak has badly affected budget travellers, with many giving up on holidays as they have become a luxury.

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History of this topic

Former IAS Anil Swarup publishes flawed analysis comparing GDP per capita with personal wealth, Sucheta Dalal amplifies the same, deletes post after backlash
2 weeks, 4 days ago

Former IAS Anil Swarup publishes flawed analysis comparing GDP per capita with personal wealth, Sucheta Dalal amplifies the same, deletes post after backlash

Op India  

On the 3rd of December, Anil Swarup, a former IAS officer and Founder Chairman of Nexus of Good wrote a social media post that stirred criticism for its inaccurate depiction of wealth distribution in India. Wealth and income conflation, pointless wealth exclusions, sensationalised wealth inequality and fallacious wealth distribution argument: Anil Swarup’s analysis Anil Swarup’s analysis confused GDP per capita, …

Indian households build USD 9.7 trillion wealth in a decade, driving economic shifts: Morgan Stanley
1 month, 1 week ago

Indian households build USD 9.7 trillion wealth in a decade, driving economic shifts: Morgan Stanley

India TV News  

Indian households have accumulated USD 9.7 trillion in wealth over the last 10 years, according to a new report from Morgan Stanley. Wealth accumulation and economic change The Morgan Stanley report revealed a decade of accumulated wealth among Indian households, totaling USD 9.7 trillion. The trend in the economy The report identified a trend in “financialization,” where households shift more …

Number of millionaires leaving India will reduce in 2024: Report
6 months ago

Number of millionaires leaving India will reduce in 2024: Report

Hindustan Times  

India will lose fewer millionaires to migration in 2024, compared with the previous two years, according to The Henley Private Wealth Migration Report 2024. Representational Around 4,300 millionaires are likely to exit the country in 2024 compared with 5,100 in the previous year, according to the report. The UAE is likely to be the largest beneficiary, gaining 6,800 millionaires in …

Is today’s India more unequal than under British rule?
7 months, 3 weeks ago

Is today’s India more unequal than under British rule?

Al Jazeera  

India’s top 1 percent holds more income today than it did under the British, new research shows. “So 90 percent of the population is not even making the GDP per capita of India,” Kumar said. Looking back at the BJP’s 2014 poll promises, Bharti said that “what we are actually observing 10 years later in terms of inequality is exactly …

Towards a less poor and more equal country
8 months ago

Towards a less poor and more equal country

The Hindu  

In March, World Inequality Lab, a global research centre focused on inequality and public policies, published a working paper titled, ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj’. It states that “the ‘Billionaire Raj’ headed by India’s modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces.” Inequality undermines both …

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?
8 months, 3 weeks ago

Patralekha Chatterjee | Why isn’t rising inequality turning into a poll issue?

Deccan Chronicle  

The view from the penthouse and the pavement is staggeringly different. By 2022-23, the top one per cent income and wealth shares are at their highest historical levels; India’s top one per cent income share is among the very highest in the world, higher than even South Africa, Brazil, and the United States, notes the paper, titled “Income and Wealth …

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study
9 months ago

Inequality rising since 2000s, top one per cent in India holds 40 per cent wealth: study

The Hindu  

Published : Mar 23, 2024 13:17 IST - 5 MINS READ Inequality in India has skyrocketed since the early 2000s, with the income and wealth share of the top one per cent of the population rising to 22.6 per cent and 40.1 per cent, respectively, in 2022-23, according to a working paper. The paper authored by Thomas Piketty, Lucas Chancel, …

Top 1% Indians’ income share is higher now than under British-rule: Data
9 months ago

Top 1% Indians’ income share is higher now than under British-rule: Data

The Hindu  

March 23, 2024 08:28 am | Updated 05:23 pm IST In 2022, 22.6% of the national income went to the top 1% of Indians. Chart 2 | The chart shows the year-wise share of national income for the top 10%, the bottom 50% and the middle 40% of the population To start with, in the 1950s and 60s, the income …

Inequality report renews question on growth model
9 months ago

Inequality report renews question on growth model

New Indian Express  

India’s income and wealth inequality has touched historic peaks, making it one of the world’s most unequal countries, according to the World Inequality Lab’s new working paper. Authored by renowned economists including Nobel laureate Thomas Piketty, the report estimates the richest citizens, or the top 1 percent, own 40.1 percent of the country’s wealth and 22.6 percent of the total …

Mint Primer | Mind the income gap: Is India becoming a plutocracy?
9 months ago

Mint Primer | Mind the income gap: Is India becoming a plutocracy?

Live Mint  

Income and wealth inequality in India are at a historical peak with the share of the richest 1% higher than in countries like China and Brazil, finds a new study by the World Inequality Lab. Inequality in India declined post-independence till early-1980s, after which it began rising and skyrocketed beginning 2000s, shows the report titled ‘Income and Wealth Inequality in …

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty
9 months ago

Inequality worsening in India with share of top 1% in total income at new high, says new paper co-authored by Piketty

Hindustan Times  

The share of the top 1% of Indians in total income and wealth is expected to have reached its highest ever level in 2022-23, according to a working paper published by the World Inequality Lab at the Paris School of Economics. The working paper by four economics researchers – Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi – …

A cap on capitalism: Is it time for India to debate one?
9 months ago

A cap on capitalism: Is it time for India to debate one?

Live Mint  

Growing income disparity in an economy like India, with over 800 million people deemed in need of free food from the government, does not augur well for its developmental ambitions. An income cap could possibly curb excessive wealth accumulation among the ultra-rich and address extreme income disparity. Any drastic measure like the 2016 demonetization to cap income or wealth could …

What should India do to become a wealthy nation by 2047?
10 months, 3 weeks ago

What should India do to become a wealthy nation by 2047?

The Hindu  

In the first session of The Hindu Lit Fest 2024, N. Ravi, Chairman of Kasturi and Sons Limited; Jayati Ghosh, Professor of Economics at the University of Massachusetts Amherst; Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission; Sanjay Kaul, development policy analyst and former IAS officer; and T.N. Along with inclusive growth, you also need the development of …

Wealth of five richest men doubles since 2020 as five billion people made poorer in 'decade of division': Oxfam
11 months, 1 week ago

Wealth of five richest men doubles since 2020 as five billion people made poorer in 'decade of division': Oxfam

New Indian Express  

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. This inequality is no accident; the billionaire class is ensuring corporations deliver more …

Naysayers Have It Wrong, Incomes in India Are Rising
1 year ago

Naysayers Have It Wrong, Incomes in India Are Rising

News 18  

The state of income in India has suddenly become a topic of raging discussion after former RBI Governor Raghuram Rajan and economist Rohit Lamba suggested that the country cannot escape the lower-middle income trap by 2047. India’s gross direct tax collections in the ongoing financial year, until November 9, have increased almost 18 per cent to Rs 12.37 lakh crore. …

India among top countries with high income, wealth inequality: UNDP report
1 year, 1 month ago

India among top countries with high income, wealth inequality: UNDP report

Live Mint  

India has emerged among top countries with high income and wealth inequality but the share of the population living in multidimensional poverty fell from 25 to 15 per cent between 2015-16 and 2019-21, the UNDP said in a new report. Despite these successes, poverty remains persistently concentrated in states that are home to 45 per cent of the country's population …

Why are India’s poorest people being left behind?
1 year, 10 months ago

Why are India’s poorest people being left behind?

Al Jazeera  

On Tuesday, February 7 at 19:30 GMT: India’s BJP-led government says its final budget before a general election in 2024 will spur economic growth, but opposition politicians are among critics who say it fails to address ever-deepening income and wealth inequality highlighted by anti-poverty groups. But it does not include the re-introduction of a wealth tax on the rich that …

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam

The Hindu  

Published : Jan 16, 2023 15:59 IST The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on January 16. Releasing the India supplement of its annual inequality report on the first …

India\'s richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India\'s richest 1% own more than 40% of total wealth: Oxfam

Deccan Chronicle  

Davos: The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam

Firstpost  

Davos: The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India's richest 1% own more than 40% of total wealth: Oxfam

The Hindu  

The richest 1% in India now own more than 40% of the country's total wealth, while the bottom half of the population together share just 3% of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International …

The perils of undoing the framework of reservation
2 years ago

The perils of undoing the framework of reservation

The Hindu  

Early last month, the Supreme Court of India upheld the 103rd Constitutional Amendment Act, which had introduced 10% reservation for the economically weaker sections. However, delegitimising caste as a basis for policy is a monumental mistake with real consequences, given the deepening of wealth inequality on caste lines. The latest survey, the All India Debt & Investment Survey released in …

It\'s time BJP wakes up to people\'s woes, says Kumaraswamy
2 years, 2 months ago

It\'s time BJP wakes up to people\'s woes, says Kumaraswamy

Deccan Chronicle  

BENGALURU: Endorsing the views expressed by organising secretary of Rashtriya Swayamsevak Sangh Dattareya Hosabale that economic inequality, poverty and unemployment are dangerous for the country, Janata Dal Secular leader and former Chief Minister H.D. Kumaraswamy on Monday said economic inequality in the country is a black dot when the country is celebrating its Amrit Mahotsav of country’s Independence. “People’s frustration …

India’s population growth: Is it boon or bane?
2 years, 5 months ago

India’s population growth: Is it boon or bane?

Firstpost  

The greatest growth in population in India, higher than the national average, is taking place amongst the poorest, in the least developed states, amongst the uneducated and malnourished Of the current world population of 8 billion in 2022, India and China account for roughly 2.8 billion, on a more or less equal basis. However, the greatest growth in population in …

Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report
2 years, 5 months ago

Income Inequality Declined in India During Covid-19, Nation Managed Shocks Well: SBI Report

News 18  

Inequality of Income in India has declined significantly since FY17, while inequality has also declined during the pandemic, according to the latest SBI Ecowrap research report. The decline in income inequality has been significant since FY17, the year of big bang formalisation that started with demonetisation, RERA reforms and GST reform in FY18, said the report authored by Soumya Kanti …

Number Theory: How rich are India’s richest – and how poor are the rest?
2 years, 9 months ago

Number Theory: How rich are India’s richest – and how poor are the rest?

Hindustan Times  

The scourge of wealth inequality is a global phenomenon. In a recently released working paper “The sky and the stratosphere: concentrated wealth in India during the lost decade”, we studied the changes in the household wealth distribution between 2012 and 2018. Official data suggests that the Gini coefficient of per adult household wealth in India fell from 0.718 in 2012 …

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic
2 years, 11 months ago

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic

The Hindu  

The first two years of the COVID-19 pandemic saw incomes of 99% of humanity fall and over 16 crore people were forced into poverty even as the world's ten richest men saw their fortune more than double to $1.5 trillion at a rate of $1.3 billion a day, a new study showed on Monday. The world's ten richest men saw …

Number of Indian billionaires rose to 142 in 2021
2 years, 11 months ago

Number of Indian billionaires rose to 142 in 2021

New Indian Express  

NEW DELHI: The number of Indian billionaires grew from 102 to 142, while 84 per cent of households in the country suffered a decline in their income in 2021, which was also a year marked by tremendous loss of life and livelihoods, according to non profit Oxfam India's latest report published on Monday. It indicates that the collective wealth of …

The cold truth about India’s income inequality
2 years, 11 months ago

The cold truth about India’s income inequality

The Hindu  

The latest edition of the World Inequality Report has confirmed that the world continues to sprint down the path of inequality. “Global multimillionaires have captured a disproportionate share of global wealth growth over the past several decades: the top 1% took 38% of all additional wealth accumulated since the mid-1990s, whereas the bottom 50% captured just 2% of it.” India’s …

Global (and Indian) trends in inequality
3 years ago

Global (and Indian) trends in inequality

The Hindu  

The story so far: The World Inequality Lab, a research centre at the Paris School of Economics, released the 2022 World Inequality Report on December 7, 2021. The report has found India to be one of the world’s most unequal countries, with the top 1% getting 21.7% of the national income. The report reveals that income inequality in India today …

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report
3 years ago

India Among Most Unequal Nations; Top 1% Hold 22% Of National Income: Inequality Report

ABP News  

New Delhi: India is now among the most unequal countries in the world, according to the findings of the latest report titled 'World Inequality Report 2022'. Stating India's position as a ‘poor and very unequal country, with an affluent elite’, the report said the top 1 percent of the population holds more than one-fifth of the total national income in …

India among most unequal nations; top 1% of population holds 22% of national income: report
3 years ago

India among most unequal nations; top 1% of population holds 22% of national income: report

The Hindu  

India stands out as a poor and very unequal country, with the top 1% of the population holding more than one-fifth of the total national income in 2021 and the bottom half just 13%, according to a report. The world map of inequalities reveals that national average income levels are poor predictors of inequality — among high-income countries, some are …

As millions fell into poverty during the pandemic, billionaires’ wealth soared
3 years ago

As millions fell into poverty during the pandemic, billionaires’ wealth soared

CNN  

New York CNN Business — The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis released Tuesday. Here are five …

Two recent household surveys reveal no trickle down
3 years, 2 months ago

Two recent household surveys reveal no trickle down

The Hindu  

In September, the National Statistical Office, Ministry of Statistics and Programme Implementation, published two significant survey reports, the eighth All-India Debt and Investment Survey and the Situation Assessment of Agricultural Households and Land and Livestock Holdings of Households in Rural India, 2019. In rural India, 97.5 per cent of households reported ownership of physical assets, while 96.6 per cent had …

Forbes list of 100 richest Indians sees 50% wealth rise, Mukesh Ambani retains top spot
3 years, 2 months ago

Forbes list of 100 richest Indians sees 50% wealth rise, Mukesh Ambani retains top spot

India Today  

The fortunes of India’s richest have witnessed a 50 per cent rise during the Covid-19 pandemic, according to the Forbes list of 100 richest Indians in 2021. The combined wealth of 100 richest Indians on the 2021 Forbes List jumped to a record $775 billion after — a rise of $257 billion or 50% over the past 12 months. MUKESH …

Happiness Index of India's Rich Falls by 13%, More than 6 Lakh New Middle Class Households Emerge: Report
3 years, 9 months ago

Happiness Index of India's Rich Falls by 13%, More than 6 Lakh New Middle Class Households Emerge: Report

News 18  

The overall happiness index among India’s high net-worth individuals fell to 7.23 points on 10 as compared to 8.5 points in 2019, a Hurun India Wealth Report 2020 released on Tuesday revealed. The report also revealed that 6,33,000 new middle-class households with an average savings of Rs 20-lakh per annum have emerged in the country. There are 16,933 millionaire households …

Wealth Earned by 100 Richest Indians During Pandemic Can Give 13.8 crore Poorest Rs 94,000 Each: Report
3 years, 10 months ago

Wealth Earned by 100 Richest Indians During Pandemic Can Give 13.8 crore Poorest Rs 94,000 Each: Report

News 18  

India’s 100 top billionaires have seen their fortunes increase by Rs 12,97,822 crore since March last year when the COVID-19 pandemic hit the country and this amount is enough to give 13.8 crore poorest Indians a cheque for Rs 94,045 each. ”India’s 100 billionaires have seen their fortunes increase by Rs 12,97,822 crores since March last year which is enough …

Wealth amassed by 100 richest Indians during pandemic can give 13.8 cr poorest Rs 94k each: Oxfam
3 years, 10 months ago

Wealth amassed by 100 richest Indians during pandemic can give 13.8 cr poorest Rs 94k each: Oxfam

India TV News  

India's 100 top billionaires have seen their fortunes increase by Rs 12,97,822 crore since March last year when the COVID-19 pandemic hit the country and this amount is enough to give 13.8 crore poorest Indians a cheque for Rs 94,045 each. "India's 100 billionaires have seen their fortunes increase by Rs 12,97,822 crores since March last year which is enough …

Indian billionaires increased their wealth by 35% during the lockdown, says Oxfam report
3 years, 10 months ago

Indian billionaires increased their wealth by 35% during the lockdown, says Oxfam report

The Hindu  

Indian billionaires increased their wealth by 35% during the lockdown to ₹ 3 trillion, ranking India after U.S., China, Germany, Russia and France. Out of these, the rise in fortunes for the top 100 billionaires since the lockdown in March is enough to give every one of the 138 million poorest Indian people a cheque for ₹94,045 each, according to …

Explained: How a raging pandemic is widening India's wealth gap
4 years, 3 months ago

Explained: How a raging pandemic is widening India's wealth gap

India Today  

Ever since India gained Independence, the country has traversed a wave of ups and downs to finally become a global powerhouse over the last five years. In India, the wealth gap has been rising sharply during the ongoing pandemic as previous levels of income inequality were already high in the country. A January 2020 study by rights group Oxfam India …

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty
6 years, 11 months ago

India's Richest 1% Seeks to Maintain Wealth Share, While Millions Struggle to Climb Out of Poverty

The Quint  

The Oxfam survey has released its annual report on wealth distribution, highlighting the stark wealth gap between the 1% and the rest of the population. India's richest 1 percent holds 58% of the country's wealth, with their wealth increasing by over Rs 20.9 lakh crore in 2017. This indicates that the wealth of the richest 1 percent is disproportionately high …

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