According to recent data on global wealth from Credit Suisse Group AG, the financial services company based in Zurich he richest 1% of Indians now own 58.4% of the country’s wealth. Credit Suisse has published the report every year since 2010.
The share of the top 1% is up from 53% last year. In the last two years, the share of the top 1% has increased at a cracking pace, from 49% in 2014 to 58.4% in 2016. The accompanying Chart 1 has the details.
In India most of the political parties think this change has been due to the Modi government? No – it is nothing like that. Above chart clearly shows that the share of the top 1% in the country’s total wealth improved from 40.3% in 2010 to 49% in 2014. And the increasing percentage does suggest that the richest people are expanding their wealth at a faster rate. But this credit goes to only richest 1% as the richest 10% of Indians haven’t done too shabbily either, increasing their share of the pie from 68.8% in 2010 to 80.7% by 2016. In sharp contrast, the bottom half of the Indian people own a mere 2.1% of the country’s wealth.
Report from Credit Suisse proves that wealthiest people of India do their best and to them government doesn’t matter. They find a way to grow them business in presence of any government party. While in the year 2000 the share of the richest 1% was only 36.8% of the country’s wealth. But in the last 16 years i.e. from 2000-2016 they managed to increase their share from 1/3 to 3/5 of total countries wealth.
In a clear way, most of the country economic growth have gone through them.
How does India compare with other countries? Well, the Credit Suisse numbers confirm what we see on a daily basis—that India is one of the most unequal societies. Consider this: while the top 1% in India own 58.4% of the country’s wealth, the top 1% in China own 43.8%, in Indonesia they own 49.3%, in Brazil 47.9%, in South Africa 41.9%. Chart 2 has the details. But perhaps our richest need to try harder—the top 1% in kleptocratic Russia own 74.5% of the nation’s wealth.