The richest 1% of Indians now own 58.4% of the country’s wealth, according to the latest data on global wealth from Credit Suisse Group AG, the financial services company based in Zurich. 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.
– It is worth mentioning that the share of the top 1% in the country’s total wealth improved from 40.3% in 2010 to 49% in 2014. In sharp contrast, the bottom half of the Indian people own a mere 2.1% of the country’s wealth.
– This proves that India is one of the most unequal societies in the world. But the highest un-equality was reported in Russia where top 1% own 74.5% of the nation’s wealth. On the other had the top 1% in China own 43.8%, in Indonesia they own 49.3%, in Brazil 47.9%, in South Africa 41.9%.
